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Barrett Business Services profit drops

April 24 2008

First-quarter net income at Barrett Business Services (NASD: BBSI) fell 94.7% to $91,000 from $1.7 million in the first quarter of the previous year as costs rose. Professional employer organization revenue at the firm also slipped, while staffing services revenue rose.

The Vancouver WA-based staffing firm and PEO said first-quarter PEO revenue fell 6.7% to $30.4 million. The company's staffing services revenue, however, rose 27.9% year-over-year to $35.8 million.

The company's total revenue rose 9.3% to $66.2 million in the first quarter from $60.6 million in the first quarter of last year.

Gross margin slipped to 12.9% from 16.0%.

Barrett estimated second-quarter revenue at $262 million to $267 million, down 2.1% to 0.3% from the $267.7 million in the second quarter of 2007.

Barrett Business Services Inc. (NASD: BBSI)
For the first quarter ended March 31, 2008, compared with the same period in 2007
Revenue: $66.2 million, +9.3%
Net income: $91,000, -94.7%

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