VANCOUVER, Wash. - Barrett Business Services, Inc. (NASDAQ:BBSI), a provider of business management solutions, has declared a four-for-one split of its common stock, payable as a stock dividend. Shareholders on record as of June 14, 2024, will receive three additional shares for each share held, with distribution set for June 21, 2024. Post-split trading on NASDAQ will commence on June 24, 2024.
The company, which services over 7,500 clients across various industries, aims to enhance trading efficiency and expand investor accessibility with this move. Prior to the split, BBSI reported approximately 6.5 million shares outstanding which will increase to roughly 26 million shares post-split.
BBSI's operational platform includes payroll processing, employee benefits, workers' compensation, risk management, and HR administration. The second quarter earnings of 2024 will be adjusted to reflect the stock split. This announcement is based on a press release statement from the company.
In other recent news, Barrett Business Services, Inc. (BBSI) reported robust Q1 results, with a 7% increase in gross billings and a notable addition of worksite employees. Despite a 12% decline in the staffing business, BBSI remains confident about future stabilization.
The company's partnership with Kaiser Permanente and the introduction of new Market Development Managers have expanded their market presence. BBSI's forecast for the year includes continued growth in gross billings, worksite employees, and gross margin, along with maintaining an effective annual tax rate.
The company's health insurance offering, BBSI Benefits, now serves approximately 280 clients and over 7,000 participants. BBSI is also planning for gross billings to grow by 6% to 8% for the remainder of the year. These are the latest developments in the company's ongoing efforts to enhance its business operations.
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