Barrett Business Services Inc. announced that its board of directors has declared a regular quarterly cash dividend of $0.13 per share. The cash dividend will be paid on June 7, 2013 to all stockholders of record as of May 24, 2013.

Barrett Business Services Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $111,551,000 compared to $82,422,000 a year ago. Loss from operations was $3,960,000 compared to $3,553,000 a year ago. Loss before taxes was $3,873,000 compared to $3,338,000 a year ago. Net loss was $2,549,000 or $0.36 per basic and diluted share compared to $2,213,000 or $0.22 per basic and diluted share a year ago. Total non-GAAP gross revenues in the first quarter of 2013 increased 37% to $591.2 million compared to $432.1 million in the first quarter of 2012. The increase is due primarily to the continued build in the company's co-employed client count and same-store sales growth. The company generated approximately $13 million in operating cash flow in the first quarter of 2013. Most of the cash generated from operations, is in the form of free cash flow except for the build in the workers’ compensation and safety incentive liabilities as cash used to fund the insurance subsidiaries is primarily generated from the workers’ compensation expense as the company recognized but do not immediately payout to third parties. For the second quarter of 2013, the company expects gross revenues to grow at least 28% to between $630 million and $635 million compared to $494.1 million for the second quarter of 2012. Diluted income per common share in the second quarter of 2013 is expected to range between $0.68 and $0.72 compared to $0.53 in the second quarter of 2012.

Barrett Business Services Inc., Q1 2013 Earnings Call, Apr 24, 2013