In its quarterly report, Barrett Business Services announced that its board of directors authorized a 20% increase in its regular quarterly cash dividend from $0.25 per share to $0.30 per share. The cash dividend will be paid on Sept. 6, 2019, to all stockholders of record as of Aug. 23, 2019.
The board also authorized the repurchase of up to $50 million of BBSI’s common stock over a three-year period beginning August 15, 2019. Purchases will be made in the open market, including in block trades.
Highlights from the company’s second quarter, vs. the same quarter a year ago, include:
- Gross billings up 6% to $1.46 billion.
- Net revenues down slightly to $231.0 million versus $231.6 million.
- Net income improved 24% to $13.9 million, or $1.81 per diluted share, compared to $11.2 million, or $1.46 per diluted share.