To: musicguy who wrote (2093 ) 8/19/1998 4:34:00 PM From: MoneyMade Read Replies (1) | Respond to of 119973
Labor Ready:LBOR Conference Call in progress...GD shorts had a field day today! Labor Ready Reports Record One Week Sales of $15 Million; Views Stock as Undervalued at Current Price Level PR Newswire - August 19, 1998 14:41 Stands by Accounting Practices TACOMA, Wash., Aug. 19 /PRNewswire/ -- Labor Ready, Inc. (Nasdaq: LBOR), the nation's leading provider of temporary manual labor, said that for the week ended August 14, 1998, sales totaled $15 million, the highest weekly sales in its history. Glenn Welstad, Chairman, President and CEO said, "We view Labor Ready stock as undervalued at present levels. There are no fundamental changes at the Company that would cause the volatility in stock price today. We stand by our financial statements and are confident in the audits performed by our accountants and auditors." He concluded, "Labor Ready continues to experience strong growth as demonstrated by our second quarter 84% increase in sales and 143% increase in earnings. Furthermore, we are currently in the strongest part of our fiscal year as demonstrated by our 104% increase in sales in July over the previous year." Labor Ready currently operates 481 dispatch offices in 46 states and Canada. Based in Tacoma, Washington, Labor Ready is the nation's leading provider of temporary manual labor to the construction, light industrial and small business markets. This news release contains forward-looking statements, such as statements about the Company's growth in revenue and profitability. The Company's actual results are, however, subject to a number of risks, including (1) uncertainties regarding its ability to manage and continue its rapid growth: (2) economic conditions in its key market areas, and (3) other risks described in the Company's 1997 Form 10-K. Labor Ready will host a conference call today, Wednesday, August 19, 1998 at 3:00 pm Eastern Daylight Time. To participate, please call 800-309-8223 five to ten (5-10) minutes prior to 3:00pm and instruct the operator you want to participate in the Labor Ready conference call. You will be placed on hold until the conference call commences promptly at 3:00pm. If you are unable to participate in the conference call, a taped encore presentation of the call can be accessed for a period of 24hrs. following the call. To access the taped presentation, please dial 800-642-1687 and enter Pin# 372720. SOURCE Labor Ready Inc. /CONTACT: Richard Stern or Jeffrey Goldberger of Stern & Co., 212-888-0044; or Joe Sambataro, Chief Financial Officer of Labor Ready, Inc., 800-610-8920, ext. 3203/ (LBOR)