Barrett Business Services, Inc. Announces 100% Increase in Earnings Per Share For First Quarter 1999
PORTLAND, Ore., May 5 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) reported today net income of $740,000 for the first quarter
ended March 31, 1999, an increase of $353,000 or 91.2% over the first quarter
of 1998. Basic and diluted earnings per share for the 1999 first quarter were
$.10, compared to $.05 for both basic and diluted earnings per share for the
same quarter a year ago.
Revenues for the first quarter ended March 31, 1999 totaled $71.0 million,
an increase of approximately $1.8 million or 2.6% over the $69.2 million
reported for the same quarter a year ago.
(Unaudited)First Quarter Ended
March 31,
Results of Operations 1999 1998
(in thousands, except
per share amounts)
Revenues:
Staffing services $37,229 $40,304
Professional employer services 33,786 28,937
Total revenues 71,015 69,241
Cost of revenues:
Direct payroll costs 55,163 53,667
Payroll taxes and benefits 6,251 6,440
Workers' compensation 1,969 1,996
Safety incentives 317 364
Total cost of revenues 63,700 62,467
Gross margin 7,315 6,774
Selling, general and
administrative expenses 5,710 5,816
Amortization of intangibles 374 353
Income from operations 1,231 605
Other income 72 69
Income before taxes 1,303 674
Provision for income taxes 563 287
Net income $740 $387
Basic earnings per share $.10 $.05
Weighted average basic shares 7,666 7,639
Diluted earnings per share $.10 $.05
Weighted average diluted shares 7,707 7,693
The following summarizes the unaudited balance sheets at March 31, 1999
and December 31, 1998:
($ in thousands) March 31, December 31,1999 1998
Assets
Cash $1,713 $4,029
Receivables, net 23,579 21,907
Prepaids and other 1,627 1,103
Deferred tax assets 1,841 1,857
Total current assets 28,760 28,896
Intangibles, net 14,968 11,508
Property and equipment, net 5,532 5,184
Restricted marketable securities 6,184 6,004
Deferred tax assets 697 552
Other assets 964 626
$57,105 $52,770
Liabilities and Stockholders' Equity
Note payable $240 $-
Current portion of long-term debt 115 61
Income taxes payable 488 438
Accounts payable 1,156 948
Accrued payroll and benefits 13,249 9,246
Accrued workers' compensation claims 2,903 3,244
Customer safety incentives 1,113 1,173
Other accrued liabilities 361 514
Total current liabilities 19,625 15,624
Long-term debt, net 541 503
Customer deposits 805 829
Long-term workers' compensation
liabilities 710 714
Other long-term liabilities 1,579 1,398
Stockholders' equity 33,845 33,702
$57,105 $52,770
Barrett Business Services, Inc. is a human resource management company
with offices in ten states. For 1998, Barrett reported revenues of
$303.0 million and net income of $3.8 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 5, 1999