Barrett Business Services News Release (02/13/12)
Barrett Business Services Inc. reported financial results for the fourth quarter and full year ended Dec. 31, 2011. Net revenues for the fourth quarter of 2011 increased 15% to $84.7 million, compared with $73.6 million in the fourth quarter of 2010. Total gross revenues in the fourth quarter of 2011 increased 23% to $423.6 million, compared with $344.2 million in the same quarter of 2010. The increase was primarily attributable to the continued net increase in the company’s professional employer organization client count and to a small increase in same-store sales growth.
Net loss for the fourth quarter was $93,000, compared with net income of $3.1 million in the year-ago quarter, due to an increase to the company’s workers’ compensation reserve of approximately $8.5 million in the fourth quarter of 2011. Net revenues for the full year of 2011 increased 15% to $314.9 million, compared with $273.1 million in 2010. Net income in 2011 was $14.3 million, compared with net income of $7.4 million in 2010.
Exclusive Guide to Factoring for Staffing Companies
Whether your firm needs working capital to hire new talent, maximize a marketing opportunity, or extend client payment terms, factoring allows staffing companies to convert unpaid invoices into cash today. Download now to get answers to the top 10 questions related to accessing working capital via invoice financing.