VANCOUVER, WA -- (Marketwired) -- 02/11/16 -- Barrett Business Services, Inc. (BBSI or the Company) (NASDAQ: BBSI), a leading provider of business management solutions, has received a favorable outcome from the independent investigation it launched in November 2015.
The investigation by the Stoll Berne law firm was conducted to determine whether an illegal act had occurred with respect to BBSI's workers' compensation expense reserve for the quarter ended June 30, 2014 and possibly for other periods. After a nearly three-month investigation, Stoll Berne did not find that an illegal act had occurred. These findings were presented to the Company as well as representatives of BBSI's independent public accounting firm, Moss Adams.
Anthony Meeker, chairman of BBSI's board of directors, commented: "The board of directors appreciates the thoroughness of Stoll Berne's investigation. We believe the process has served to strengthen our operations, bringing clarity and improvement to a difficult and complex process. We remain confident in BBSI's management team and in the Company's continued ability to prosper and deliver value to shareholders."
Following the conclusion of the investigation, BBSI's management is in the process of analyzing whether matters related to this event will require a restatement of the Company's financial statements for the quarters ended June 30 and September 30, 2014.
The Company intends to file its quarterly report on Form 10-Q for the quarter ended September 30, 2015 with the Securities and Exchange Commission as soon as practicable after this matter is resolved and Moss Adams has had an opportunity to finalize its review of the Company's unaudited interim consolidated financial statements to be included in that report.
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. BBSI'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. BBSI works with more than 3,400 clients across all lines of business in 23 states. For more information, please visit www.barrettbusiness.com.
Forward Looking Statements:
The foregoing information regarding the investigation by independent counsel and the effects on the Company's financial statements includes forward-looking statements that are subject to risks and uncertainties. Additional considerations and other important risk factors affecting the Company's business are described in the Company's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. The forward-looking statements in this report speak only as of the date hereof.
Michael L. Elich
President and Chief Executive Officer