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Barrett Business Services Inc. (NASD: BBSI), a Vancouver, Wash.-based staffing firm and PEO, reported first-quarter revenue rose 18.0 percent on a year-over-year basis to $68.8 million. First-quarter staffing division revenue rose 4.7 percent to $28.3 million. Professional employer organization net revenue rose 29.6 percent to $40.4 million.
Revenue for the first quarter of the previous year was restated to account for legal expenses incurred for the administration of workers’ compensation claims. First-quarter 2010 revenue after the restatement was $58.3 million.
Barrett reported first-quarter net income of $5.5 million compared with restated net loss of $1.7 million in the year-ago quarter.
Income for the first quarter of 2011 included proceeds of $10.0 million from a “key man” life insurance policy the company carried on William Sherertz, president and CEO, who died in January.
Barrett Business Services Inc. (NASD: BBSI)
For the first quarter ended March 31, 2011, compared with the same period in 2010.
Revenue: $68.8 million, +18.0 percent
Net income: $5.5 million vs. net loss of $1.7 million