BBSI Announces Three-For-Two Stock Split
PORTLAND, Ore., April 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Barrett Business
Services, Inc. (Nasdaq: BBSI) today announced that its Board of Directors has
declared a three-for-two split of the company's common stock. The additional
shares to be issued in the stock split will be distributed on May 19, 2005 to
stockholders of record at the close of business on April 29, 2005. Cash will
be paid in lieu of fractional shares.
"The stock split reflects our confidence in the company's continued strong
growth and financial results following a record year in 2004. We believe the
split will increase accessibility and enhance liquidity for our shares in the
trading market," said William W. Sherertz, President and Chief Executive
Officer.
As of March 25, 2005, BBSI had 5,810,254 shares of common stock
outstanding, 57 stockholders of record and approximately 1,025 beneficial
owners. Following the stock split, BBSI will have approximately 8.7 million
shares outstanding. The par value of the common stock will remain $.01 per
share.
BBSI provides human resource management solutions to large and small
companies throughout many regions of the United States.
Statements in this release about future events or performance, including
earnings expectations for the first quarter of 2005, 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, 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 availability of funding for working capital purposes, among
others. Other important factors that may affect the Company's future
prospects are described in the Company's 2004 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.
SOURCE Barrett Business Services, Inc.
William W. Sherertz, President and Chief Executive Officer of Barrett Business
Services, Inc., +1-503-220-0988
Released April 18, 2005