Business
BBSI Reports First Quarter 2020 Financial Results
First Quarter Gross Billings up 6%; Maintains $0.30 Per Share Quarterly Dividend VANCOUVER, Wash., May 05, 2020 (GLOBE NEWSWIRE) -- Barrett Business
About this update from Barrett Business Services, Inc.
[{"type":"text","content":" First Quarter Gross Billings up 6%; Maintains $0.30 Per Share Quarterly Dividend\n VANCOUVER, Wash., May 05, 2020 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the first quarter ended March 31, 2020. First Quarter 2020 Financial Summary vs. Year-Ago Quarter Net revenues up slightly at $219.1 million versus $218.2 million.Gross billings up 6% to $1.44 billion.Net loss of $3.4 million, or $(0.45) per diluted share, compared to a net loss of $2.3 million, or $(0.31) per diluted share. “The events that unfolded over the past two months due to the COVID-19 pandemic have been unprecedented,” said Gary Kramer, BBSI’s president and CEO. “On behalf of all BBSI employees, our thoughts are with all those affected. As a leader in providing HR and professional management services to over 7,000 small businesses, we have a unique window into the issues facing main street. We are leveraging our strong human and financial capital to help our clients navigate this difficult environment. At the same time, we are taking care of our own employees, implementing work-at-home mandates while maintaining the level of service our clients demand, particularly in today’s environment. “BBSI is well-positioned to navigate this crisis from a position of strength. Our balance sheet is strong with nearly $100 million in free cash and short-term investments and no borrowings on our line of credit. Our first quarter gross billings showed good growth and resilience despite the impact of COVID-19 headwinds on same-customer growth during the final few weeks of the quarter. “While we expect our current environment to remain challenging in the near-term, we believe our product has never been more relevant to the business owner, and we are quite optimistic that we will be able to gain market share as the economy returns to normalcy.” First Quarter 2020 Financial Results Net revenues in the first quarter of 2020 were up slightly at $219.1 million compared to $218.2 million in the first quarter of 2019. Total gross billings in the first quarter increased 6% to $1.44 billion compared to $1.36 billion in the same year-ago quarter (see “Key Performance Metrics and Non-GAAP Financial Measures” below). The increase was primarily due to the contin...