Barrett Business Services, Inc. ( BBSI)
Q3 2010 Earnings Conference Call
October 27, 2010 12 PM ET
ExecutivesJim Miller – CFO, VP - Finance, Treasurer, Secretary Bill Sherertz – Chairman, President and CEO Analysts Josh Vogel – Sidoti & Company Jeff Martin – Roth Capital Partners Doug Stoning [ph] Jerry Harbinger [ph] Presentation
Previous Statements by BBSI
» Barrett Business Services, Inc. Q2 2010 Earnings Call Transcript
» Barrett Business Services, Inc. Q1 2010 Earnings Call Transcript
» Barrett Business Services, Inc. Q4 2009 Earnings Call Transcript
» Barrett Business Services Inc. Q3 2009 Earnings Call Transcript
Please refer to our recent earnings release and to our quarterly and annual reports filed with the Securities & Exchange Commission for more information about the risks and uncertainties that could cause actual results to differ. Page one of yesterday’s earnings release reflecting our operating results summarizes the company’s revenues and cost of revenues on a net revenue basis as required by Generally Accepted Accounting Principles.
Most of our comments today, however, will be based upon gross revenues and various relationships to gross revenues, as management believes such information is one, more informative as to the level of our business activity; two, more useful in managing and analyzing our operations and three, adds more transparency to the trends within our business. Comments related to gross revenues as compared to a net revenue basis of reporting have no effect on gross margin dollars, SG&A expenses or net income.
Turning now to the third quarter results, as reported the company earned $0.36 per diluted share in the 2010 third quarter as compared to a $0.28 loss per share for the third quarter of 2009. Total gross revenues for the 2010 third quarter of $332.9 million increased $59.8 million or 21.9% over the 2009 third quarter.
The $332.9 million represents a new quarterly high for gross revenues. California, which comprised approximately 81% of our overall third quarter gross revenues, increased 27.7% owing to continued growth in PEO revenues. Staffing revenues for the third quarter of 2010 increased $774,000 or 2.3% over the third quarter of 2009, primarily due to a small increase in demand for our staffing services from existing customers and to a small net new staffing business added during the quarter.