BBSI Reaffirms Guidance for Second Quarter 2006 and Schedules Conference Call.VANCOUVER, Wash. -- Barrett Business Services, Inc. (Nasdaq:BBSI BBSI Bioengineering and Bioinformatics Summer Institute (NIH-NSF) BBSI Black Belt Schools International BBSI Beauty and Barber Supply Institute, Inc ) reported today that management has reaffirmed its previously disclosed limited financial guidance with respect to its operating results for the second quarter ending June 30, 2006, and will convene a conference call, Wednesday, June 14, 2006, at 9:00 a.m. PT. Consistent with the Company's prior disclosure on April 26, 2006, management expects gross revenues for the second quarter of 2006 to range from $250 million to $255 million, an increase of approximately 37.5% over the second quarter of 2005, and anticipates diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the second quarter of 2006 to range from $.33 to $.35 per share. Management expectations for diluted earnings per share for the second quarter of 2006 equate to increases over the second quarter of 2005 of approximately 36.9% in net income and approximately 9.7% in diluted earnings per share. The percentage increase in expected net income for the 2006 second quarter exceeds the percentage increase in expected diluted earnings per share due to the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of the July 2005 follow-on equity offering. A reconciliation of estimated gross revenues to estimated GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net revenues for the second quarter of 2006 is not included because PEO revenues and cost of PEO revenues for the period are not reasonably estimable es·ti·ma·ble adj. 1. Possible to estimate: estimable assets; an estimable distance. 2. Deserving of esteem; admirable: an estimable young professor. . On June 14, 2006, at 9:00 a.m. Pacific Time, William W. Sherertz and Michael D. Mulholland will host an investor telephone conference call to discuss management's reaffirmation of its financial guidance for second quarter 2006 operating results. To participate in the call, dial 877-356-3717. The call identification number is 1771074. The conference call will also be webcast live at www.barrettbusiness.com. To access the webcast, click on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Web site and select Webcast. A replay of the call will be available beginning June 14, 2006, at 12:00 p.m. and ending June 21, 2006. To listen to the recording, dial 800-642-1687 and enter conference identification code 1771074. Statements in this release about future events or performance, including earnings expectations for the second quarter of 2006, are forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Factors that could affect future results include economic conditions in the Company's service areas, the effect of changes in the Company's mix of services on gross margin, the Company's ability to successfully integrate acquired businesses with its existing operations, future workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. claims experience, the effect of changes in the workers' compensation regulatory environment in one or more of our primary markets, collectibility of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , and the use of net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $33 million and other effects of the Company's 2005 follow-on equity offering, among others. Other important factors that may affect the Company's future prospects are described in the Company's 2005 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements may be less reliable than historical information. The Company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release. BBSI provides human resource management solutions to large and small companies throughout many regions of the United States. |
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