Barrett Business Services, Inc. (BBSI) Reports Profit for Second Quarter of 2010

Jul. 28, 2010 2:38 PM ETBBSI
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Barrett Business Services, Inc. reported a strong profit in the second quarter of 2010, along with a large increase in sales.

Barrett Business Services, Inc. reported that net sales in the second quarter of 2010 were $67.4 million, an 18% increase compared to net sales of $57.3 million in the corresponding quarter in 2009.

Barrett Business Services, Inc. reported net income of $2.3 million, or $0.22 per diluted share, in the second quarter of 2010. The company lost $6.7 million, or $0.65 per diluted share, in the same quarter of 2009.

The company said that the results from 2009 included an $11.8 million expense increase due to an alteration in how the company calculated reserves on its balance sheet for workers compensation coverage.

Barrett Business Services, Inc. issued guidance for the upcoming quarter, and expects earnings for the third quarter of 2010 to be in a range from $0.33 to $0.36 per diluted share. This would be a large increase from the $0.28 per diluted share reported in the same quarter of 2009.

Barrett Business Services, Inc. kept its balance sheet secure during the quarter, and reported no long or short-term debt at 6/30/2010. The company reported cash, cash equivalents and marketable securities of $51.3 million, which was approximately flat with the second quarter of 2009.

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