Welcome to our dedicated page for Barrett Business Svcs news (Ticker: BBSI), a resource for investors and traders seeking the latest updates and insights on Barrett Business Svcs stock.
Barrett Business Services reports developments in its professional employer organization and staffing businesses, which combine human resource outsourcing with management consulting for small and mid-sized companies. Recurring updates cover PEO gross billings, worksite employee trends, revenue performance, workers’ compensation expense, client additions, benefits retention, quarterly dividends and share repurchase activity.
The company also announces product and operating initiatives tied to its technology platform, including HRIS modules within the myBBSI Client Portal for employee document management and performance management. Other recurring news themes include branch expansion, regional leadership, payroll administration, employee benefits, risk management, workplace safety programs and local market development.
Barrett Business Services, Inc. (BBSI) will host a conference call on August 5, 2020, at 12:00 p.m. Eastern time to discuss its second quarter financial results, which end on June 30, 2020. CEO Gary Kramer and CFO Anthony Harris will lead the call, which will include a Q&A session. Interested parties can connect via toll-free and international dial-in numbers provided. A replay will be available after 3:00 p.m. Eastern time on the same day through September 5, 2020. BBSI offers business management solutions, serving over 7,200 clients across 29 states.
Barrett Business Services (BBSI) has announced a loss portfolio transfer (LPT) agreement, effectively eliminating $116 million of outstanding workers’ compensation claims obligations incurred between February 1, 2014, and December 31, 2017. This transaction reduces BBSI’s liabilities by approximately 27%. The renewal of its fronted insurance program includes a decrease in loss retention from $5 million to $3 million per occurrence and a multiyear commitment until 2022. These changes are expected to result in an increase of around $48 million in unrestricted cash and investments.
Barrett Business Services, Inc. (BBSI) has launched myBBSI™, a proprietary HR and payroll processing system enhancing client accessibility and control. This innovative platform allows for end-to-end payroll management, employee administration, and self-service features, accessible from any device. The project involved extensive development hours and significant financial investment, representing a key advancement in BBSI's technology offerings. According to CEO Gary Kramer, myBBSI will accelerate growth by improving support for existing clients and expanding into new verticals.
Barrett Business Services, Inc. (BBSI) reported a 6% increase in gross billings for Q1 2020, totaling $1.44 billion. Net revenues rose slightly to $219.1 million, up from $218.2 million year-over-year. However, the company reported a net loss of $3.4 million or $(0.45) per diluted share, worsening from a net loss of $2.3 million or $(0.31) per diluted share in Q1 2019. BBSI maintained its quarterly dividend of $0.30 per share. Due to COVID-19 uncertainties, the company has withdrawn its full-year outlook.