BBSI Reaffirms Guidance for Second Quarter 2006 and Schedules Conference Call
VANCOUVER, Wash.--(BUSINESS WIRE)--June 14, 2006--Barrett Business
Services, Inc. (Nasdaq:BBSI) reported today that management has
reaffirmed its previously disclosed limited financial guidance with
respect to its operating results for the second quarter ending June
30, 2006, and will convene a conference call, Wednesday, June 14,
2006, at 9:00 a.m. PT.
Consistent with the Company's prior disclosure on April 26, 2006,
management expects gross revenues for the second quarter of 2006 to
range from $250 million to $255 million, an increase of approximately
37.5% over the second quarter of 2005, and anticipates diluted
earnings per share for the second quarter of 2006 to range from $.33
to $.35 per share. Management expectations for diluted earnings per
share for the second quarter of 2006 equate to increases over the
second quarter of 2005 of approximately 36.9% in net income and
approximately 9.7% in diluted earnings per share. The percentage
increase in expected net income for the 2006 second quarter exceeds
the percentage increase in expected diluted earnings per share due to
the dilutive effect of the July 2005 follow-on equity offering. A
reconciliation of estimated gross revenues to estimated GAAP net
revenues for the second quarter of 2006 is not included because PEO
revenues and cost of PEO revenues for the period are not reasonably
estimable.
On June 14, 2006, at 9:00 a.m. Pacific Time, William W. Sherertz
and Michael D. Mulholland will host an investor telephone conference
call to discuss management's reaffirmation of its financial guidance
for second quarter 2006 operating results. To participate in the call,
dial 877-356-3717. The call identification number is 1771074. The
conference call will also be webcast live at www.barrettbusiness.com.
To access the webcast, click on the Investor Relations section of the
Web site and select Webcast. A replay of the call will be available
beginning June 14, 2006, at 12:00 p.m. and ending June 21, 2006. To
listen to the recording, dial 800-642-1687 and enter conference
identification code 1771074.
Statements in this release about future events or performance,
including earnings expectations for the second quarter of 2006, are
forward-looking statements, which involve known and unknown risks,
uncertainties and other factors that may cause the actual results of
the Company to be materially different from any future results
expressed or implied by such forward-looking statements. Factors that
could affect future results include economic conditions in the
Company's service areas, the effect of changes in the Company's mix of
services on gross margin, the Company's ability to successfully
integrate acquired businesses with its existing operations, future
workers' compensation claims experience, the effect of changes in the
workers' compensation regulatory environment in one or more of our
primary markets, collectibility of accounts receivable, and the use of
net proceeds of approximately $33 million and other effects of the
Company's 2005 follow-on equity offering, among others. Other
important factors that may affect the Company's future prospects are
described in the Company's 2005 Annual Report on Form 10-K. Although
forward-looking statements help to provide complete information about
the Company, readers should keep in mind that forward-looking
statements may be less reliable than historical information. The
Company undertakes no obligation to update or revise forward-looking
statements in this release to reflect events or changes in
circumstances that occur after the date of this release.
BBSI provides human resource management solutions to large and
small companies throughout many regions of the United States.
CONTACT: Barrett Business Services, Inc., Vancouver
William W. Sherertz, 360-828-0700
SOURCE: Barrett Business Services, Inc.
Released June 14, 2006