Business
BBSI Reports Fourth Quarter and Full Year 2020 Financial Results
- Q4 2020 Net Income of $7.2 Million, or $0.93 per Diluted Share - - Full Year 2020 Net Income of $33.8 Million, or $4.39 per Diluted Share - VANCOUVER,
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Q4 2020 Net Income of $7.2 Million, or $0.93 per Diluted Share - - Full Year 2020 Net Income of $33.8 Million, or $4.39 per Diluted Share - VANCOUVER, Wash., March 03, 2021 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the fourth quarter and full year ended December 31, 2020. Fourth Quarter 2020 Financial Summary vs. Year-Ago Quarter Net revenues down 5% to $233.2 million.Gross billings up 1% to $1.60 billion.Average worksite employees (“WSEs”) down 6%.Net income of $7.2 million, or $0.93 per diluted share, compared to $11.7 million, or $1.51 per diluted share.Unrestricted cash and investments up 34% to $169.9 million. Full Year 2020 Financial Summary vs. 2019 Net revenues down 7% to $880.8 million.Gross billings down 1% to $5.92 billion.Average WSEs down 5%.Net income of $33.8 million, or $4.39 per diluted share, compared to $48.3 million, or $6.27 per diluted share. “Once again, we had a stronger-than-expected quarter, finishing out an extremely challenging year with continued resilience,” said BBSI President and CEO, Gary Kramer. “While business volume and earnings were impacted by the pandemic, I am extremely proud of the work that our teams performed throughout the year. We helped thousands of small businesses in a year of great need while at the same time implementing strategies to make BBSI even stronger coming out of the COVID-19 pandemic.” Fourth Quarter 2020 Financial Results Net revenues in the fourth quarter of 2020 decreased 5% to $233.2 million compared to $245.2 million in the fourth quarter of 2019. Total gross billings in the fourth quarter increased 1% to $1.60 billion compared to $1.59 billion in the same year-ago quarter (see “Key Performance Metrics and Non-GAAP Financial Measures” below). The increase was primarily due to higher average payroll per WSE, partially offset by a 6% decrease in average WSEs attributable to the effects of the ongoing COVID-19 pandemic. Non-GAAP gross workers’ compensation expense as a percent of gross billings was 3.7% in the fourth quarter of 2020 and benefited from a favorable one-time adjustment of prior accident year liability of $1.2 million, as well as other cost-saving measures. This compares to 4.2% in the fourth quarter of 2019. Net income...