Barrett Business Services - BBSI STOCK NEWS

Barrett Business Services (BBSI) reported third-quarter 2020 results, with revenues down 8% to $227.5 million and net income at $18.5 million, or $2.40 per diluted share, compared to $25.0 million, or $3.24 per diluted share a year ago. Despite the decline in gross billings, the company witnessed an 8% increase in unrestricted cash and investments, totaling $147.9 million. BBSI announced a raised EPS guidance for 2020 to $4.10 from $3.70 and reaffirmed its quarterly dividend of $0.30. The results reflect resilience amidst ongoing economic challenges due to COVID-19.

Barrett Business Services, Inc. (BBSI) will host a conference call on November 4, 2020, at 12:00 p.m. Eastern time to discuss its Q3 2020 financial results. The call will be led by CEO Gary Kramer and CFO Anthony Harris, followed by a Q&A session. Participants can access the call via a toll-free number or through the BBSI website. A replay will be available later the same day until December 4, 2020. BBSI specializes in integrating business management solutions, including HR outsourcing and consulting, for over 7,200 clients across 31 states.

Barrett Business Services, Inc. (BBSI) has expanded its operations to Glendale, AZ, aiming to support local business owners through its business management solutions. With over 70 years of experience, BBSI focuses on providing HR, payroll, and staffing services to help companies realize their potential. Doug Fiscella has been appointed as the Area Manager for the Glendale branch, bringing over 20 years of entrepreneurial experience to the role. This strategic move enhances BBSI's presence in the market, offering tailored support to clients and fostering regional business growth.

Barrett Business Services, Inc. (BBSI) has appointed James R. Potts as Executive Vice President and General Counsel, a newly created role. Potts, who has over 25 years of legal experience, joins from Cozen O’Connor and will oversee BBSI’s legal, governance, and compliance functions while being part of the senior management team. CEO Gary Kramer expressed confidence in Potts’ expertise to enhance the company's strategic and legal framework. BBSI provides comprehensive business management solutions to over 7,200 clients across 31 states.

Barrett Business Services, Inc. (BBSI) is set to participate in two virtual financial conferences in September 2020. The 9th Annual Gateway Conference will take place on September 9 at 8:00 a.m. PT, followed by the Sidoti Fall 2020 Investor Conference on September 23 at 9:15 a.m. PT. BBSI, a provider of business management solutions, serves over 7,200 clients across 31 states, focusing on HR outsourcing, payroll processing, and workplace safety programs. For inquiries, interested parties can contact their investor relations team.

Barrett Business Services, Inc. (BBSI) will host a conference call on August 5, 2020, at 12:00 p.m. Eastern time to discuss its second quarter financial results, which end on June 30, 2020. CEO Gary Kramer and CFO Anthony Harris will lead the call, which will include a Q&A session. Interested parties can connect via toll-free and international dial-in numbers provided. A replay will be available after 3:00 p.m. Eastern time on the same day through September 5, 2020. BBSI offers business management solutions, serving over 7,200 clients across 29 states.

Barrett Business Services (BBSI) has announced a loss portfolio transfer (LPT) agreement, effectively eliminating $116 million of outstanding workers’ compensation claims obligations incurred between February 1, 2014, and December 31, 2017. This transaction reduces BBSI’s liabilities by approximately 27%. The renewal of its fronted insurance program includes a decrease in loss retention from $5 million to $3 million per occurrence and a multiyear commitment until 2022. These changes are expected to result in an increase of around $48 million in unrestricted cash and investments.

Barrett Business Services, Inc. (BBSI) has launched myBBSI™, a proprietary HR and payroll processing system enhancing client accessibility and control. This innovative platform allows for end-to-end payroll management, employee administration, and self-service features, accessible from any device. The project involved extensive development hours and significant financial investment, representing a key advancement in BBSI's technology offerings. According to CEO Gary Kramer, myBBSI will accelerate growth by improving support for existing clients and expanding into new verticals.

Barrett Business Services, Inc. (BBSI) reported a 6% increase in gross billings for Q1 2020, totaling $1.44 billion. Net revenues rose slightly to $219.1 million, up from $218.2 million year-over-year. However, the company reported a net loss of $3.4 million or $(0.45) per diluted share, worsening from a net loss of $2.3 million or $(0.31) per diluted share in Q1 2019. BBSI maintained its quarterly dividend of $0.30 per share. Due to COVID-19 uncertainties, the company has withdrawn its full-year outlook.