$BBSI
BARRETT BUSINESS SERVICES INC

2014 Q1 Form 10-Q Financial Statement

#000119312514194445 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $136.2M $112.0M
YoY Change 21.58% 35.9%
Cost Of Revenue $126.7M $105.0M
YoY Change 20.71% 38.41%
Gross Profit $9.440M $7.009M
YoY Change 34.68% 6.89%
Gross Profit Margin 6.93% 6.26%
Selling, General & Admin $14.09M $11.74M
YoY Change 20.09% 19.74%
% of Gross Profit 149.29% 167.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K $500.0K
YoY Change 20.0% 66.67%
% of Gross Profit 6.36% 7.13%
Operating Expenses $14.09M $11.74M
YoY Change 20.09% 16.19%
Operating Profit -$5.237M -$5.186M
YoY Change 0.98% 46.37%
Interest Expense $44.00K $80.00K
YoY Change -45.0% -60.0%
% of Operating Profit
Other Income/Expense, Net $114.0K $371.0K
YoY Change -69.27%
Pretax Income -$5.123M -$4.815M
YoY Change 6.4% 45.91%
Income Tax -$1.840M -$1.614M
% Of Pretax Income
Net Earnings -$3.283M -$3.201M
YoY Change 2.56% 44.65%
Net Earnings / Revenue -2.41% -2.86%
Basic Earnings Per Share -$0.46 -$0.46
Diluted Earnings Per Share -$0.46 -$0.46
COMMON SHARES
Basic Shares Outstanding 7.170M shares 7.022M shares
Diluted Shares Outstanding 7.170M shares 7.022M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.30M $67.00M
YoY Change 45.22% 23.84%
Cash & Equivalents $66.27M $48.02M
Short-Term Investments $31.00M $19.00M
Other Short-Term Assets $13.50M $12.20M
YoY Change 10.66% 1.67%
Inventory
Prepaid Expenses
Receivables $95.96M $70.30M
Other Receivables $1.600M $7.200M
Total Short-Term Assets $212.9M $156.7M
YoY Change 35.86% 27.09%
LONG-TERM ASSETS
Property, Plant & Equipment $21.78M $19.20M
YoY Change 13.43% 24.68%
Goodwill $47.82M
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.700M $11.30M
YoY Change -40.71% -18.12%
Other Assets $4.028M $13.90M
YoY Change -71.02% 7.75%
Total Long-Term Assets $124.2M $92.20M
YoY Change 34.74% -0.43%
TOTAL ASSETS
Total Short-Term Assets $212.9M $156.7M
Total Long-Term Assets $124.2M $92.20M
Total Assets $337.1M $248.9M
YoY Change 35.44% 15.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.382M $2.500M
YoY Change -4.72% 25.0%
Accrued Expenses $150.7M $116.0M
YoY Change 29.91% 31.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $220.0K $200.0K
YoY Change 10.0%
Total Short-Term Liabilities $174.4M $129.0M
YoY Change 35.18% 32.72%
LONG-TERM LIABILITIES
Long-Term Debt $4.998M $5.200M
YoY Change -3.88%
Other Long-Term Liabilities $83.60M $52.90M
YoY Change 58.03% 48.18%
Total Long-Term Liabilities $4.998M $58.10M
YoY Change -91.4% 62.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $174.4M $129.0M
Total Long-Term Liabilities $4.998M $58.10M
Total Liabilities $276.1M $197.8M
YoY Change 39.59% 40.28%
SHAREHOLDERS EQUITY
Retained Earnings $54.78M
YoY Change
Common Stock $6.275M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.01M $51.10M
YoY Change
Total Liabilities & Shareholders Equity $337.1M $248.9M
YoY Change 35.44% 15.28%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$3.283M -$3.201M
YoY Change 2.56% 44.65%
Depreciation, Depletion And Amortization $600.0K $500.0K
YoY Change 20.0% 66.67%
Cash From Operating Activities $7.700M $13.00M
YoY Change -40.77% 13.04%
INVESTING ACTIVITIES
Capital Expenditures $1.814M $1.199M
YoY Change 51.29% -271.29%
Acquisitions
YoY Change
Other Investing Activities -$31.90M -$4.500M
YoY Change 608.89% -273.08%
Cash From Investing Activities -$33.70M -$5.700M
YoY Change 491.23% -400.0%
FINANCING ACTIVITIES
Cash Dividend Paid $1.291M $912.0K
YoY Change 41.56%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $55.00K $54.00K
YoY Change 1.85%
Cash From Financing Activities -1.300M -5.000M
YoY Change -74.0% -79.76%
NET CHANGE
Cash From Operating Activities 7.700M 13.00M
Cash From Investing Activities -33.70M -5.700M
Cash From Financing Activities -1.300M -5.000M
Net Change In Cash -27.30M 2.300M
YoY Change -1286.96% -120.35%
FREE CASH FLOW
Cash From Operating Activities $7.700M $13.00M
Capital Expenditures $1.814M $1.199M
Free Cash Flow $5.886M $11.80M
YoY Change -50.12% -3.27%

