Barrett Business Services News Release (07/24/12)

Barrett Business Services Inc. has reported financial results for the second quarter ended June 30, 2012. Net revenues in the second quarter of 2012 increased 26% to $95.5 million, compared with $76.0 million in the second quarter of 2011. Gross revenues in the second quarter of 2012 increased 35% to $494.1 million, compared with $366.9 million in the second quarter of 2011.

Net income in the second quarter of 2012 was $3.7 million or $0.53 per diluted common share, compared with net income of $3.4 million or $0.34 per diluted common share in the year-ago quarter. “The 35% increase in gross revenues represents our tenth consecutive quarter of year-over-year double-digit sales growth and an all-time record level of quarterly gross revenue,” said Michael Elich, president and chief executive officer of BBSI. “The results of another record quarter are attributed to the return we are realizing from our investment back into the organization, which is supporting continued pipeline growth and rewarding execution in the field.”