Barrett Business Services, Inc. Announces Net Income and Revenues for First Quarter 1997
PORTLAND, Ore., May 5 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) reported today net income of $830,000 for the first quarter
ended March 31, 1997, an increase of $3,000 over the first quarter of 1996.
Earnings per share for the 1997 first quarter were $.12, the same amount as
the 1996 first quarter.
Revenues for the first quarter ended March 31, 1997 totaled $62.8 million,
an increase of approximately $19.6 million or 45.4% over the $43.2 million
reported for the same quarter a year ago. The internal growth rate for 1997
first quarter revenues was 25.1%.
(Unaudited)First quarter Ended
March 31,
Results of Operations 1997 1996
(in thousands, except
per share amounts)
Revenues:
Staffing services $ 32,731 $ 22,629
Professional employer
services 30,049 20,556
Total revenues 62,780 43,185
Cost of revenues:
Direct payroll costs 48,039 32,718
Payroll taxes and benefits 6,459 4,334
Workers' compensation 1,855 770
Safety incentives 323 347
Total cost of revenues 56,676 38,169
Gross margin 6,104 5,016
Selling, general and
administrative expenses 4,515 3,626
Amortization of intangibles 317 160
Income from operations 1,272 1,230
Other income 78 103
Income before taxes 1,350 1,333
Provision for income taxes 520 506
Net income $ 830 $ 827
Net income per share $ .12 $ .12
Weighted average shares 6,800 6,787
President and Chief Executive Officer William W. Sherertz commented that,
"We are very pleased with the accelerating growth in revenues and that our
operating results were consistent with our expectations."
The following summarizes the unaudited balance sheets at March 31, 1997
and December 31, 1996:
(in thousands) March 31, December 31,1997 1996
Assets
Cash $ 1,615 $ 1,901
Receivables, net 21,337 19,057
Note receivable -- 324
Prepaids and other 1,379 914
Deferred tax asset 1,363 1,279
Total Current assets 25,694 23,475
Intangibles, net 12,894 10,226
Property and equipment, net 3,203 3,111
Restricted marketable securities 5,699 5,707
Other 145 127
$47,635 $42,646
Liabilities and Stockholders' Equity
Current portion of long-term debt $ 65 $ 36
Income taxes payable 515 --
Accounts payable 705 667
Accrued payroll and benefits 9,307 7,354
Accrued workers' compensation
claims 2,423 2,240
Customer safety incentives 1,029 1,015
Other accrued liabilities 516 606
Total current liabilities 14,560 11,918
Long-term debt, net 849 838
Customer deposits 888 890
Other long-term liabilities 1,616 613
Redeemable common stock 2,825 2,825
Stockholders' equity 26,897 25,562
$47,635 $42,646
Barrett Business Services, Inc. is a human resource management company
with offices in Washington, Oregon, Idaho, California, Arizona, Michigan,
Maryland and Delaware. Barrett reported revenues of $215.8 million and net
income of $5.0 million for 1996.
SOURCE Barrett Business Services Inc.
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services Inc., 503-220-0988
Released May 5, 1997