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Barrett revenue falls 15%

October 27, 2009
Staffing Industry Analysts North American Daily News

Barrett Business Services Inc. (NASD: BBSI), a provider of commercial staffing and professional employer organization services, said third-quarter revenue fell 15.4% to $65.5 million from $77.5 million in the same period last year.

The Vancouver WA-based company reported third-quarter staffing revenue fell 25.4% year-over-year to $33.2 million. PEO revenue fell 2.1% to $32.3 million.

Gross margin narrowed to 18.5% from 19.2% in the year-ago quarter.

Net income rose to $2.9 million from $650,000 in the third quarter of 2008. The company reported a pre-tax gain of $572,000 in the third quarter from the sale of corporate bonds.

Barrett Business Services Inc. (NASD: BBSI)
For the third quarter ended Sept. 30, 2009, compared with the same period in 2008.
Revenue: $65.5 million, -15.4%
Net income: $2.9 million, +353.1%