Earnings Call Excerpt
Barrett Business Services Inc. (BBSI)
Q4 2008 Earnings Call
February 11, 2009 12:00 pm ET
Executives
James D. Miller – Chief Financial Officer, Vice President, Finance
William W. Sherertz – Chairman of the Board, President, Chief Executive Officer
Michael L. Elich – Chief Operating Officer, Vice President
Gregory Vaughn – Vice President
Analysts
Timothy Brown – Roth Capital Partners
Ruthanne Roussel – The Robins Group
[Shawn Willard]
Timothy Brown – Roth Capital Partners
[Josh Vogel]
Tobey Sommer – SunTrust Robinson Humphrey
Presentation
Operator
Welcome to the Barrett Business Services fourth quarter conference call. (Operator Instructions) Thank you, Mr. Sherertz you may begin your conference.
James D. Miller
Good morning. This is Jim Miller with Bill Sherertz, Mike Elich and Greg Vaughn. Today we will provide you with our comments regarding the company’s operating results for the fourth quarter ended December 31 and our outlook for the first quarter of 2009. At the conclusion of our comments, we will respond to your questions.
Our remarks during today’s conference call may include forward-looking statements. These statements, along with other information presented that are not historical facts are subject to a number of risks and uncertainties. Actual results may differ materially from those implied by the forward-looking statements. Please refer to our recent earnings release and to our quarterly and annual reports filed with the Securities and Exchange Commission for more information about the risks and uncertainties that could cause actual results to differ.
Page one of yesterday’s earnings release reflecting our operating results summarizes the company’s revenues and cost of revenues on a net revenue basis as required by Generally Accepted Accounting Principles. Most of our comments today, however, will be based upon gross revenues and varies relationships to gross revenues because management believes such information is one, more informative as to the level of our business activity. Two, more useful in managing and analyzing our operations. And three adds more transparency to the trends within our business. Comments related to gross revenues as compared to a net revenue base of reporting have no effect on gross margin dollars, SG&A expenses or net income.
Turning now to the fourth quarter results, as reported the company earned $0.21 per diluted share in the fourth quarter as compared to $0.34 for the fourth quarter of 2007. The decline in earnings on a quarter-over-quarter basis was primarily due to a 10.4% decline in gross revenues and a $3.4 million decline in gross margin dollars.
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