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Staffing and professional employer services firm Barrett Business Services, Inc. (NASD: BBSI) reported today net income of $650,000 for the third quarter ended Sept. 30, a decline of $5.6 million or 89.7% from net income of $6.3 million for the third quarter of 2007.
Net revenues for the third quarter ended Sept. 30 totaled $77.5 million, a decrease of approximately $5.4 million or 6.6% from the $82.9 million for the same quarter in 2007. Barrett's staffing services revenue were up 1.3% to $44.5 million. Fees from professional employer services were down 15.4% to $33 million.
Gross margin for the quarter was 19.2% down from 22.7% in the same quarter in 2007.
The company recorded a non-cash, marked-to-market impairment charge of approximately $3.5 million, in the third quarter of 2008 relating to its investment in four closed-end bond funds.
Barrett Business Services Inc. (NASD: BBSI)
For the quarter ended Sept. 30, 2008,
compared with the same period in 2007
Revenue: $271.4 million, -9.6%
Net loss: $650,000 vs. net income of $6.3 million