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Barrett revenue rises 27%

February 05 2014

Barrett Business Services Inc. (NASD: BBSI) reported revenue rose 27.2 percent in its fourth quarter to $144.5 million. However, net income at the professional employer organization and commercial staffing provider fell 4.0 percent to $5.6 million.

The Vancouver, Wash.-based company reported an increase to its self-insured workers’ compensation reserve of $5.1 million.

Fourth-quarter gross margin narrowed to 16.8 percent from 19.6 percent in the year-ago quarter.

Shares in Barrett fell 8.58 percent in early afternoon trading. The company had a market cap of $509.8 million, according to Yahoo!

Net professional employer organization revenue jumped 34.6 percent in the fourth quarter to $107.4 million. Staffing revenue rose 9.6 percent to $37.1 million.

For full-year 2013, revenue rose 32.3 percent to $389.0 million. Full-year net income rose 36.3 percent to $17.9 million.

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