Barrett Business Services, Inc. Announces Record Net Income and Revenues for 1996
PORTLAND, Ore., Feb. 5 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) reported today net income of $1,244,000 for the fourth quarter
ended December 31, 1996, an increase of $21,000 or 1.7% over the fourth
quarter of 1995. Earnings per share for the 1996 fourth quarter were $.18,
even with the same quarter a year ago. Net income for the year ended December
31, 1996 amounted to $5,036,000, an increase of 22.3% over 1995. Earnings per
share for 1996 were $.73, compared to $.62 per share for 1995.
Revenues for the fourth quarter ended December 31, 1996 totaled
$60.5 million, an increase of approximately $14.2 million or 30.7% over the
$46.3 million reported for the same quarter a year ago. The internal growth
rate for 1996 fourth quarter revenues was 16.3%. Revenues for the year ended
December 31, 1996 were $215.8 million, an increase of $36.0 million or 20.0%
over 1995. The 1996 internal growth rate for revenues was 10.6%.
Fourth QuarterEnded Year Ended
Dec. 31, Dec. 31,
Results of Operations 1996 1995 1996 1995
(in thousands, except
per share amounts)
Revenues:
Staffing services $31,208 $25,962 $113,539 $99,233
Professional employer
services 29,300 20,344 102,277 80,572
Total revenues 60,508 46,306 215,816 179,805
Cost of revenues:
Direct payroll costs 46,485 35,327 164,180 136,174
Payroll taxes and benefits 5,343 3,987 19,913 16,088
Workers' compensation 1,794 899 5,938 6,073
Safety incentives 390 261 1,532 981
Total cost of revenues 54,012 40,474 191,563 159,316
Gross margin 6,496 5,832 24,253 20,489
Selling, general and
administrative expenses 4,363 3,807 16,034 13,657
Amortization of intangibles 244 140 820 564
Income from operations 1,889 1,885 7,399 6,268
Other income 133 88 452 357
Income before taxes 2,022 1,973 7,851 6,625
Provision for income taxes 778 750 2,815 2,507
Net income $1,244 $1,223 $5,036 $4,118
Net income per share $.18 $.18 $.73 $.62
Weighted average shares 6,957 6,689 6,935 6,680
The following summarizes the audited balance sheets at December 31, 1996
and 1995:
($ in thousands) December 311996 1995
Assets
Cash $1,901 $3,218
Receivables, net 19,057 13,151
Note receivable 324 --
Prepaids and other 914 478
Deferred tax asset 1,279 937
Total current assets 23,475 17,784
Intangibles, net 10,226 6,452
Property and equipment, net 3,111 2,261
Restricted marketable securities 5,707 4,681
Other 127 95
$42,646 $31,273
Liabilities and Stockholders' Equity
Current portion of long-term debt $36 $33
Accounts payable 667 378
Accrued payroll and benefits 7,960 5,797
Accrued workers' compensation
claims 2,240 2,383
Customer safety incentives 1,015 776
Total current liabilities 11,918 9,367
Long-term debt, net 838 875
Customer deposits 890 675
Other long-term liabilities 613 322
Redeemable common stock 2,825 --
Stockholders' equity 25,562 20,034
$42,646 $31,273
Barrett Business Services, Inc. is a human resource management company
with offices in Washington, Oregon, Idaho, California, Arizona, Maryland and
Delaware.
SOURCE Barrett Business
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, Inc., 503-220-0988
Released February 5, 1997