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Barrett Business Services, Inc. Announces Record First Quarter Revenues

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PORTLAND, Ore., May 3 /PRNewswire/ --

Barrett Business Services, Inc. (Nasdaq: BBSI) reported today net income of

$744,000 for the first quarter ended March 31, 2000, an increase of

$4,000 over the first quarter of 1999. Basic and diluted earnings per share

for the 2000 first quarter were $.10, the same amount as the 1999

first quarter.

Revenues for the first quarter ended March 31, 2000 totaled $87.1 million,

an increase of approximately $16.1 million or 22.7% over the $71.0 million for

the same quarter in 1999. The internal growth rate for revenues was 12.0% for

the 2000 first quarter.

                                                           (Unaudited)

First Quarter Ended

March 31,

Results of Operations 2000 1999

(in thousands, except per share amounts)

Revenues:

Staffing services $47,767 $37,229

Professional employer services 39,355 33,786

Total revenues 87,122 71,015

Cost of revenues:

Direct payroll costs 68,004 55,163

Payroll taxes and benefits 7,918 6,251

Workers' compensation and safety incentives 2,597 2,286

Total cost of revenues 78,519 63,700

Gross margin 8,603 7,315

Selling, general and administrative expenses 6,485 5,573

Depreciation and amortization 731 511

Income from operations 1,387 1,231

Other (expense) income, net (132) 72

Income before taxes 1,255 1,303

Provision for income taxes 511 563

Net income $744 $740

Basic earnings per share $.10 $.10

Weighted average basic shares outstanding 7,459 7,666

Diluted earnings per share $.10 $.10

Weighted average diluted shares outstanding 7,509 7,707

Certain 1999 amounts have been reclassified to conform with the

2000 presentation. Such reclassifications had no impact on gross margin, net

income or stockholders' equity.

The following summarizes the unaudited balance sheets at March 31, 2000

and December 31, 1999.

            ($ in thousands)                         March 31,   December 31,

2000 1999

Assets

Current assets:

Cash and cash equivalents $198 $550

Trade accounts receivable, net 31,568 30,216

Prepaid expenses and other 1,205 1,219

Deferred tax assets 1,677 1,658

Total current assets 34,648 33,643

Intangibles, net 21,456 21,945

Property, equipment and software, net 7,552 7,027

Restricted marketable securities and

workers' compensation deposits 6,317 6,281

Deferred tax assets 701 712

Other assets 1,313 1,132

$71,987 $70,740

Liabilities and Stockholders' Equity

Current liabilities:

Notes payable $865 $865

Current portion of long-term debt 2,792 2,783

Line of credit payable 6,005 4,882

Income taxes payable 282 --

Accounts payable 1,382 1,356

Accrued payroll, payroll taxes and

related benefits 11,237 11,437

Workers' compensation claim and

safety incentive liabilities 3,977 4,219

Other accrued liabilities 563 413

Total current liabilities 27,103 25,955

Long-term debt, net of current portion 3,525 4,232

Customer deposits 700 815

Long-term workers' compensation liabilities 695 699

Other long-term liabilities 1,900 1,710

Stockholders' equity 38,064 37,329

$71,987 $70,740

Barrett Business Services, Inc. is a human resource management company

with offices in ten states serving customers throughout 35 states. For 1999,

Barrett reported revenues of $347.9 million and net income of $5.1 million.
SOURCE Barrett Business Services, Inc.
Web site: http: //www.barrettbusiness.com
Company News On-Call: http: //www.prnewswire.com/comp/082187.html or fax, 800-758-5804, ext. 082187
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, Inc., 503-220-0988