NEWS RELEASE
Published on July 13, 1998
NEWS RELEASE EXHIBIT 99
BARRETT BUSINESS SERVICES, INC.
ANNOUNCES COMPLETION OF MERGER
WITH WESTERN INDUSTRIAL MANAGEMENT, INC.
PORTLAND, OREGON, June 29, 1998 -- Barrett Business Services, Inc. (Nasdaq
trading symbol: "BBSI") today announced the completion of its acquisition of
Western Industrial Management, Inc. pursuant to a stock-for- stock merger
effective June 29, 1998. The transaction will be accounted for as a
pooling-of-interests.
The transaction, valued by the parties at approximately $10.7 million,
includes consideration of 894,642 shares of Barrett common stock and $519,095 in
cash. Barrett also expects to recognize one-time merger-related costs in the
second quarter ended June 30, 1998 totaling approximately $725,000, of which
$425,000 reduced the previously announced purchase price of $11.1 million.
Western, a privately-held staffing services company headquartered in San
Bernardino, California, operates six branch offices in Southern California.
Keith Rentschler, Western's President, was appointed an Area Vice President of
Barrett today and will have management responsibility for Western's six offices
and Barrett's current five offices in Southern California. Western's revenues
for the year ended December 31, 1997 were approximately $24.5 million.
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.