$BGSF
BGSF, INC.

2014 Q1 Form 10-Q Financial Statement

#000114420414026514 Filed on April 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $39.04M $24.78M
YoY Change 57.53% 50.46%
Cost Of Revenue $31.33M $19.91M
YoY Change 57.32% 50.85%
Gross Profit $7.712M $4.868M
YoY Change 58.4% 48.88%
Gross Profit Margin 19.75% 19.65%
Selling, General & Admin $6.506M $3.709M
YoY Change 75.4% 45.45%
% of Gross Profit 84.36% 76.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.349M $1.054M
YoY Change 27.97% 35.13%
% of Gross Profit 17.49% 21.65%
Operating Expenses $6.506M $3.709M
YoY Change 75.4% 11.05%
Operating Profit -$143.0K $105.2K
YoY Change -235.85% -250.34%
Interest Expense -$780.0K -$660.0K
YoY Change 18.18% 20.0%
% of Operating Profit -627.16%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.914M -$559.0K
YoY Change 242.31% -8.35%
Income Tax -$383.6K $7.591K
% Of Pretax Income
Net Earnings -$1.530M -$566.6K
YoY Change 170.03% -8.61%
Net Earnings / Revenue -3.92% -2.29%
Basic Earnings Per Share -$0.27 $0.00
Diluted Earnings Per Share -$0.27 $0.00
COMMON SHARES
Basic Shares Outstanding 5.599M shares 0.000 shares
Diluted Shares Outstanding 5.599M shares 0.000 shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $438.8K $800.0K
YoY Change -45.15%
Inventory
Prepaid Expenses $1.320M
Receivables $21.61M $14.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.37M $15.00M
YoY Change 55.79%
LONG-TERM ASSETS
Property, Plant & Equipment $529.3K $300.0K
YoY Change 76.44%
Goodwill $5.863M
YoY Change
Intangibles $16.87M
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.48M $300.0K
YoY Change 10728.31%
Total Long-Term Assets $33.01M $22.70M
YoY Change 45.44%
TOTAL ASSETS
Total Short-Term Assets $23.37M $15.00M
Total Long-Term Assets $33.01M $22.70M
Total Assets $56.38M $37.70M
YoY Change 49.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.647M $2.800M
YoY Change -41.18%
Accrued Expenses $7.683M $4.700M
YoY Change 63.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.250M $2.400M
YoY Change -6.25%
Total Short-Term Liabilities $16.39M $12.50M
YoY Change 31.13%
LONG-TERM LIABILITIES
Long-Term Debt $16.63M $21.60M
YoY Change -23.03%
Other Long-Term Liabilities $2.776M $2.400M
YoY Change 15.68%
Total Long-Term Liabilities $19.40M $24.00M
YoY Change -19.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.39M $12.50M
Total Long-Term Liabilities $19.40M $24.00M
Total Liabilities $48.99M $36.60M
YoY Change 33.86%
SHAREHOLDERS EQUITY
Retained Earnings $5.451M
YoY Change
Common Stock $54.40K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.391M $1.100M
YoY Change
Total Liabilities & Shareholders Equity $56.38M $37.70M
YoY Change 49.56%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$1.530M -$566.6K
YoY Change 170.03% -8.61%
Depreciation, Depletion And Amortization $1.349M $1.054M
YoY Change 27.97% 35.13%
Cash From Operating Activities $2.850M -$240.0K
YoY Change -1287.5% -147.06%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$50.00K
YoY Change 0.0% 150.0%
Acquisitions $0.00
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$50.00K
YoY Change 0.0% -70.59%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $573.2K $973.9K
YoY Change -41.15%
Cash From Financing Activities -2.800M 290.0K
YoY Change -1065.52% -185.29%
NET CHANGE
Cash From Operating Activities 2.850M -240.0K
Cash From Investing Activities -50.00K -50.00K
Cash From Financing Activities -2.800M 290.0K
Net Change In Cash 0.000 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities $2.850M -$240.0K
Capital Expenditures -$50.00K -$50.00K
Free Cash Flow $2.900M -$190.0K
YoY Change -1626.32% -135.85%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 us-gaap Use Of Estimates
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CY2014Q1 us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><strong>NOTE 1 - NATURE OF OPERATIONS</strong></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">BG Staffing, Inc.&#160;(formerly LTN Staffing, LLC, a Delaware limited liability company whose sole member was LTN Acquisition, LLC (&#8220;Parent&#8221;)), is a provider of temporary staffing services that primarily operates, through its wholly-owned subsidiaries BG Staffing, LLC, B&#160;G Staff Services Inc., BG Personnel Services, LP and BG Personnel, LP (collectively, the Company), within the United States of America in three industry segments: Light Industrial, Multi-family, and IT Staffing.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">In connection with the Company&#8217;s filing with the Securities and Exchange Commission (the &#8220;SEC&#8221;), the Company reorganized. The reorganization was completed with a merger of the Parent with and into the Company, with the Company continuing as the surviving entity. Immediately following this merger, the Company converted to a C corporation for federal income tax purposes. The Company converted to a C corporation on November 3, 2013. All unit, share, and per share amounts shown in these Consolidated Financial Statements reflect the affect of the conversion as of the earliest date shown.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Light Industrial segment provides temporary workers primarily to distributions and logistics costumers needing a flexible workforce in Illinois, Wisconsin, Texas, Tennessee, and Mississippi. The Company completed an acquisition on May 28, 2013, that expanded its Light Industrial operations into Texas, Mississippi, and Tennessee.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Multifamily segment provides front office and maintenance personnel on a temporary basis to various apartment communities, in Texas and other states, via property management companies responsible for the apartment communities day to day operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The IT Staffing segment provides skilled contract labor on a nationwide basis for IT implementation and maintenance projects.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 13.5pt; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying unaudited consolidated financial statements for the thirteen week periods ended March 30, 2014 and March 31, 2013, have been prepared by the Company in accordance with generally accepted accounting principles in the United States, pursuant to the applicable rules and regulations of the SEC. The information furnished herein reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to present a fair statement of the financial position and operating results of the Company as of and for the respective periods. However, these operating results are not necessarily indicative of the results expected for a full fiscal year. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. The Company has determined that there were no subsequent events that would require disclosure or adjustments to the accompanying consolidated financial statements through the date the financial statements were issued. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited Consolidated Financial Statements of the Company for the fiscal year ended December 29, 2013, included in its annual report on Form 10-K.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2014Q1 dei Document Fiscal Year Focus
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CY2014Q1 dei Amendment Flag
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CY2014Q1 dei Document Period End Date
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CY2014Q1 dei Entity Registrant Name
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BG Staffing, Inc.
CY2014Q1 dei Trading Symbol
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CY2014Q2 dei Entity Common Stock Shares Outstanding
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CY2014Q1 dei Entity Central Index Key
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CY2014Q1 dei Current Fiscal Year End Date
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CY2014Q1 dei Entity Filer Category
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CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2014Q1 ck0001474903 Interest Expense Earn Out Payable
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CY2014Q1 us-gaap Repayments Of Other Long Term Debt
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CY2013Q1 us-gaap Repayments Of Other Long Term Debt
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CY2014Q1 ck0001474903 Line Of Credit Facility Borrowing Capacity Percentage
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CY2014Q1 ck0001474903 Business Acquisition Pro Forma Income Loss From Continuing Operations Before Income Taxes
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0 USD

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