Barrett Business Services, Inc. Announces Record Net Income and Revenues for Second Quarter 1996
PORTLAND, Ore., Aug. 7 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: "BBST") reported today net income of $1,305,000 for the second
quarter ended June 30, 1996, an increase of $266,000 or 25.6% over the second
quarter of 1995. Earnings per share for the 1996 second quarter were $.19 as
compared to $.16 for the 1995 second quarter. Net income for the six months
ended June 30, 1996 amounted to $2,132,000, an increase of $749,000 or 54.2%
over the similar period in 1995. Earnings per share for the 1996 six-month
period were $.31, which compares to $.21 for 1995.
Revenues for the second quarter ended June 30, 1996 totaled $51.9 million,
an increase of approximately $7.3 million or 16.4% over the $44.6 million
reported for the same quarter a year ago. Revenues for the six months ended
June 30, 1996 were $95.1 million, an increase of 13.3% over the comparable
1995 period. The internal growth rates of revenues for the 1996 second
quarter and six-month period were 4.8% and 5.1%, respectively.
(Unaudited) (Unaudited)
Second Quarter Six Months
Ended Ended
June 30, June 30,
Results of 0perations 1996 1995 1996 1995
(in thousands, except
per share amounts)
RevenuesStaffing services $27,091 $24,333 $49,719 $44,937
Professional employer
services 24,780 20,231 45,337 38,926
Total revenues 51,871 44,564 95,056 83,863
Gross margin 6,147 4,919 11,164 8,398
Selling, general and
administrative expenses 3,939 3,226 7,567 6,101
Income before taxes 2,105 1,658 3,438 2,212
Net income $ 1,305 $ 1,039 $ 2,132 $ 1,383
Net income per share $ .19 $ .16 $ .31 $ .21
Weighted average shares 6,978 6,639 6,883 6,653
The following summarizes the unaudited balance sheet at June 30, 1996, and
the audited balance sheet at December 31, 1995:
($ in thousands) June 30, December 31,1996 1995
Cash $ 3,909 $ 3,218
Receivables, net 16,177 13,151
Note receivable 324 --
Prepaids and other 619 478
Deferred tax asset 664 937
Total current assets 21,693 17,784
Intangibles, net 8,981 6,452
Property and equipment, net 2,400 2,261
Restricted marketable securities 5,817 4,681
Other 107 95
$ 38,998 $ 31,273
Current portion of long-term debt $ 35 $ 33
Income taxes payable 443 --
Accounts payable 116 378
Accrued payroll and benefits 8,248 5,797
Accrued workers' compensation
claims 1,606 2,383
Customer safety incentives 981 776
Total current liabilities 11,429 9,367
Long-term debt, net 857 875
Customer deposits 813 675
Other long-term liabilities 419 322
Redeemable common stock 2,825 --
Stockholders' equity 22,655 20,034
$ 38,998 $ 31,273
Barrett is a provider of professional employer services and staffing
services with offices in Washington, Oregon, Idaho, California, Maryland and
Delaware. Barrett reported revenues of $179.8 million and net income of
$4.1 million for 1995.
SOURCE Barrett Business Services, Inc.
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, Inc., 503-220-0988
Released August 7, 1996