Revenues up 9% at year-end 2017 for BBSI
Barrett Business Services, Inc. (BBSI) has reported financial results for the fourth quarter and full year ended 31st December 2017.
“We had a strong finish to a strong year which is setting us up well for 2018 and beyond,” said Michael Elich, president and CEO of BBSI. “We delivered solid growth across all of our markets and added an additional 120 net new clients in the quarter for a total of 693 net new for the year. These results continue to be driven by the value we bring to our clients every day, our better-than-90% retention rate and the width of new business pipelines.”
Net revenues in the fourth quarter of 2017 increased 11% to $244.7m compared to $221.1m in the fourth quarter of 2016.
Total non-GAAP gross revenues in the fourth quarter increased 14% to $1.4 billion compared to $1.3 billion in the same year-ago quarter. The increase was primarily due to the continued build in the company’s PEO client count and same-customer sales growth, which was partially offset by a decrease from staffing revenues.
Net income for the fourth quarter of 2017 increased 30% to $10.5m, or $1.38 per diluted share, compared to net income of $8.0m, or $1.08 per diluted share, in the year-ago quarter.
Net revenues in 2017 increased 9% to $920.4m compared to $840.6m in 2016.
Total non-GAAP gross revenues increased 13% to $5.3 billion compared to $4.7 billion in 2016. The increase was primarily due to the continued build in the company’s PEO client count and same-customer sales growth, which was partially offset by a decrease in staffing revenues.
Net income in 2017 was $25.2m or $3.33 per diluted share compared to $18.8m or $2.55 per diluted share in 2016. Net income for 2017 included approximately $0.10 per diluted share in costs associated with accounting and securities law issues compared to $0.69 in 2016.
For the full year 2018, the company expects diluted earnings per share to be approximately $4.45. This assumes approximately $0.06 per diluted share in estimated costs associated with outstanding accounting and securities law issues, as well as a lower effective tax rate of approximately 20% resulting from the passage of the Tax Cuts and Jobs Act.
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