Facts In Submission

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CY2014Q1 dei Trading Symbol
TradingSymbol
BBSI
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
BARRETT BUSINESS SERVICES INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
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CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000902791
CY2014Q1 dei Current Fiscal Year End Date
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--12-31
CY2014Q1 dei Document Fiscal Period Focus
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Q1
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2017-10-01
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CY2014Q1 us-gaap Line Of Credit Facility Commitment Fee Description
LineOfCreditFacilityCommitmentFeeDescription
The Agreement also provides for an unused commitment fee of 0.25% per annum on the average daily unused amount of the revolving credit facility.
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain prior year amounts have been reclassified to conform with the 2014 presentation. Such reclassifications had no impact on the Company&#x2019;s financial condition, operating results, cash flows, working capital or stockholders&#x2019; equity.</p> </div>
CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2014Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
331000
CY2014Q1 us-gaap Revenues
Revenues
135140000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1595000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3594000
CY2014Q1 us-gaap Gross Profit
GrossProfit
9306000
CY2014Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
20938000
CY2014Q1 us-gaap Sale Leaseback Transaction Current Period Gain Recognized
SaleLeasebackTransactionCurrentPeriodGainRecognized
0
CY2014Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
14936000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1200000
CY2014Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10000
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
55000
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
76000
CY2014Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
1596000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
15000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5647000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5557000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10370000
CY2014Q1 us-gaap Investment Income Net
InvestmentIncomeNet
144000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
90000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3583000
CY2014Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-1000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
15000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1814000
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1291000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-11000
CY2014Q1 us-gaap Cost Of Services Direct Taxes And Licenses Costs
CostOfServicesDirectTaxesAndLicensesCosts
72817000
CY2014Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
19484000
CY2014Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
76000
CY2014Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
98000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1255000
CY2014Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1291000
CY2014Q1 us-gaap Cost Of Services Direct Labor
CostOfServicesDirectLabor
25417000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
331000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
584000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-27289000
CY2014Q1 us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
7691000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-33744000
CY2014Q1 us-gaap Interest Expense
InterestExpense
44000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1221000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-870000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-7000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
125834000
CY2014Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1010000
CY2014Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-894000
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
15000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
2934000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14369000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1974000
CY2014Q1 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
399000
CY2014Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
69185000
CY2014Q1 bbsi Professional Employer Service Fees
ProfessionalEmployerServiceFees
101689000
CY2014Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
16351000
CY2014Q1 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
20152000
CY2014Q1 bbsi Revenue Recognition Peo Service Contract Minimum Term
RevenueRecognitionPeoServiceContractMinimumTerm
P1Y
CY2014Q1 bbsi Increase Decrease In Customer Deposits Long Term Liabilities And Other Assets Net
IncreaseDecreaseInCustomerDepositsLongTermLiabilitiesAndOtherAssetsNet
-74000
CY2014Q1 bbsi Prohibition For Purchase Money Financing On Incurring Additional Indebtedness Without Prior Approval Of Bank
ProhibitionForPurchaseMoneyFinancingOnIncurringAdditionalIndebtednessWithoutPriorApprovalOfBank
200000
CY2014Q1 bbsi Deferred Income Tax Expense Benefit Including Other Comprehensive Income Tax Adjustments
DeferredIncomeTaxExpenseBenefitIncludingOtherComprehensiveIncomeTaxAdjustments
-409000
CY2014Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
12461000
CY2014Q1 bbsi Staffing Services Revenue
StaffingServicesRevenue
33451000
CY2014Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
12062000
CY2014Q1 bbsi Workers Compensation Expense Accrual Claims For Prior Periods
WorkersCompensationExpenseAccrualClaimsForPriorPeriods
3801000
CY2014Q1 bbsi Cost Of Services Workers Compensation
CostOfServicesWorkersCompensation
27600000
CY2014Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
PeriodForCancellationOrTerminationOfPeoServiceContract
P30D
CY2014Q1 bbsi Restricted And Unrestricted Cash And Marketable Securities To Workers Compensation And Safety Incentive Liabilities Ratio
RestrictedAndUnrestrictedCashAndMarketableSecuritiesToWorkersCompensationAndSafetyIncentiveLiabilitiesRatio
1 pure

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