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.