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Barrett revenue down 3%

February 10, 2010

Barrett Business Services Inc. (NASD: BBSI), a Vancouver WA-based staffing firm and professional employer organization, said fourth-quarter revenue fell 3.1% on a year-over-year basis to $62.6 million.

Fourth-quarter revenue in the company's PEO division rose 2.4% to $31.7 million. However, revenue in its temporary staffing division fell 8.1% to $30.9 million.

Net income fell 3.5% to $2.2 million in the fourth quarter from $2.3 million in the same period last year.

The company estimated first-quarter revenue of $258 million to $262 million, an increase of 13.2% to 15.0% over first-quarter 2009 revenue of $227.9 million.

Full-year 2009 revenue fell to 15.7% to $236.5 million from $280.5 million in 2008.

Barrett posted a net loss of $4.8 million for 2009 compared with net income of $6.3 million in 2008.

Barrett Business Services Inc. (NASD: BBSI)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in 2008.
Revenue: $62.6 million, -3.1%
Net income: $2.2 million, -3.5%

For the full year ended Dec. 31, 2009, compared with the previous year.
Revenue: $236.5 million, -15.7%
Net loss: $4.8 million vs. net income of $6.3 million