News

BBSI Confirms Delayed Filing of Third Quarter 2015 10-Q and Reports Receipt of Nasdaq Letter Due to Late Filing

11/18/2015 Print Version

VANCOUVER, WA -- (Marketwired) -- 11/18/15 --

Barrett Business Services, Inc. (BBSI) (NASDAQ: BBSI), a leading provider of business management solutions, has confirmed that the filing of its Form 10-Q for the quarter ended September 30, 2015 with the Securities and Exchange Commission (the "SEC") will be delayed.

As reported last week, at the request of BBSI's independent auditors, BBSI's audit committee has retained independent legal counsel to conduct a thorough and prompt independent investigation related to its second quarter 2014 workers' compensation reserve. BBSI intends to file its Form 10-Q for the 2015 third quarter as soon as practicable after the independent investigation has been completed and its independent auditors have had an opportunity to review and assess the findings of the investigation, and to finalize their review of the company's financial statements to be included in the 10-Q.

As anticipated, in conjunction with the delayed Form 10-Q filing, the company received a letter from The NASDAQ Stock Market ("Nasdaq") dated November 12, 2015 stating that BBSI is not currently in compliance with Nasdaq's continued listing requirement regarding the timely filing of periodic financial reports with the SEC as set forth in Rule 5250(c)(1) of the Nasdaq Listing Rules (the "Rules").

Under the Rules, BBSI has 60 calendar days from November 12, 2015, or until January 11, 2016, to submit a plan to Nasdaq to regain compliance with the Rules. BBSI intends to submit a compliance plan on or prior to January 11, 2016 if it is still unable to file its third quarter Form 10-Q by that date.

If Nasdaq accepts the plan, it can grant an exception of up to 180 days from November 9, 2015, or until May 9, 2016, for BBSI to regain compliance with Rule 5250(c)(1). BBSI may regain compliance at any time during this 180-day period upon filing with the SEC its 2015 third quarter Form 10-Q, as well as all subsequent required periodic financial reports that are due within that period. If Nasdaq does not accept BBSI's compliance plan, BBSI will have the opportunity to appeal that decision.

About BBSI

BBSI (NASDAQ: BBSI) is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting to create a unique operational platform that differentiates it from competitors. BBSI's integrated platform is built upon expertise in payroll processing, employee benefits, workers' compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI's partnerships help businesses of all sizes improve the efficiency of their operations. BBSI works with more than 3,400 clients across all lines of business in 23 states. For more information, please visit www.barrettbusiness.com.

Forward-Looking Statements

The information in this release includes forward-looking statements that are subject to risks and uncertainties. Additional considerations and other important risk factors affecting BBSI's business are described in BBSI's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. Although forward-looking statements help to provide complete information about BBSI, readers should keep in mind that forward-looking statements are less reliable than historical information. The forward-looking statements in this report speak only as of the date hereof. BBSI undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.

Company Contact:

Michael L. Elich

President and Chief Executive Officer

Tel 1-360-828-0700

Investor Relations:

Liolios

Cody Slach

Tel 1-949-574-3860

Email Contact

Source: Barrett Business Services, Inc.