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Barrett revenue down 21.0%, profit lower

February 11 2009

Barrett Business Services Inc. (NASD: BBSI) reported a 21.0% year-over-year decline in fourth-quarter revenue to $64.6 million.

The Vancouver WA-based company's fourth-quarter staffing revenue fell 26.1% to $33.7 million. And its fourth-quarter professional employer services net revenue declined 14.7% to $31.0 million.

Gross margin edged down to 18.7% in the quarter from 18.9% in the same period last year.

Net income fell 42.0% to $2.3 million.

For full-year 2008, revenue fell 3.0% to $280.5 million, and gross margin narrowed to 17.7% from 20.4%.

Net income for the full year was $6.3 million, down 62.7% from the previous year.

Barrett expects first quarter revenue to be down between 5.6% and 7.6% year-over-year on a gross revenue basis, which includes pass-through revenue for PEO operations.

Barrett Business Services Inc. (NASD: BBSI)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in 2007.
Revenue: $64.6 million, -21.0%
Net income: $2.3 million, -42.0%

For the full year ended Dec. 31, 2008, compared with the previous year.
Revenue: $280.5 million, -3.0%
Net income: $6.3 million, -62.7%

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