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Barrett Business Services, Inc. (NASDAQ:BBSI), a $1.07 billion market cap company with annual revenues exceeding $1.17 billion, held its annual stockholders meeting on Monday. According to InvestingPro data, the company maintains strong financial health with 20 consecutive years of dividend payments and consistent profitability. The meeting included votes on director elections, executive compensation, and the appointment of an independent auditor, as detailed in a recent SEC filing.
Nine directors were elected to serve one-year terms until the 2026 annual meeting. Among those elected, Thomas J. Carley received 19,687,868 votes in favor, 1,282,850 against, and 8,803 abstentions. Joseph S. Clabby secured 20,262,260 votes in favor, 708,458 against, and 8,803 abstentions. Other directors elected include Thomas B. Cusick, Mark S. Finn, Gary E. Kramer, Anthony Meeker, Carla A. Moradi, Alexandra Morehouse, and Vincent P. Price.
A non-binding advisory vote on executive compensation was also approved, with 20,022,859 shares voted in favor, 757,742 against, and 198,920 abstentions.
Additionally, the selection of Deloitte and Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. This decision received 22,974,825 votes in favor, 182,908 against, and 29,475 abstentions.
The results of the votes are based on a press release statement filed with the SEC. Barrett Business Services, headquartered in Vancouver, Washington, operates in the help supply services sector. The company currently trades slightly above its InvestingPro Fair Value, with analysts projecting continued profitability for the year ahead. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Barrett Business Services Inc. reported a net loss per diluted share of $0.04 for the first quarter of 2025, a slight increase from a $0.01 loss in the previous year. Despite this, the company saw a 9.5% rise in gross billings, reaching $2.09 billion, primarily driven by a 10% increase in its Professional Employer Organization segment. However, the staffing division faced a 10% decline in revenue, which impacted overall profitability. BBSI maintained a strong cash position with $99 million in unrestricted cash and no debt, and it repurchased $9 million in shares, indicating confidence in its long-term growth.
The company is expanding its operations by opening new locations in Chicago, Dallas, and Nashville, reflecting its strategic growth initiatives. Additionally, BBSI appointed Joseph Clabby as the new Chairman of the Board of Directors, succeeding Tony Meeker, who remains on the board. Analysts from firms such as ROTH Capital Markets and Barrington Research have engaged with the company, noting its cautious approach due to economic uncertainties. BBSI’s leadership emphasized ongoing investments in technology and service offerings to enhance client retention and acquisition. These developments highlight Barrett’s strategic efforts to navigate a challenging macroeconomic environment while pursuing growth opportunities.
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