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Barrett Business Services Inc. (NASD: BBSI), a Vancouver, Wash.-based provider of staffing and professional employer organization services, reported Tuesday second-quarter revenue rose 12.7 percent on a year-over-year basis to $76.0 million. Year-ago revenue was restated to account for legal expenses incurred for the administration of workers’ compensation claims. Second-quarter 2010 revenue after the restatement was $67.4 million.
Second-quarter staffing division revenue fell 4.6 percent to $30.5 million. PEO net revenue rose 28.3 percent to $45.5 million.
Barrett reported second-quarter net income of $3.4 million, up 52.7 percent from net income of $2.3 million in the year-ago quarter.
Second-quarter net income benefitted from a lower income tax rate related to a $10.0 million “key man” life insurance policy the company carried on William Sherertz, president and CEO, who died in January. Net income absent those benefits would have been $2.9 million.
Barrett Business Services Inc. (NASD: BBSI)
For the first quarter ended June 30, 2011, compared with the same period in 2010.
Revenue: $76.0 million, +12.7 percent
Net income: $3.4 million, +52.7 percent