Barrett Business Svcs Inc Stock Price, News & Analysis

Barrett Business Services, Inc. (BBSI) proudly announces its first-time certification as a Great Place to Work®. This recognition is based on employee feedback regarding workplace culture and experience. According to Great Place to Work®, job seekers are significantly more likely to find positive management at certified workplaces. BBSI’s President and CEO, Gary Kramer, emphasized that this certification showcases the company’s commitment to its employees. BBSI operates as a leading business management solutions provider, serving over 7,500 clients in the U.S.

Barrett Business Services, Inc. (BBSI) reported a 9% increase in net revenues for Q3 2021, totaling $247 million, with gross billings rising 12% to $1.69 billion. The average worksite employees (WSEs) grew by 8%. Despite these gains, net income dropped to $14.9 million or $1.96 per diluted share, from $18.5 million in Q3 2020, due to higher employee-related expenses. BBSI has raised its outlook for gross billing growth to 9%-10% and WSE growth to 3%-5%. The company remains debt-free, with $115.6 million in cash and investments.

Barrett Business Services (BBSI) will host a conference call on November 3, 2021, at 5:00 p.m. Eastern time to discuss its financial results for Q3 2021, ending September 30. The call will include CEO Gary Kramer and CFO Anthony Harris, followed by a Q&A session. Investors can join the call using the toll-free number 1-877-407-4018. The call will be broadcast live, with a replay available until December 3, 2021. BBSI offers business management solutions, servicing over 7,500 clients in 43 states.

Barrett Business Services, Inc. (BBSI) is expanding its presence in the U.S. with a new branch office in Nashville, TN. The company has appointed Dion Matos as Area Manager, who brings over 20 years of strategic consulting experience. This move aims to support local business growth by offering specialized business management solutions, including payroll services and risk management. COO Gerald Blotz emphasized the potential of Nashville, noting their unique support system for business owners. The Nashville branch is located at 231 Public Square, Ste. 300, Franklin, TN.

Barrett Business Services, Inc. (BBSI) has expanded its national presence by opening a new branch in Pittsburgh, PA, led by Area Manager Autumn Powell. This strategic move is aimed at enhancing support for local businesses through BBSI’s comprehensive management solutions, including payroll services and workers' compensation insurance. COO Gerald Blotz highlighted the opportunity for growth in the Pittsburgh market, emphasizing the company's commitment to aiding local business prosperity. BBSI serves over 7,500 clients in 43 states, offering unique operational support through its integrated platform.

Barrett Business Services, Inc. (BBSI) reported Q2 2021 net revenues of $233.2 million, a 16% increase from the prior year. Gross billings rose 17% to $1.60 billion, with average worksite employees (WSEs) up 10%. Net income reached $17.1 million, or $2.24 per diluted share, compared to $11.5 million, or $1.51 per share a year earlier. BBSI raised its full-year guidance, anticipating 6%-8% growth in gross billings and improving gross margins. The board confirmed a quarterly cash dividend of $0.30 per share, reflecting strong performance.

Barrett Business Services, Inc. (BBSI) will hold a conference call on August 4, 2021, at 5:00 p.m. ET to discuss its Q2 financial results ending June 30, 2021. CEO Gary Kramer and CFO Anthony Harris will present the results and answer questions. Interested parties can join using the toll-free number 1-877-407-4018 or the international number 1-201-689-8471. A replay will be available post-call until September 4, 2021. BBSI offers comprehensive business management solutions, serving over 7,500 clients in 40 states.

Barrett Business Services, Inc. (BBSI) announced a new workers’ compensation program effective July 1, 2021, eliminating risks from claims losses. This program allows potential savings of up to $20 million but caps additional premiums at $7.5 million if claims worsen. Approximately 82% of BBSI’s exposure is covered. Additionally, BBSI entered a loss portfolio transfer (LPT) agreement, removing $53 million in claims liabilities, reducing them by 15%. This results in a one-time increase in unrestricted cash of $13 million in July 2021.

Barrett Business Services, Inc. (BBSI) has appointed Rachael Stutzman as Senior Vice President of Sales and Marketing, reporting to COO Gerald Blotz. Stutzman, who joined BBSI in 2014 and rose through the ranks due to her impressive performance, will oversee the company's sales and marketing efforts. Her prior experience includes ownership of YourHealthCredit and serving as Vice President of Sales for CareCredit. Stutzman's promotion is expected to enhance BBSI’s growth strategy and client service.