CST: 23/07/2016 21:49:55   

BBSI Confirms Delayed Filing of 2015 10-K and Reports Receipt of NASDAQ Letter Due to Late Filing

124 Days ago

VANCOUVER, WA--(Marketwired - Mar 21, 2016) - Barrett Business Services, Inc. (BBSI) (NASDAQ: BBSI), a leading provider of business management solutions, has confirmed that the filing of its Form 10-K for the year ended December 31, 2015 with the Securities and Exchange Commission will be delayed.

On March 16, 2016, NASDAQ notified BBSI of an additional delinquency due to its failure to timely file its Form 10-K for the year ended December 31, 2015. As a result, BBSI continues to be out of compliance with NASDAQ's rules for continued listing. 

As previously reported, BBSI's audit committee has engaged a "Big Four" accounting firm to conduct an independent forensic accounting investigation of BBSI's financial records for the five years beginning January 1, 2011, as well as the first quarter of 2016. The independent forensic accounting review commenced on March 14, 2016. Additionally, on March 21, 2016, BBSI's independent auditors, Moss Adams LLP, commenced their work on the audit of the 2015 financial statements, as well as on the restatements of BBSI's financial statements for 2014, 2013, and 2012.

Previously, NASDAQ granted BBSI an exception until April 29, 2016 to file its Form 10-Q for the quarter ended September 30, 2015. BBSI must submit an update to its original plan to regain compliance with NASDAQ's listing rules to NASDAQ by March 31, 2016. Any additional exception granted by NASDAQ to allow BBSI to regain compliance will not extend past May 9, 2016. 

BBSI currently intends to file its 2015 third quarter Form 10-Q, its amended quarterly reports on Form 10-Q for the quarters ended March 31 and June 30, 2015, and its amended annual report on Form 10-K for the year ended December 31, 2014, as well as unaudited financial results for the fourth quarter and full year ended December 31, 2015, no later than April 29, 2016. BBSI also intends to file its 2015 Form 10-K no later than May 9, 2016. 

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. 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 information in this release includes forward-looking statements that are subject to risks and uncertainties. Additional considerations and other important risk factors affecting BBSI's business are described in BBSI's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. Although forward-looking statements help to provide complete information about BBSI, readers should keep in mind that forward-looking statements are less reliable than historical information. The forward-looking statements in this report speak only as of the date hereof. BBSI 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.

Company Contact:
Michael L. Elich
President and Chief Executive Officer
Tel 1-360-828-0700

Investor Relations:
Liolios
Cody Slach
Tel 1-949-574-3860
Email Contact