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Both PEO service fee revenue and temporary staffing revenue rose at Barrett Business Services Inc. (NASD: BBSI) in the second quarter ended June 30. Vancouver, Wash.-based Barrett provides both temporary staffing and professional employer services.
PEO service fee revenue jumped 43.6 percent to $93.5 million in the second quarter compared to the same quarter in 2012, and staffing revenue increased 16.2 percent to $35.3 million. Total second-quarter revenue rose 34.9 percent to $128.8 million.
“We continue to see our strong referral channels drive new business, increased organic growth from existing clients, and heightened brand awareness within our markets,” said President and CEO Michael Elich. “Investments in our operational infrastructure were an important contributor to the quarter's results and will continue to be a strategic focus as we prepare for future growth.”
Second-quarter gross margin improved to 18.4 percent from 17.1 percent in the year-ago quarter.
Net income rose 57.3 percent to $5.9 million in the second quarter compared to $3.7 million in the second quarter of 2012.
Barrett Business Services Inc. (NASD: BBSI)
For the second quarter ended June 30, 2013, compared with the same period in 2012.
Revenue: $128.8 million, +34.9 percent
Net Income: $5.9 million,+57.3 percent