Barrett Business Services Inc. (NASDAQ: BBSI), a provider of staffing and PEO services, reported revenue fell 8.2% in the third quarter. The Vancouver, Washington-based company reported gross billings declined because of the ongoing Covid-19 pandemic.
PEO revenue was down 7.0% while staffing revenue fell 15.9%.
| (US$ thousands) | Q3 2020 | Q3 2019 | % change |
| PEO service fee revenue | $199,082 | $214,156 | -7.0% |
| Staffing services revenue | $28,431 | $33,806 | -15.9% |
| Total revenue | $227,513 | $247,962 | -8.2% |
| Gross margin | $59,234 | $70,764 | -16.3% |
| Gross margin percentage | 26.0% | 28.5% | |
| Net income | $18,511 | $24,971 | -25.9% |
“Our third-quarter results exceeded our expectations and are reflective of the adaptability and resilience of small businesses in America,” CEO Gary Kramer said.
Share price and market cap
Shares in Barrett were up 0.40% to $64.46 as of 12:49 p.m. Eastern time; they were 32.60% below their 52-week high. The company had a market cap of $472.3 million.