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Barrett revenue up, but profit down

February 08 2008

Fourth-quarter revenue rose 22.5% at Barrett Business Services Inc. (NASD: BBSI) but net income fell 25.1%.

Barrett reported fourth-quarter revenue of $81.8 million, up from $66.8 million in the same period last year. Fourth-quarter net income slipped to $3.9 million from $5.2 million in the fourth quarter of 2006. Gross margin fell to 18.9% from 23.4%.

Fourth-quarter staffing services revenue rose 39.0% to $45.5 million while professional employer services fees increased 6.5% to $36.3 million, according to the company.

Direct payroll costs rose 37.8% in the fourth quarter while workers' compensation costs increased 69.7%.

For full-year 2007, net income rose 2.9% to $16.8 million from $16.3 million in 2006.

2007 revenue rose 11.6% to $289.2 million from $259.2 million in 2006. Gross margin slipped to 20.4% from 21.4%.

Barrett Business Services Inc. (NASD: BBSI)
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: $81.8 million, +22.5%
Net income: $3.9 million, -25.1%

For the 2007 fiscal year ended Dec. 31, 2007, compared with the previous year.
Revenue: $289.2 million, +11.6%
Net income: $16.8 million, +2.9%

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