8-K: Current report filing
Published on April 17, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported) April 13, 1998
BARRETT BUSINESS SERVICES, INC.
(Exact name of registrant as specified in its charter)
Maryland 0-21886 52-0812977
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
4724 SW Macadam Avenue, Portland, Oregon 97201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (503) 220-0988
Item 5. Other Events.
On April 15, 1998, Barrett Business Services, Inc., announced the
acquisition on April 13, 1998, of certain assets of BOLT Staffing Services,
Inc., located in Pocatello, Idaho, with 1997 revenues of approximately $2.4
million, for $675,000 in cash.
The registrant also announced an agreement in principle to acquire
Western Industrial Management, Inc. ("Western"), a privately-held staffing
service company headquartered in San Bernadino, California, with 1997 revenues
of approximately $24.5 million. The transaction, which will be accounted for as
a pooling of interests, will be effected as a stock-for-stock merger in which
the registrant will issue approximately 975,000 shares of common stock. The
merger is conditioned upon the holders of at least 90 percent of the shares of
Western stock outstanding not exercising dissenters' rights to receive cash. The
transaction is expected to close on June 1, 1998. The registrant believes that
the transaction will be accretive to earnings in an amount of approximately $.06
per share for the twelve months subsequent to the closing.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99 News Release of Barrett Business Services,
Inc., dated April 15, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
DATED: April 17, 1998 Barrett Business Services, Inc.
By: /s/ Michael D. Mulholland
Michael D. Mulholland
Vice President - Finance