Barrett Business Services, Inc. (BBSI), a provider of human resource management services, Tuesday reported a decline in fourth-quarter profit, reflecting a decrease in revenues from the prior year. The company also provided earnings and revenue guidance for the first quarter of fiscal 2009.
The Vancouver, Washington-based company's net income declined to $2.27 million or $0.21 per share from $3.91 million or $0.34 per share in the previous year.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.30 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter decreased 10.4% to $263.1 million from $293.8 million in the year ago quarter. Analysts expected the company to report revenue of $275.54 million for the quarter.
Net revenues decreased to $64.63 million from $81.83 million in the prior-year quarter. Income from operations was $2.88 million, down from $5.04 million in the earlier year.
For the full year, the company posted net income of $6.26 million or $0.56 per share, compared to $16.81 million or $1.44 per share in the previous year. Street analysts anticipated earnings of $0.97 per share for the year.
Total revenues decreased to $1.08 billion from $1.115 billion in the earlier year. Analysts were looking for revenues of $1.09 billion for the fiscal. Net revenues were $280.47 million, down from $289.21 million last year.
Looking ahead to the first quarter, the company expects a loss in the range of $0.19 - $0.22 per share. Gross revenues are anticipated to be between $240 million and $245 million.
Analysts currently expect the company to earn $0.02 per share on revenues of $269.09 million for the quarter.
Barrett said it now expects to return to profitability, beginning with the second quarter of 2009.
The Board also declared a regular quarterly cash dividend of $0.08 per share, to stockholders of record of February 27, 2009, payable on March 13.
BBSI closed Tuesday's regular trading at $9.90 on the Nasdaq.
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