2015 Q1 Form 10-Q Financial Statement

#000147490315000044 Filed on May 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $40.88M $39.04M
YoY Change 4.73% 57.53%
Cost Of Revenue $32.54M $31.33M
YoY Change 3.89% 57.32%
Gross Profit $8.341M $7.712M
YoY Change 8.16% 58.4%
Gross Profit Margin 20.4% 19.75%
Selling, General & Admin $6.348M $6.506M
YoY Change -2.42% 75.4%
% of Gross Profit 76.11% 84.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.129M $1.349M
YoY Change -16.33% 27.97%
% of Gross Profit 13.53% 17.49%
Operating Expenses $6.348M $6.506M
YoY Change -2.42% 75.4%
Operating Profit $864.0K -$143.0K
YoY Change -704.35% -235.85%
Interest Expense -$550.0K -$780.0K
YoY Change -29.49% 18.18%
% of Operating Profit -63.66%
Other Income/Expense, Net
YoY Change
Pretax Income $311.2K -$1.914M
YoY Change -116.26% 242.31%
Income Tax $147.0K -$383.6K
% Of Pretax Income 47.22%
Net Earnings $164.2K -$1.530M
YoY Change -110.73% 170.03%
Net Earnings / Revenue 0.4% -3.92%
Basic Earnings Per Share $0.02 -$0.27
Diluted Earnings Per Share $0.02 -$0.27
COMMON SHARES
Basic Shares Outstanding 6.598M shares 5.599M shares
Diluted Shares Outstanding 6.936M shares 5.599M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $640.9K $438.8K
YoY Change 46.05% -45.15%
Inventory
Prepaid Expenses $569.8K $1.320M
Receivables $23.93M $21.61M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.14M $23.37M
YoY Change 7.57% 55.79%
LONG-TERM ASSETS
Property, Plant & Equipment $818.9K $529.3K
YoY Change 54.71% 76.44%
Goodwill $7.817M $5.863M
YoY Change 33.32%
Intangibles $19.86M $16.87M
YoY Change 17.67%
Long-Term Investments
YoY Change
Other Assets $37.64M $32.48M
YoY Change 15.88% 10728.31%
Total Long-Term Assets $38.46M $33.01M
YoY Change 16.5% 45.44%
TOTAL ASSETS
Total Short-Term Assets $25.14M $23.37M
Total Long-Term Assets $38.46M $33.01M
Total Assets $63.60M $56.38M
YoY Change 12.8% 49.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.016M $1.647M
YoY Change -38.33% -41.18%
Accrued Expenses $6.591M $7.683M
YoY Change -14.21% 63.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.438M $2.250M
YoY Change 8.33% -6.25%
Total Short-Term Liabilities $14.41M $16.39M
YoY Change -12.1% 31.13%
LONG-TERM LIABILITIES
Long-Term Debt $14.31M $16.63M
YoY Change -13.93% -23.03%
Other Long-Term Liabilities $5.002M $2.776M
YoY Change 80.16% 15.68%
Total Long-Term Liabilities $19.31M $19.40M
YoY Change -0.47% -19.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.41M $16.39M
Total Long-Term Liabilities $19.31M $19.40M
Total Liabilities $47.02M $48.99M
YoY Change -4.03% 33.86%
SHAREHOLDERS EQUITY
Retained Earnings $5.727M $5.451M
YoY Change 5.06%
Common Stock $65.98K $54.40K
YoY Change 21.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.58M $7.391M
YoY Change
Total Liabilities & Shareholders Equity $63.60M $56.38M
YoY Change 12.8% 49.56%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $164.2K -$1.530M
YoY Change -110.73% 170.03%
Depreciation, Depletion And Amortization $1.129M $1.349M
YoY Change -16.33% 27.97%
Cash From Operating Activities $2.220M $2.850M
YoY Change -22.11% -1287.5%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$50.00K
YoY Change 300.0% 0.0%
Acquisitions $8.500M $0.00
YoY Change
Other Investing Activities -$8.500M
YoY Change
Cash From Investing Activities -$8.700M -$50.00K
YoY Change 17300.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid $989.7K $0.00
YoY Change
Common Stock Issuance & Retirement, Net -$5.712K $0.00
YoY Change
Debt Paid & Issued, Net $562.5K $573.2K
YoY Change -1.87% -41.15%
Cash From Financing Activities 6.480M -2.800M
YoY Change -331.43% -1065.52%
NET CHANGE
Cash From Operating Activities 2.220M 2.850M
Cash From Investing Activities -8.700M -50.00K
Cash From Financing Activities 6.480M -2.800M
Net Change In Cash 0.000 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities $2.220M $2.850M
Capital Expenditures -$200.0K -$50.00K
Free Cash Flow $2.420M $2.900M
YoY Change -16.55% -1626.32%

