Barrett Business Services revenue is down 0.3%. Gross bills increase

May 06, 2021

Barrett Business Services Inc. (NASDAQ: BBSI) posted a 0.3% year-over-year revenue decline in the first quarter.

Gross bills for the Vancouver, Washington-based provider of human resource and PEO services increased 2% to $ 1.47 million. The average number of employees on the construction site decreased by 6%.

(Thousand US dollars)	Q1 2021	Q1 2020	% Change
PEO service fee income	$ 193,819	$ 193,592	0.1%
Income from personnel services	$ 24,626	$ 25,512	-3.5%
Total sales	$ 218,445	$ 219,104	-0.3%
Gross margin	$ 30,865	$ 26,051	18.5%
Gross Margin Percentage	14.1%	11.9%
Annual deficit	($ 4,554)	(USD 3,407)	NM

“While the year-on-year comparison shows results prior to the impact of the pandemic, our gross bills and gross margin have exceeded the year-ago quarter and our overall performance is above plan, allowing us to improve our full-year outlook,” said President and CEO Gary Kramer.

The company now expects gross bills to increase from 5% to 7% for the full year. Previously, an increase of between 2% and 5% was forecast.

Share price and market capitalization

Barrett Business Services shares rose 4.18% to $ 77.28 as of 12:37 p.m. Eastern Time. According to FT.com, they were 0.59% below their 52 weeks. The company had a market capitalization of $ 560.4 million.