Barrett revenue up 21%, names new COOs
Barrett Business Services Inc. (NASD: BBSI) reported first-quarter net revenue rose 21.1 percent year over year to $135.1 million. However, first-quarter gross margin slipped to 6.9 percent from 7.5 percent in the year-ago quarter.
The net loss at the professional employer organization and commercial staffing provider increased to $3.6 million from a net loss of $2.5 million in the same quarter year prior. Barrett historically incurs losses in the first quarter due to the higher effective payroll taxes at the beginning of each year, according to the company.
Vancouver, Wash.-based Barrett provides both temporary staffing and professional employer services. PEO service fee revenue rose 24.3 percent to $101.7 million in the first quarter compared to the same quarter last year, and staffing revenue increased 12.5 percent on a year-over-year basis to $33.5 million in the first quarter.
Barrett also named new chief operating officers, effective immediately. The firm promoted Gerald Blotz, the director of branch operations, to the position of vice president and chief operating officer – field operations. Greg Vaughn, vice president and chief administrative officer, was promoted to the position of chief operating officer – corporate operations.
Blotz joined Barrett in 2002 as an area manager for the company’s San Jose, Calif., office. He was appointed to the additional role of director of branch operations in 2012.
Vaughn joined the company in 1997 as a vice president at Barrett’s corporate headquarters. He was appointed to the position of chief administrative officer in 2012.
Shares in Barrett fell 5.87 percent in early afternoon trading to $50.81. Barrett has a market cap of approximately $364.47 million, according to Google.
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