Barrett Business Services, Inc. Announces Net Income and Revenues For First Quarter 1998
PORTLAND, Ore., May 6 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) reported today net income of $323,000 for the first quarter
ended March 31, 1998, a decrease of $507,000 from the first quarter of 1997.
Basic and diluted earnings per share for the 1998 first quarter were
$.05, compared to $.12 for both basic and diluted earnings per share for the
same quarter a year ago.
Revenues for the first quarter ended March 31, 1998 totaled $62.8 million,
an increase of approximately $.7 million or 1.1% over the $62.1 million
reported for the same quarter a year ago. The internal growth rate for 1998
first quarter revenues was .5%.
(Unaudited)First Quarter Ended
March 31,
Results of Operations 1998 1997
(in thousands, except
per share amounts)
Revenues:
Staffing services $34,511 $32,436
Professional employer
services 28,254 29,650
Total revenues 62,765 62,086
Cost of revenues:
Direct payroll costs 48,926 47,807
Payroll taxes and benefits 5,808 5,997
Workers' compensation 1,866 1,855
Safety incentives 364 323
Total cost of revenues 56,964 55,982
Gross margin 5,801 6,104
Selling, general and
administrative expenses 5,021 4,515
Amortization of intangibles 341 317
Income from operations 439 1,272
Other income 99 78
Income before taxes 538 1,350
Provision for income taxes 215 520
Net income $323 $830
Basic earnings per share $.05 $.12
Weighted average
basic shares 6,744 6,800
Diluted earnings per share $.05 $.12
Weighted average
diluted shares 6,798 6,997
The following summarizes the unaudited balance sheets at March 31, 1998
and December 31, 1997:
($ in thousands) March 31, December 31,1998 1997
Assets
Cash $3,435 $3,380
Receivables, net 20,551 19,366
Prepaids and other 1,476 1,080
Deferred tax asset 2,002 1,926
Total current assets 27,464 25,752
Intangibles, net 11,753 12,094
Property and equipment, net 4,489 4,263
Restricted marketable securities 6,013 6,095
Other assets 200 206
$49,919 $48,410
Liabilities and Stockholders' Equity
Current portion of long-term debt $312 $323
Income taxes payable 54 --
Accounts payable 846 801
Accrued payroll and benefits 10,505 9,403
Accrued workers' compensation claims 3,094 3,140
Customer safety incentives 1,070 1,073
Other accrued liabilities 378 399
Total current liabilities 16,259 15,139
Long-term debt, net 520 531
Customer deposits 882 934
Long-term workers' compensation
liabilities 728 632
Other long-term liabilities 1,038 1,030
Stockholders' equity 30,492 30,144
$49,919 $48,410
Barrett Business Services, Inc. is a human resource management company
with offices in Washington, Oregon, Idaho, California, Arizona, Michigan,
Maryland and Delaware. For 1997, Barrett reported revenues of $281.0 million
and net income of $3.8 million.
SOURCE Barrett Business Services Inc.
Company News On-Call: http: //www.prnewswire.com 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 6, 1998