Barrett Business Services, Inc. Announces Record First Quarter Revenues
PORTLAND, Ore., May 3 /PRNewswire/ --
Barrett Business Services, Inc. (Nasdaq: BBSI) reported today net income of
$744,000 for the first quarter ended March 31, 2000, an increase of
$4,000 over the first quarter of 1999. Basic and diluted earnings per share
for the 2000 first quarter were $.10, the same amount as the 1999
first quarter.
Revenues for the first quarter ended March 31, 2000 totaled $87.1 million,
an increase of approximately $16.1 million or 22.7% over the $71.0 million for
the same quarter in 1999. The internal growth rate for revenues was 12.0% for
the 2000 first quarter.
(Unaudited)First Quarter Ended
March 31,
Results of Operations 2000 1999
(in thousands, except per share amounts)
Revenues:
Staffing services $47,767 $37,229
Professional employer services 39,355 33,786
Total revenues 87,122 71,015
Cost of revenues:
Direct payroll costs 68,004 55,163
Payroll taxes and benefits 7,918 6,251
Workers' compensation and safety incentives 2,597 2,286
Total cost of revenues 78,519 63,700
Gross margin 8,603 7,315
Selling, general and administrative expenses 6,485 5,573
Depreciation and amortization 731 511
Income from operations 1,387 1,231
Other (expense) income, net (132) 72
Income before taxes 1,255 1,303
Provision for income taxes 511 563
Net income $744 $740
Basic earnings per share $.10 $.10
Weighted average basic shares outstanding 7,459 7,666
Diluted earnings per share $.10 $.10
Weighted average diluted shares outstanding 7,509 7,707
Certain 1999 amounts have been reclassified to conform with the
2000 presentation. Such reclassifications had no impact on gross margin, net
income or stockholders' equity.
The following summarizes the unaudited balance sheets at March 31, 2000
and December 31, 1999.
($ in thousands) March 31, December 31,2000 1999
Assets
Current assets:
Cash and cash equivalents $198 $550
Trade accounts receivable, net 31,568 30,216
Prepaid expenses and other 1,205 1,219
Deferred tax assets 1,677 1,658
Total current assets 34,648 33,643
Intangibles, net 21,456 21,945
Property, equipment and software, net 7,552 7,027
Restricted marketable securities and
workers' compensation deposits 6,317 6,281
Deferred tax assets 701 712
Other assets 1,313 1,132
$71,987 $70,740
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $865 $865
Current portion of long-term debt 2,792 2,783
Line of credit payable 6,005 4,882
Income taxes payable 282 --
Accounts payable 1,382 1,356
Accrued payroll, payroll taxes and
related benefits 11,237 11,437
Workers' compensation claim and
safety incentive liabilities 3,977 4,219
Other accrued liabilities 563 413
Total current liabilities 27,103 25,955
Long-term debt, net of current portion 3,525 4,232
Customer deposits 700 815
Long-term workers' compensation liabilities 695 699
Other long-term liabilities 1,900 1,710
Stockholders' equity 38,064 37,329
$71,987 $70,740
Barrett Business Services, Inc. is a human resource management company
with offices in ten states serving customers throughout 35 states. For 1999,
Barrett reported revenues of $347.9 million and net income of $5.1 million.
SOURCE Barrett Business Services, Inc.
Web site: http: //www.barrettbusiness.com
Company News On-Call: http: //www.prnewswire.com/comp/082187.html or fax, 800-758-5804, ext. 082187
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, Inc., 503-220-0988
Released May 3, 2000