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View All NewsBarrett Business Services revenue slips 0.3%; gross billings rise
Barrett Business Services Inc. (NASDAQ: BBSI) reported revenue edged down 0.3% year over year in the first quarter.
Gross billings were up 2% to $1.47 million at the Vancouver, Washington-based provider of staffing and PEO services. Average worksite employees were down 6%.
| (US$ thousands) | Q1 2021 | Q1 2020 | % change |
| PEO service fee revenue | $193,819 | $193,592 | 0.1% |
| Staffing services revenue | $24,626 | $25,512 | -3.5% |
| Total revenue | $218,445 | $219,104 | -0.3% |
| Gross margin | $30,865 | $26,051 | 18.5% |
| Gross margin percentage | 14.1% | 11.9% | |
| Net loss | ($4,554) | ($3,407) | NM |
“While the year-over-year comparison includes results prior to the effects of the pandemic, our gross billings and gross margin exceeded the prior year quarter, and our overall performance is trending ahead of plan, leading us to raise our full-year outlook,” President and CEO Gary Kramer said.
The company now expects gross billings will increase from 5% to 7% for the full year. It previously forecast an increase of between 2% and 5%.
Share price and market cap
Shares in Barrett Business Services were up 4.18% to $77.28 as of 12:37 p.m. Eastern time; they were 0.59% below their 52-week, according to FT.com. The company had a market cap of $560.4 million.