Barrett Business Services - BBSI STOCK NEWS

Barrett Business Services, Inc. (BBSI) reported Q2 2021 net revenues of $233.2 million, a 16% increase from the prior year. Gross billings rose 17% to $1.60 billion, with average worksite employees (WSEs) up 10%. Net income reached $17.1 million, or $2.24 per diluted share, compared to $11.5 million, or $1.51 per share a year earlier. BBSI raised its full-year guidance, anticipating 6%-8% growth in gross billings and improving gross margins. The board confirmed a quarterly cash dividend of $0.30 per share, reflecting strong performance.

Barrett Business Services, Inc. (BBSI) will hold a conference call on August 4, 2021, at 5:00 p.m. ET to discuss its Q2 financial results ending June 30, 2021. CEO Gary Kramer and CFO Anthony Harris will present the results and answer questions. Interested parties can join using the toll-free number 1-877-407-4018 or the international number 1-201-689-8471. A replay will be available post-call until September 4, 2021. BBSI offers comprehensive business management solutions, serving over 7,500 clients in 40 states.

Barrett Business Services, Inc. (BBSI) announced a new workers’ compensation program effective July 1, 2021, eliminating risks from claims losses. This program allows potential savings of up to $20 million but caps additional premiums at $7.5 million if claims worsen. Approximately 82% of BBSI’s exposure is covered. Additionally, BBSI entered a loss portfolio transfer (LPT) agreement, removing $53 million in claims liabilities, reducing them by 15%. This results in a one-time increase in unrestricted cash of $13 million in July 2021.

Barrett Business Services, Inc. (BBSI) has appointed Rachael Stutzman as Senior Vice President of Sales and Marketing, reporting to COO Gerald Blotz. Stutzman, who joined BBSI in 2014 and rose through the ranks due to her impressive performance, will oversee the company's sales and marketing efforts. Her prior experience includes ownership of YourHealthCredit and serving as Vice President of Sales for CareCredit. Stutzman's promotion is expected to enhance BBSI’s growth strategy and client service.

Barrett Business Services (BBSI) reported Q1 net revenues of $218.4 million, slightly down from $219.1 million in the prior year, amid a 2% increase in gross billings to $1.47 billion. The average worksite employees (WSEs) decreased by 6%, contributing to a net loss of $4.6 million, or $(0.60) per diluted share, compared to a $3.4 million loss, or $(0.45) per diluted share, a year earlier. Unrestricted cash and investments rose 52% to $142.7 million. BBSI revised its full-year outlook, now expecting gross billings growth of 5% to 7% and WSE growth of 2% to 4%.

BBSI (NASDAQ: BBSI), a prominent provider of business management solutions, will hold a conference call on May 5, 2021, at 5:00 p.m. Eastern time, to discuss its financial results for Q1 2021. CEO Gary Kramer and CFO Anthony Harris will lead the call, which will include a Q&A session. Interested parties can dial in or access the live broadcast on the company's website. A replay of the call will be available through June 5, 2021. BBSI serves over 7,500 clients across the U.S., offering a unique operational platform that enhances business efficiency.

The board of Barrett Business Services (BBSI) appointed Carla A. Moradi as an independent director, effective April 7, 2021, expanding the board to nine members. Moradi, Senior VP at Anaplan, has prior experience as EVP of Operations and Technology at HUB International and CIO at Walgreens Boots Alliance. Chairman Anthony Meeker highlighted her expertise in technology and business expansion as valuable for BBSI’s strategic initiatives. Moradi expressed enthusiasm for partnering with the company to achieve client success.

Barrett Business Services, Inc. (BBSI) reported Q4 2020 net income of $7.2 million ($0.93/share), down from $11.7 million ($1.51/share) a year ago. Full Year 2020 results showed net income of $33.8 million ($4.39/share), a decline from $48.3 million ($6.27/share) in 2019. Net revenues decreased 5% in Q4 to $233.2 million and 7% for the year to $880.8 million, largely due to the COVID-19 pandemic. However, unrestricted cash and investments rose 34% to $169.9 million. BBSI expects 2021 gross billings growth of 2%-5% and an increase in average worksite employees of 1%-3%.

BBSI (NASDAQ: BBSI) will hold a conference call on March 3, 2021, at 5:00 p.m. ET to review its Q4 and full-year financial results for 2020. Prior to the call, BBSI will release its financial results. The call will feature CEO Gary Kramer and CFO Anthony Harris, followed by a Q&A session. Interested parties can access the live broadcast or replay via the BBSI website. For those wishing to participate, dial-in numbers and a Conference ID are provided. A replay of the call will be available until April 3, 2021.