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Barrett revenue up 21% in Q2

July 29, 2015

Second-quarter revenue rose 20.7% at Barrett Business Services Inc. (NASD: BBSI), and net income rose 20.1% at the Vancouver, Wash.-based provider of staffing and PEO services.

A lion’s share of the company’s revenue growth came from the company’s PEO segment.

(US$ thousands) Q2 2015  Q2 2014 % growth
Revenue by segment $182,395 $151,069 20.7%
Gross margin $36,164 $29,852 21.1%
Gross margin percentage 19.8% 19.8%  
Net income   $8,746 $7,283 20.1%

Quote

“We are pleased with our Q2 results as they continue to be driven by the organic growth of our existing client companies and the expansion of our new client count,” said President and CEO Michael Elich. “Same-store sales grew 9.2% and we experienced a net build of 201 clients. We also continue to experience favorable trends related to workers’ compensation, while continuing to mature our base of operations and areas that support our growth.”

Revenue by segment

(US$ thousands) Q2 2015  Q2 2014 % growth
Professional employer service fees $140,048 $112,503 24.5%
Staffing services $42,347 $38,566 9.8%

Share price and market cap

Shares in Barrett rose 0.67% in early afternoon trading today to $42.20. The company had a market cap of approximately $301.39 million, according to Yahoo!