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BBSI Announces Third Quarter 2010 Operating Results, Financial Guidance For 4Q10 And Conference Call

VANCOUVER, Wash., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (Nasdaq:BBSI) reported today net income of $3.7 million for the third quarter ended September 30, 2010 compared to a net income of $2.9 million for the third quarter of 2009. Diluted income per share for the 2010 third quarter was $.36, as compared to diluted earnings per share of $.28 for the same quarter a year ago. 

Net revenues for the third quarter ended September 30, 2010 totaled $73.9 million, an increase of approximately $8.4 million or 12.8% over the $65.5 million for the same quarter in 2009.

  (Unaudited) (Unaudited)
 (in thousands, except per share amounts)   Third Quarter Ended September 30, Nine Months Ended September 30,
Results of Operations 2010 2009 2010 2009
Revenues:        
Staffing services $ 33,954 $ 33,180 $ 92,991 $ 85,224
Professional employer service fees 39,922 32,314 106,577 88,607
Total revenues 73,876 65,494 199,568 173,831
Cost of revenues:        
Direct payroll costs 25,846 25,095 70,519 64,291
Payroll taxes and benefits 24,501 20,399 71,990 62,460
Workers' compensation 9,473 7,859 25,881 33,473
Total cost of revenues 59,820 53,353 168,390 160,224
Gross margin 14,056 12,141 31,178 13,607
Selling, general and administrative expenses 9,156 8,416 25,787 24,792
Depreciation and amortization 341 422 1,051 1,218
Income (loss) from operations 4,559 3,303 4,340 (12,403)
Other income, net 588 965 1,253 1,373
Income (loss) before taxes 5,147 4,268 5,593 (11,030)
Provision for (benefit from) income taxes 1,461 1,323 1,315 (4,069)
Net income (loss) $ 3,686 $ 2,945 $ 4,278 $ (6,961)
Basic income (loss) per share $ .36 $ .28 $ .41 $ (.67)
Weighted average basic shares outstanding 10,217 10,475 10,376 10,442
Diluted income (loss) per share $ .36 $ .28 $ .41 $ (.67)
Weighted average diluted shares outstanding 10,251 10,559 10,410 10,442
         

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)
(in thousands)   Third Quarter Ended September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
Revenues:        
Staffing services  $ 33,954  $ 33,180  $ 92,991  $ 85,224
Professional employer services                    298,941  239,872  799,557  663,847
Total revenues  332,895  273,052  892,548  749,071
Cost of revenues:        
Direct payroll costs  283,421  231,532  759,690  635,808
Payroll taxes and benefits  24,501  20,399  71,990  62,460
Workers' compensation   10,917  8,980  29,690  37,196
Total cost of revenues  318,839  260,911  861,370  735,464
Gross margin  $ 14,056  $ 12,141  $ 31,178  $ 13,607

Gross revenues of $332.9 million for the third quarter ended September 30, 2010 increased 21.9% over the similar period in 2009. 

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