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BBSI Announces Fourth Quarter 2010 Operating Results, Financial Guidance For 1Q11 And Conference Call

VANCOUVER, Wash., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (Nasdaq:BBSI) reported today net income of $3.1 million for the fourth quarter ended December 31, 2010 compared to net income of $2.2 million for the fourth quarter of 2009. Diluted earnings per share for the 2010 fourth quarter were $.31, as compared to diluted earnings per share of $.21 for the same quarter a year ago.

Net revenues for the fourth quarter ended December 31, 2010 totaled $73.6 million, an increase of approximately $11.0 million or 17.4% over the $62.6 million for the same quarter in 2009.

     
  (Unaudited) (Unaudited)
(in thousands, except per share amounts) Fourth Quarter Ended Year Ended
  December 31, December 31,
Results of Operations 2010 2009 2010 2009
Revenues:        
Staffing services $ 32,747 $ 30,931 $ 125,738 $ 116,155
Professional employer service fees 40,808 31,698 147,385 120,305
Total revenues 73,555 62,629 273,123 236,460
Cost of revenues:        
Direct payroll costs 24,920 23,388 95,439 87,679
Payroll taxes and benefits 24,670 19,617 96,660 82,077
Workers' compensation 10,353 7,636 36,234 41,109
Total cost of revenues 59,943 50,641 228,333 210,865
Gross margin 13,612 11,988 44,790 25,595
Selling, general and administrative expenses 9,642 8,689 35,429 33,481
Depreciation and amortization 344 423 1,395 1,641
Income (loss) from operations 3,626 2,876 7,966 (9,527)
Other income, net 758 267 2,011 1,640
Income (loss) before taxes 4,384 3,143 9,977 (7,887)
Provision for (benefit from) income taxes 1,236 950 2,551 (3,119)
Net income (loss) $ 3,148 $ 2,193 $ 7,426 $ (4,768)
Basic income (loss) per share $ .31 $ .21 $ .72 $ (.46)
Weighted average basic shares outstanding 10,202 10,480 10,333 10,452
Diluted income (loss) per share $ .31 $ .21 $ .72 $ (.46)
Weighted average diluted shares outstanding 10,260 10,497 10,372 10,452

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)
  Fourth Quarter Ended Year Ended
(in thousands) December 31,  December 31, 
  2010 2009 2010 2009
Revenues:        
Staffing services  $ 32,747  $ 30,931  $ 125,738  $ 116,155
Professional employer services   311,495  239,884  1,111,052  903,731
Total revenues  344,242  270,815  1,236,790  1,019,886
Cost of revenues:        
Direct payroll costs  294,058  230,359  1,053,748  866,167
Payroll taxes and benefits  24,671  19,617  96,661  82,077
Workers' compensation   11,901  8,851  41,591  46,047
Total cost of revenues  330,630  258,827  1,192,000  994,291
Gross margin  $ 13,612  $ 11,988  $ 44,790  $ 25,595

Gross revenues of $344.2 million for the fourth quarter ended December 31, 2010 increased 27.1% over the similar period in 2009. 

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