BBSI net revenues rise 7 percent in third quarter

Barrett Business Services Inc. saw net revenues climb 7 percent in its third fiscal quarter, reaching $240.1 million between July and September.

The Vancouver-based human relations firm’s net income also rose $14.8 million, worth $1.96 per diluted share — up from $10.2 million last quarter.

Michael Elich, president and CEO, chalked up the growth to a rising number of clients and an increase in same-customer sales.

“Strong continued performance yielded record earnings in the third quarter,” he said in a prepared statement.

However, BBSI revised some of its expectations for the next year. Though it expects to grow by 14 percent, the firm said low unemployment levels may make it harder to find employees for its clients.

“This revision is partially attributed to slight headwinds in staffing and a continued tightening of the labor market,” the company said.

Traded as BBSI on the Nasdaq Exchange, stock prices in Barrett fell to $59.51, down $1.14.