Barrett Business Services, Inc. reported a net loss in the first quarter of 2010 of $1.7 million, or $0.16 per diluted share. The company lost $3.2 million, or $0.30 per share, in the same quarter last year.
Barrett Business Services, Inc. said that net revenues increased on a year over year basis, from $51.1 million in the first quarter of 2009 to $58.3 million in the quarter that just ended.
Barrett Business Services, Inc. said that gross revenues, which exclude any contribution from the Professional Employer Organization segment, were $262.5 million, up from $227.8 million in the same quarter in 2009. The company excludes any revenues from the Professional Employer Organization segment because it is not the primary obligor of the services provided.
Barrett Business Services, Inc. provided guidance for the second quarter of 2010. The company said that gross revenues would range from $278-282 million, and expects diluted earnings per share to range from $0.18-0.20 per diluted share.
Barrett Business Services, Inc. ended the quarter with cash, cash equivalents and marketable securities of $43.3 million, and no long term or short term debt.