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Barrett PEO growth increases, fee revenue up 50%

February 13 2013

PEO service fee revenue jumped 49.5 percent at Barrett Business Services Inc. (NASD: BBSI) to $79.8 million in the fourth quarter compared to the same quarter last year. The rise follows a year-over-year increase of 47.4 percent in the third quarter and 30.8 percent in the fourth quarter of 2011.

Temporary staffing revenue also rose in the fourth quarter; it increased 8.1 percent on a year-over-year basis to $33.9 million.

Barrett, based in Vancouver, Wash., provides both temporary staffing and professional employer services. Total fourth-quarter revenue rose 34.2 percent to $113.7 million from $84.7 million in the fourth quarter of 2011.

Fourth-quarter gross margin widened to 19.6 percent from 9.9 percent in the year-ago quarter. The fourth quarter of 2011 included an increase to the workers’ compensation reserve of approximately $8.5 million, according to the company. Gross margin percentage was 19.4 percent in the third quarter and 17.1 percent in the second quarter.

Barrett posted net income of $5.8 million in the fourth quarter compared to a net loss of $93,000 in the fourth quarter of 2011.

Diluted income per common share in the fourth quarter was 80 cents, above the guidance of 75 cents to 78 cents.

Barrett Business Services Inc. (NASD: BBSI)
 For the fourth quarter ended Dec. 31, 2012, compared with the same period in 2011.
 Revenue: $113.7 million, +34.2 percent
 Net Income: $5.8 million vs. net loss of $93,000

For full-year ended Dec. 31, 2012, compared with the previous year.
 Revenue: $402.7 million, +27.9 percent
 Net income: $13.1 million, -8.3 percent

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HROplus

Kristian Svindland 02/14/2013 10:29 am

We have recommended Barrett to our clients for years. Solid company with very competitive pricing.


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