Barrett Business Services, Inc. Announces Record Fourth Quarter 1999 Earnings And Revenues
PORTLAND, Ore., Feb. 9 /PRNewswire/ --
Barrett Business Services, Inc. (Nasdaq: BBSI) reported today net income of
$1,359,000 for the fourth quarter ended December 31, 1999, an increase of
10.0% over the fourth quarter of 1998. Diluted earnings per share for the
1999 fourth quarter were $.18, compared to $.16 for the same quarter a year
ago. Net income for the year ended December 31, 1999 amounted to $5,149,000,
an increase of 34.8% over the comparable 1998 period. Basic and diluted
earnings per share for the 1999 12-month period were $.68, compared to
$.50 for basic and diluted earnings per share for the similar 1998 period.
Revenues for the fourth quarter ended December 31, 1999 totaled
$96.3 million, an increase of approximately $21.1 million or 28.1% over the
$75.2 million for the same quarter in 1998. Revenues for the year ended
December 31, 1999 were $347.9 million, an increase of 14.8% over the
comparable 1998 period. The internal growth rate for revenues was 11.5% for
the 1999 fourth quarter and 3.3% for the year ended December 31, 1999.
Results of Operations(in thousands, except
per share amounts)
Fourth Quarter Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
Revenues:
Staffing services $55,142 $38,154 $194,991
$165,443
Professional employer services 41,111 37,014 152,859 137,586Total revenues 96,253 75,168 347,850 303,029
Cost of revenues:
Direct payroll costs 75,024 58,482 270,049 235,265
Payroll taxes and benefits 7,590 5,894 28,603 25,550
Workers' compensation 3,545 2,636 11,702 10,190
Total cost of revenues 86,159 67,012 310,354 271,005
Gross margin 10,094 8,156 37,496 32,024
Selling, general and
administrative expenses 7,175 5,804 26,551 23,481
Merger expenses -- -- -- 750
Amortization of intangibles 528 312 1,867 1,316
Income from operations 2,391 2,040 9,078 6,477
Other (expense) income, net (165) 89 (245) 267
Income before taxes 2,226 2,129 8,833 6,744
Provision for income taxes 867 894 3,684 2,923
Net income $ 1,359 $ 1,235 $5,149 $3,821
Basic earnings per share $.18 $.16 $.68 $.50
Weighted average basic shares
outstanding 7,495 7,676 7,581 7,664
Diluted earnings per share $.18 $.16 $.68 $.50
Weighted average diluted
shares outstanding 7,541 7,714 7,627 7,711
Certain 1998 amounts have been reclassified to conform with the 1999
presentation. Such reclassifications had no impact on gross margin, net
income or stockholders' equity.
The following summarizes the unaudited balance sheets at December 31, 1999
and December 31, 1998:
($ in thousands) December 31,1999 1998
Assets
Current assets:
Cash and cash equivalents $550 $4,029
Trade accounts receivable, net 30,216 21,907
Prepaid expenses and other 1,219 1,103
Deferred tax assets 1,658 1,857
Total current assets 33,643 28,896
Intangibles, net 21,945 11,508
Property and equipment, net 7,027 5,184
Restricted marketable securities
and workers' compensation deposits 6,281 6,004
Deferred tax assets 712 552
Other assets 1,132 626
$70,740 $52,770
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable $865 $--
Current portion of long-term debt 2,783 129
Line of credit payable 4,882 --
Income taxes payable -- 438
Accounts payable 1,356 948
Accrued payroll, payroll taxes
and related benefits 11,437 9,246
Workers' compensation claim and
safety incentive liabilities 4,219 4,417
Other accrued liabilities 413 446
Total current liabilities 25,955 15,624
Long-term debt, net of current portion 4,232 435
Customer deposits 815 829
Long-term workers' compensation
liabilities 699 714
Other long-term liabilities 1,710 1,466
Stockholders' equity 37,329 33,702
$70,740 $52,770
Barrett Business Services, Inc. is a human resource management company
with offices in ten states.
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, 503-220-0988
Released February 9, 2000