$BBSI
BARRETT BUSINESS SERVICES INC

2016 Q1 Form 10-Q Financial Statement

#000119312516638311 Filed on June 30, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $191.0M $166.4M
YoY Change 14.76% 22.19%
Cost Of Revenue $180.6M $157.5M
YoY Change 14.68% 24.24%
Gross Profit $10.39M $8.931M
YoY Change 16.3% -5.39%
Gross Profit Margin 5.44% 5.37%
Selling, General & Admin $21.90M $16.97M
YoY Change 29.07% 20.41%
% of Gross Profit 210.88% 190.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $700.0K
YoY Change 0.0% 16.67%
% of Gross Profit 6.74% 7.84%
Operating Expenses $21.90M $16.97M
YoY Change 29.07% 20.41%
Operating Profit -$12.27M -$8.722M
YoY Change 40.63% 66.55%
Interest Expense $260.0K $520.0K
YoY Change -50.0% 1081.82%
% of Operating Profit
Other Income/Expense, Net -$8.000K -$447.0K
YoY Change -98.21% -492.11%
Pretax Income -$12.27M -$9.169M
YoY Change 33.86% 78.98%
Income Tax -$4.271M -$3.341M
% Of Pretax Income
Net Earnings -$8.003M -$5.828M
YoY Change 37.32% 77.52%
Net Earnings / Revenue -4.19% -3.5%
Basic Earnings Per Share -$1.11 -$0.82
Diluted Earnings Per Share -$1.11 -$0.82
COMMON SHARES
Basic Shares Outstanding 7.208M 7.135M shares
Diluted Shares Outstanding 7.208M 7.135M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.50M $36.90M
YoY Change 17.89% -62.08%
Cash & Equivalents $43.46M $15.21M
Short-Term Investments $21.70M
Other Short-Term Assets $66.80M $35.00M
YoY Change 90.86% 159.26%
Inventory
Prepaid Expenses
Receivables $163.8M $130.4M
Other Receivables $4.300M $13.60M
Total Short-Term Assets $278.3M $219.5M
YoY Change 26.76% 3.13%
LONG-TERM ASSETS
Property, Plant & Equipment $23.44M $22.65M
YoY Change 3.49% 3.99%
Goodwill $47.82M $47.82M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $900.0K $6.000M
YoY Change -85.0% -10.45%
Other Assets $4.742M $4.960M
YoY Change -4.4% 23.14%
Total Long-Term Assets $287.3M $274.3M
YoY Change 4.75% 120.81%
TOTAL ASSETS
Total Short-Term Assets $278.3M $219.5M
Total Long-Term Assets $287.3M $274.3M
Total Assets $565.6M $493.9M
YoY Change 14.54% 46.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.940M $3.500M
YoY Change 12.57% 46.94%
Accrued Expenses $262.8M $212.8M
YoY Change 23.5% 41.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $5.800M
YoY Change -100.0%
Long-Term Debt Due $19.80M $25.22M
YoY Change -21.49% 11363.64%
Total Short-Term Liabilities $308.3M $268.0M
YoY Change 15.04% 53.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $19.78M
YoY Change -100.0% 295.72%
Other Long-Term Liabilities $198.4M $167.3M
YoY Change 18.59% 100.12%
Total Long-Term Liabilities $198.4M $19.78M
YoY Change 903.13% 295.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $308.3M $268.0M
Total Long-Term Liabilities $198.4M $19.78M
Total Liabilities $520.0M $467.6M
YoY Change 11.2% 69.37%
SHAREHOLDERS EQUITY
Retained Earnings $37.96M $20.97M
YoY Change 81.05% -61.73%
Common Stock $7.692M $5.236M
YoY Change 46.91% -16.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.65M $26.22M
YoY Change
Total Liabilities & Shareholders Equity $565.6M $493.9M
YoY Change 14.54% 46.5%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$8.003M -$5.828M
YoY Change 37.32% 77.52%
Depreciation, Depletion And Amortization $700.0K $700.0K
YoY Change 0.0% 16.67%
Cash From Operating Activities -$7.800M $5.500M
YoY Change -241.82% -28.57%
INVESTING ACTIVITIES
Capital Expenditures $1.368M $657.0K
YoY Change 108.22% -63.78%
Acquisitions
YoY Change
Other Investing Activities $28.80M -$5.500M
YoY Change -623.64% -82.76%
Cash From Investing Activities $27.40M -$6.200M
YoY Change -541.94% -81.6%
FINANCING ACTIVITIES
Cash Dividend Paid $1.586M $1.569M
YoY Change 1.08% 21.53%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $55.00K $55.00K
YoY Change 0.0% 0.0%
Cash From Financing Activities -1.300M 4.400M
YoY Change -129.55% -438.46%
NET CHANGE
Cash From Operating Activities -7.800M 5.500M
Cash From Investing Activities 27.40M -6.200M
Cash From Financing Activities -1.300M 4.400M
Net Change In Cash 18.30M 3.700M
YoY Change 394.59% -113.55%
FREE CASH FLOW
Cash From Operating Activities -$7.800M $5.500M
Capital Expenditures $1.368M $657.0K
Free Cash Flow -$9.168M $4.843M
YoY Change -289.3% -17.72%

