Barrett posts 35 surge in net revenue

first_imgBarrett Business Services Inc., the Vancouver-based supplier of staffing and outsourced human resources services, reported surging net revenue Wednesday, hauling in $111.6 million in the January-to-March period. The company’s revenue is up 35 percent from $82.4 million in the first quarter of 2012.The company showed a net loss of $2.5 million, or 36 cents per share, in the first quarter of this year, but that was to be expected. Barrett historically experiences first-quarter losses because of higher payroll taxes that ensue at the beginning of every year. The company posted a net loss of $2.2 million, or 22 cents per share, in the first quarter of 2012.During their quarterly earnings conference call Wednesday, company officials said that, based partly on Barrett’s strong revenue growth and high retention of clients, the company — which has 57 offices in 10 states and conducts business in 23 states — will invest this year in getting bigger.Company officials also addressed questions about the broader economy, with president and CEO Michael Elich saying, at one point, that he thinks the U.S. economy will remain stable and will not see a double-dip recession.For now, Barrett will take its gains and plow them back into “talent and operational infrastructure throughout 2013 to ultimately support a much larger organization,” said James Miller, the company’s chief financial officer.last_img

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