Facts In Submission

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CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2014Q4 us-gaap Long Term Debt Noncurrent
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CY2015Q1 us-gaap Long Term Debt Noncurrent
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CY2015Q1 us-gaap Long Term Line Of Credit
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014Q1 us-gaap Net Income Loss
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CY2015Q1 us-gaap Net Income Loss
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CY2015Q1 us-gaap Number Of Reportable Segments
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CY2015Q1 us-gaap Operating Income Loss
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CY2014Q4 us-gaap Other Accrued Liabilities Current
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CY2015Q1 us-gaap Other Accrued Liabilities Current
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CY2014Q4 us-gaap Other Assets Current
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617992 USD
CY2015Q1 us-gaap Other Assets Current
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640886 USD
CY2014Q4 us-gaap Other Assets Noncurrent
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CY2015Q1 us-gaap Other Assets Noncurrent
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CY2014Q4 us-gaap Other Liabilities Current
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CY2015Q1 us-gaap Other Liabilities Current
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CY2014Q4 us-gaap Other Liabilities Noncurrent
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CY2015Q1 us-gaap Other Liabilities Noncurrent
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CY2014Q1 us-gaap Paid In Kind Interest
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CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2015Q1 us-gaap Paid In Kind Interest
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CY2014Q1 us-gaap Payments Of Dividends
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CY2014Q1 us-gaap Payments Of Financing Costs
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CY2015Q1 us-gaap Payments To Acquire Productive Assets
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
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CY2015Q1 us-gaap Preferred Stock Shares Authorized
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CY2015Q1 us-gaap Preferred Stock Shares Issued
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CY2015Q1 us-gaap Preferred Stock Shares Outstanding
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CY2014Q4 us-gaap Preferred Stock Value
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0 USD
CY2015Q1 us-gaap Preferred Stock Value
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CY2014Q4 us-gaap Prepaid Expense Current
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CY2015Q1 us-gaap Prepaid Expense Current
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CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2015Q1 us-gaap Provision For Doubtful Accounts
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CY2014Q1 us-gaap Repayments Of Long Term Debt
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CY2015Q1 us-gaap Repayments Of Long Term Debt
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CY2014Q1 us-gaap Repayments Of Other Long Term Debt
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CY2015Q1 us-gaap Repayments Of Other Long Term Debt
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CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q1 us-gaap Selling General And Administrative Expense
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CY2014Q1 us-gaap Share Based Compensation
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CY2015Q1 us-gaap Share Based Compensation
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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CY2015Q1 us-gaap Stockholders Equity
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CY2015Q1 us-gaap Valuation Allowances And Reserves Balance
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CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q1 us-gaap Workers Compensation Liability Current
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CY2015Q1 us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Fiscal Year</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has a 52/53 week fiscal year. Fiscal periods for the consolidated financial statements included herein are as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, and include the </font><font style="font-family:inherit;font-size:10pt;">thirteen</font><font style="font-family:inherit;font-size:10pt;"> week periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">March&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2015Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF OPERATIONS</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">BG Staffing, Inc. is a provider of temporary staffing services that also operates, through its wholly owned subsidiaries BG Staffing, LLC, B G Staff Services Inc., BG Personnel, LP and BG Finance and Accounting, Inc. (&#8220;BGFA&#8221;) (collectively, the &#8220;Company&#8221;), within the United States of America in three industry segments: Commercial, Multifamily, and Professional Staffing.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Commercial segment provides temporary workers primarily to distributions and logistics costumers needing a flexible workforce in Illinois, Wisconsin, New Mexico, Texas, Tennessee, and Mississippi.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Multifamily segment provides front office and maintenance temporary workers to various apartment communities, in Texas and other states, via property management companies responsible for the apartment communities day to day operations.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Professional Staffing segment provides temporary workers on a nationwide basis for IT customer projects, and finance and accounting demands in Texas and Louisiana.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements for the </font><font style="font-family:inherit;font-size:10pt;">thirteen</font><font style="font-family:inherit;font-size:10pt;"> week periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">March&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, have been prepared by the Company in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;), 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, included in its Annual Report on Form 10-K.</font></div></div>
CY2015Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the 2014 financial statements to conform with the 2015 presentation.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Management Estimates</font></div><div style="line-height:120%;text-align:justify;text-indent:66px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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