BBSI Raises Quarterly Cash Dividend by 20%; Board Authorizes $50 Million Share Repurchase Program Over Three Years
06 Agosto 2019 - 5:04PM
Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ:
BBSI), a leading provider of business management solutions,
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 September 6, 2019 to
all stockholders of record as of August 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. The timing and volume of purchases are in the
discretion of BBSI’s management.
“This move signifies a turning point for BBSI,” said Mike Elich,
President and CEO. “Based on many of the structural changes made
over the past several years we are positioned well as we look
forward.”
“BBSI’s strong operational performance, financial health and
positive outlook underpin our confidence in these decisions,” said
Gary Kramer, BBSI Chief Financial Officer. “The Company has
been building a solid balance sheet and we are now in a position to
return additional capital to shareholders.”
About BBSI
BBSI (NASDAQ: BBSI) is a leading provider of business management
solutions, combining human resource outsourcing and professional
management consulting to create a unique operational platform that
differentiates it from competitors. The Company’s integrated
platform is built upon expertise in payroll processing, employee
benefits, workers’ compensation coverage, risk management and
workplace safety programs, and human resource administration.
BBSI’s partnerships help businesses of all sizes improve the
efficiency of their operations. The Company works with more than
6,400 clients across all lines of business in 23 states. For more
information, please visit www.barrettbusiness.com.
Forward-Looking Statements
Statements in this release about future events or performance
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 may affect the Company’s prospects are described in
the Company’s 2018 Annual Report on Form 10-K. Although
forward-looking statements help to provide complete information
about the Company, readers should keep in mind that forward-looking
statements are 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.
Investor Relations:GatewayCody Slach Tel
1-949-574-3860 BBSI@gatewayir.com
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