Barrett Business Services Inc. (NASD: BBSI) reported revenue rose 14.1% in the fourth quarter. Net professional employer organization revenue rose 14.9%.

While client build remained strong with 185 net new clients added, same-customer sales were affected by severe weather in some markets, with some clients losing between seven and 11 working days, according to the company. 

Net income in the fourth quarter of 2016 included $0.16 per diluted share in legal and accounting costs associated with outside investigations and legal proceedings related to securities law issues, and a $0.32 per diluted share benefit for a change in the estimate of prior-year workers’ compensation liabilities.

The Vancouver, Wash.-based professional employer organization and staffing firm underwent a restatement of earnings following the termination of its CFO in March 2016, after the executive told the company’s audit committee that unsupported journal entries were made in 2013. The company in July regained compliance with Nasdaq listing standards and appointed Gary Kramer as its new CFO, effective in August.

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“Our fourth quarter closed a year marked by challenges, throughout which the organization remained focused and delivered strong financial performance and key operational improvements,” said President and CEO Michael Elich. “We bolstered our leadership with the addition of two new board members and a new CFO, while growing annual gross revenues by 17% and adding 810 net new clients, all while maintaining our better-than-90% retention rate.”

Revenue by segment

Full-year results

Share price and market cap

Barrett shares fell 10.35% in early afternoon trading to $55.07. The company had a market cap $398.9 million, according to Yahoo.