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PEO, staffing services revenue rise at Barrett in Q2

July 30, 2014

PEO fee revenue jumped 17.3 percent at Barrett Business Services Inc. (NASD: BBSI) in the second quarter. Staffing services revenue at the Vancouver, Wash.-based firm rose 9.2 percent.

Quote

“The growth in our business for the second quarter of 2014 is a direct result of BBSI’s continued brand maturation in the marketplace,” said President and CEO Michael Elich. “Complemented by healthy organic growth from our existing client base and strong referral channels, we continue to drive new business and maintain our high client retention rate.

Revenue

  Q2 2014 (000s) Q2 2013 (000s) % growth
Revenue $151,069 $128,798 17.3%

Revenue by segment

  Q2 2014 (000s) Q2 2013 (000s) % growth
Professional employer service fees $112,503 $93,494 20.3%
Staffing services $38,566 $35,304 9.2%

Gross margin

  Q2 2014  Q2 2013 
Gross margin 19.8% 18.4%

Net income

  Q2 2014 (000s) Q2 2013 (000s) % growth
Net income $7,283 $5,886 23.7%

Share price and market cap

Shares rose 11.57 percent in late morning trading to $56.61. The company had a market cap of $406.18 million, according to Yahoo!