UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 8-K
 
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported)  June 1, 2004
 
LABOR READY, INC.
(Exact name of Registrant as specified in its charter)

Washington	 	91-1287341	
(State or other jurisdiction of
incorporation or organization)	 	(IRS Employer
Identification No.)	
 
1015 A Street
Tacoma, Washington  98402
(Address of principal executive offices, including zip code)
 
(253) 383-9101
(Registrant’s telephone number, including area code)

 
ITEM 9.                  REGULATION FD DISCLOSURE
 
On June 1, 2004, the Company issued a press release (the “Press Release”), a copy of which is attached hereto as Exhibit 99.1 and the contents of which are incorporated herein by this reference.  In accordance with General Instruction B.2. of Form 8-K, the information contained in the Press Release shall not be deemed “Filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
June 1, 2004

 	LABOR READY, INC.	
 	 	 	
 	By:	/s/ Joseph P. Sambataro, Jr.	 	
 	 	Chief Executive Officer	
 
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EXHIBIT INDEX

Exhibit Number	 	Description	
99.1	 	Press Release of Labor Ready, Inc. (the “Company”), dated June 1, 2004.	
 
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EXHIBIT 99.1

For Immediate Release:	 	NEWS	
 
LABOR READY INCREASES 2 nd QUARTER and 2004 OUTLOOK
Net Income Expected to Increase Approximately 60 Percent in 2004
 
TACOMA, WA – June 1, 2004 –Labor Ready, Inc. (NYSE:LRW) updated its previously released outlook for the second quarter 2004 and for the year. For the second quarter of 2004, the Company estimates revenue in the range of  $263 million to $265 million, as compared to $ 216 million a year earlier and previous guidance of between $253 and $258 million as issued by the Company on April 21, 2004. Labor Ready estimates net income per diluted share for the second quarter to be between $0.18 and $0.19, compared to $0.12 a year earlier and previous guidance of between $0.14 and $0.15.
 
The Company currently estimates revenue for the year in the range of  $1.03 billion to $1.04 billion, compared to revenue of $891 million in 2003, and compared to previous guidance of between $1.01 billion and $1.03 billion. Net income per diluted share for the year is expected to be between $0.59 and $0.62, compared to $0.41 a year earlier and previous guidance of between $0.55 and $0.58.
 
“Our new revenue estimate for the second quarter reflects stronger than expected sales during April and May,” said Labor Ready President and CEO Joe Sambataro. “We are pleased to see steadily improving revenue and an increase in profitability which reflects higher gross margins of 29.5 percent over the past five weeks as compared to 29.1 percent in the first quarter of 2004 along with continued expense management. Based on our momentum, we are optimistic about increasing net income approximately 60 percent in 2004 over 2003.”
 
The Company expects to release its financial results for the second quarter ending July 2, 2004, after the market closes on July 21, 2004 and will host a conference call at 8 a.m. (PT) on July 22, 2004. Details for that conference call will be announced separately.
 
Labor Ready will web cast its 2004 annual shareholders meeting to be held at 10 a.m. (PT), Wednesday, June 2, 2004. The meeting may be accessed on Labor Ready’s web site at www.laborready.com and will be available for replay for 30 days following the event. Listeners will also have access to the slides presented at the meeting.
 
About Labor Ready
Labor Ready is the nation’s leading provider of temporary manual labor, serving more than 275,000 customers by providing a flexible, dependable workforce to such industries as freight handling, warehousing, landscaping, construction and light manufacturing. Annually, the Company puts nearly 600,000 people to work. Labor Ready operates more

 
than 825 locations in the United States, Canada, and the United Kingdom. For additional information, visit Labor Ready’s website at www.laborready.com
 
This news release contains forward-looking statements, such as statements about the ranges of revenues and profits anticipated for current and future periods, sales momentum, the success of cost control measures and other factors that may affect our financial results and operations in the future. Our actual results are, however, subject to a number of risks, including:  1) national and global economic conditions; 2) our ability to continue to attract and retain customers and maintain profit margins in the face of new and existing competition; 3) potential new laws and regulations that could have a materially adverse effect on our operations and financial results; 4) adverse developments in pending or future litigation; 5) significant labor disturbances which could disrupt industries we serve; 6) increased costs and collateral requirements in connection with our insurance obligations, including workers’ compensation insurance; 7) the adequacy of our financial reserves; 8) our continuing ability to comply with financial covenants in our lines of credit and other financing agreements; 9) our ability to attract and retain competent employees in key positions; 10) our ability to successfully complete and integrate acquisitions that we may make from time to time and 11) other risks described in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q filed May 3, 2004.
 
For more information, contact:
 
Steve Cooper, CFO
253-680-8213
 
Stacey Burke, Director of Public Relations
253-680-8291