Facts In Submission

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39166000
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WorkersCompensationExpenseAccrualClaims
24880000
CY2015Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
27777000
CY2015Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
17559000
CY2015Q1 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
898000
CY2015Q1 bbsi Deferred Income Tax Expense Benefit Including Other Comprehensive Income Tax Adjustments
DeferredIncomeTaxExpenseBenefitIncludingOtherComprehensiveIncomeTaxAdjustments
74000
CY2015Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
18457000
CY2015Q1 bbsi Increase Decrease In Safety Incentive Liability
IncreaseDecreaseInSafetyIncentiveLiability
1267000
CY2015Q1 bbsi Professional Employer Service Fees
ProfessionalEmployerServiceFees
127234000
CY2015Q1 bbsi Increase Decrease In Customer Deposits Long Term Liabilities And Other Assets Net
IncreaseDecreaseInCustomerDepositsLongTermLiabilitiesAndOtherAssetsNet
-205000
CY2015Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
115661000
CY2015Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
-2897000
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
BARRETT BUSINESS SERVICES INC
CY2016Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
265000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
110797 shares
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000902791
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
359000
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
18246000
CY2016Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.22
CY2016Q1 us-gaap Cost Of Services Direct Taxes And Licenses Costs
CostOfServicesDirectTaxesAndLicensesCosts
103760000
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.11
CY2016Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
40000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
749000
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.11
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7969000
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2016Q1 us-gaap Cost Of Services Direct Labor
CostOfServicesDirectLabor
27427000
CY2016Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1586000
CY2016Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
265000
CY2016Q1 us-gaap Cost Of Revenue
CostOfRevenue
180581000
CY2016Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
265000
CY2016Q1 us-gaap Revenues
Revenues
190968000
CY2016Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
55634000
CY2016Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
392000
CY2016Q1 us-gaap Gross Profit
GrossProfit
10387000
CY2016Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
26830000
CY2016Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
72000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-8003000
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
207000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12274000
CY2016Q1 us-gaap Interest Expense
InterestExpense
260000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
27407000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
73302000
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
11300000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
723000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2595000
CY2016Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
1000
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <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 2016 presentation. Such reclassifications had no impact on the Company&#x2019;s financial condition, operating results, cash, working capital or stockholders&#x2019; equity.</p> </div>
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-12266000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
23000
CY2016Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
2969000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1586000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1344000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
34000
CY2016Q1 us-gaap Investment Income Net
InvestmentIncomeNet
248000
CY2016Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1300000
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
40000
CY2016Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
66767000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4271000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-7817000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1368000
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Accounting estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are used for fair value measurement of all marketable securities, allowance for doubtful accounts, deferred income taxes, carrying values for goodwill and property and equipment, accrued workers&#x2019; compensation liabilities and safety incentive liabilities. Actual results may differ from such estimates.</p> </div>
CY2016Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
72000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7208000 shares
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21904000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7208000 shares
CY2016Q1 dei Trading Symbol
TradingSymbol
BBSI
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
178000
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
11300000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
359000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
55000
CY2016Q1 us-gaap Increase Decrease In Workers Compensation Liabilities
IncreaseDecreaseInWorkersCompensationLiabilities
9468000
CY2016Q1 bbsi Cost Of Services Workers Compensation
CostOfServicesWorkersCompensation
49394000
CY2016Q1 bbsi Staffing Services Revenue
StaffingServicesRevenue
36290000
CY2016Q1 bbsi Workers Compensation Expense Accrual Claims
WorkersCompensationExpenseAccrualClaims
32003000
CY2016Q1 bbsi Workers Compensation Expense Accrual Claims For Current Period
WorkersCompensationExpenseAccrualClaimsForCurrentPeriod
31155000
CY2016Q1 bbsi Claim Payments Prior Period
ClaimPaymentsPriorPeriod
21264000
CY2016Q1 bbsi Workers Compensation Claim Payments Current Period
WorkersCompensationClaimPaymentsCurrentPeriod
1271000
CY2016Q1 bbsi Deferred Income Tax Expense Benefit Including Other Comprehensive Income Tax Adjustments
DeferredIncomeTaxExpenseBenefitIncludingOtherComprehensiveIncomeTaxAdjustments
0
CY2016Q1 bbsi Workers Compensation Claim Payments
WorkersCompensationClaimPayments
22535000
CY2016Q1 bbsi Period For Cancellation Or Termination Of Peo Service Contract
PeriodForCancellationOrTerminationOfPeoServiceContract
P30D
CY2016Q1 bbsi Increase Decrease In Safety Incentive Liability
IncreaseDecreaseInSafetyIncentiveLiability
563000
CY2016Q1 bbsi Professional Employer Service Fees
ProfessionalEmployerServiceFees
154678000
CY2016Q1 bbsi Increase Decrease In Customer Deposits Long Term Liabilities And Other Assets Net
IncreaseDecreaseInCustomerDepositsLongTermLiabilitiesAndOtherAssetsNet
-297000
CY2016Q1 bbsi Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P3M
CY2016Q1 bbsi Workers Compensation Incurred But Not Reported
WorkersCompensationIncurredButNotReported
132879000
CY2016Q1 bbsi Revenue Recognition Peo Service Contract Minimum Term
RevenueRecognitionPeoServiceContractMinimumTerm
P1Y
CY2016Q1 bbsi Workers Compensation Expense Adjustments Accrual Claims For Prior Periods
WorkersCompensationExpenseAdjustmentsAccrualClaimsForPriorPeriods
848000
CY2016Q1 bbsi Accelerated Cash Payment Aggregate Amount
AcceleratedCashPaymentAggregateAmount
5000000

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bbsi-20160331.xml Edgar Link completed
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