PORTLAND, Ore., Oct. 31 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) announced today that it has acquired the staff leasing division
of an Orange County, California staffing services company for $660,000 in
cash. The acquisition will be effective on November 4, 1996. The division's
annual revenues for the fiscal year ended September 30, 1996 were
approximately $10.5 million and generated a gross margin of approximately six
William W. Sherertz, President and Chief Executive Officer, commented that
"We are very pleased with this opportunity to expand our presence in Southern
California through this acquisition which adds approximately 100 companies to
our existing client base."
Barrett Business Services is a human resource management company with
offices in Washington, Oregon, Idaho, California, Arizona, Maryland and
Delaware. Barrett reported revenues of $179.8 million and net income of
$4.1 million for 1995.
Forward-Looking Information: Statements within this news release
which are not historical in nature are forward-looking statements, which are
subject to risks and uncertainties that may cause actual future results to
differ materially. Such risks and uncertainties with respect to the Company
include difficulties associated with integrating acquired businesses and
clients into the Company's operations, economic trends in the Company's
service areas, uncertainties regarding government regulation of PEOs and the
staff leasing industry, and other risks and uncertainties discussed in the
Company's periodic filings with the Securities and Exchange Commission.
SOURCE Barrett Business Services Inc.
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services Inc., 503-220-0988