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Both professional employer organization revenue and temporary staffing revenue rose at Barrett Business Services Inc. (NASD: BBSI) in the third quarter ended Sept 30. PEO service fee revenue rose 41.9 percent to $106.2 million in the third quarter compared to the same quarter in 2012, at the Vancouver, Wash.-based firm. Staffing services revenue rose 15.3 percent to $41.7 million. Total third-quarter net revenue was up 33.2 percent to $148.0 million.
“We continue to mature BBSI's brand in the marketplace complemented by our strong referral channels helping to drive new business as well as healthy organic growth from our existing client base,” said President and CEO Michael Elich.
Third-quarter gross margin improved to 20.4 percent from 19.4 percent in the year-ago quarter.
Net income rose 54.7 percent to $9.0 million in the third quarter compared to $5.8 million in the second quarter of 2012.
Barrett Business Services Inc. (NASD: BBSI)
For the third quarter ended Sept. 30, 2013, compared with the same period in 2012.
Revenue: $148.0 million, +33.2 percent
Net Income: $9.0 million, +54.7 percent