BBSI Raises Quarterly Cash Dividend by 20%; Board Authorizes $50 Million Share Repurchase Program Over Three Years
VANCOUVER, Wash., Aug. 06, 2019 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, announced that its board of directors authorized a 20% increase in its regular quarterly cash dividend from $0.25 per share to $0.30 per share. The cash dividend will be paid on September 6, 2019 to all stockholders of record as of August 23, 2019.
The board also authorized the repurchase of up to $50 million of BBSI’s common stock over a three-year period beginning August 15, 2019. Purchases will be made in the open market, including in block trades. The timing and volume of purchases are in the discretion of BBSI’s management.
“This move signifies a turning point for BBSI,” said Mike Elich, President and CEO. “Based on many of the structural changes made over the past several years we are positioned well as we look forward.”
“BBSI’s strong operational performance, financial health and positive outlook underpin our confidence in these decisions,” said Gary Kramer, BBSI Chief Financial Officer. “The Company has been building a solid balance sheet and we are now in a position to return additional capital to shareholders.”
BBSI (NASDAQ: BBSI) is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting to create a unique operational platform that differentiates it from competitors. The Company’s integrated platform is built upon expertise in payroll processing, employee benefits, workers’ compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI’s partnerships help businesses of all sizes improve the efficiency of their operations. The Company works with more than 6,400 clients across all lines of business in 23 states. For more information, please visit www.barrettbusiness.com.
Statements in this release about future events or performance are forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Factors that may affect the Company’s prospects are described in the Company’s 2018 Annual Report on Form 10-K. Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements are less reliable than historical information. The Company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.
Released August 6, 2019