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BBSI Announces Second Quarter 2010 Operating Results, Financial Guidance For 3Q10 And Conference Call

VANCOUVER, Wash., July 27, 2010 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (Nasdaq:BBSI) reported today net income of $2.3 million for the second quarter ended June 30, 2010 compared to a net loss of $6.7 million for the second quarter of 2009. Diluted income per share for the 2010 second quarter was $.22, as compared to diluted loss per share of $.65 for the same quarter a year ago. The 2009 second quarter included an $11.8 million increase in workers' compensation expense resulting from the Company's change in estimate of its workers' compensation reserves.

Net revenues for the second quarter ended June 30, 2010 totaled $67.4 million, an increase of approximately $10.1 million or 17.6% over the $57.3 million for the same quarter in 2009. 

  (Unaudited) (Unaudited)
(in thousands, except per share amounts) Second Quarter Ended Six Months Ended
  June 30, June 30,
Results of Operations 2010 2009 2010 2009
Revenues:        
Staffing services $ 31,975 $ 28,002 $ 59,037 $ 52,044
Professional employer service fees 35,457 29,263 66,655 56,293
Total revenues 67,432 57,265 125,692 108,337
Cost of revenues:        
Direct payroll costs 24,237 21,127 44,673 39,196
Payroll taxes and benefits 22,861 19,434 47,489 42,061
Workers' compensation 8,589 18,927 16,408 25,614
Total cost of revenues 55,687 59,488 108,570 106,871
Gross margin 11,745 (2,223) 17,122 1,466
Selling, general and administrative expenses 8,407 8,336 16,631 16,376
Depreciation and amortization 333 410 710 796
Income (loss) from operations 3,005 (10,969) (219) (15,706)
Other income, net 380 293 665 408
Income (loss) before taxes 3,385 (10,676) 446 (15,298)
Provision for (benefit from) income taxes 1,107 (3,944) (146) (5,392)
Net income (loss) $ 2,278 $ (6,732) $ 592 $ (9,906)
Basic income (loss) per share $ .22 $ (.65) $ .06 $ (.95)
Weighted average basic shares outstanding 10,446 10,355 10,456 10,426
Diluted income (loss) per share $ .22 $ (.65) $ .06 $ (.95)
Weighted average diluted shares outstanding 10,485 10,355 10,490 10,426

The Company reports its Professional Employer Organization services ("PEO") revenues on a net basis because it is not the primary obligor for the services provided by the Company's PEO clients to their customers. The gross revenues and cost of revenues information below, although not in accordance with generally accepted accounting principles ("GAAP"), is presented for comparison purposes and because management believes such information is more informative as to the level of the Company's business activity and more useful in managing its operations.

  (Unaudited) (Unaudited)
  Second Quarter Ended Six Months Ended
(in thousands) June 30, June 30,
  2010 2009 2010 2009
Revenues:        
Staffing services  $ 31,975  $ 28,002  $ 59,037  $ 52,044
Professional employer services   265,121  220,150  500,616  423,975
Total revenues  297,096  248,152  559,653  476,019
Cost of revenues:        
Direct payroll costs  252,722  210,720  476,269  404,276
Payroll taxes and benefits  22,861  19,434  47,489  42,061
Workers' compensation   9,768  20,221  18,773  28,216
Total cost of revenues  285,351  250,375  542,531  474,553
Gross margin  $ 11,745  $ (2,223)  $ 17,122  $ 1,466

Gross revenues of $297.1 million for the second quarter ended June 30, 2010 increased 19.7% over the similar period in 2009. 

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