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Barrett revenue slips 21%

July 29, 2009

Barrett Business Services Inc. (NASD: BBSI), a provider of commercial staffing and professional employer organization services, reported its second-quarter revenue fell 20.7% year-over-year to $57.3 million.

The Vancouver WA-based firm said second-quarter staffing revenue fell 31.0% to $28.0 million from $40.6 million in the year-ago quarter. Professional employer organization revenue fell 7.3% to $29.3 million.

It posted a net loss of $6.7 million for the second quarter compared with net income of $3.3 million for the same period last year. However, the company said it recorded an $11.8 million increase to its workers' compensation reserve and would have posted net income without the charge.

Barrett estimated third-quarter revenue of between $258 million to $263 million, a year-over-year decline of 8.8% to 10.5%.

Barrett Business Services Inc. (NASD: BBSI)
For the second quarter ended June 30, 2009, compared with the same period in 2008.
Revenue: $57.3 million, -20.7%
Net loss: $6.7 million vs. net income of $3.3 million