2015 Q4 Form 10-K Financial Statement

#000147490316000092 Filed on March 07, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 2014 Q4
Revenue $66.70M $217.5M $42.94M
YoY Change 55.34% 25.88% -1.97%
Cost Of Revenue $51.85M $169.6M $34.57M
YoY Change 49.99% 22.67% -2.07%
Gross Profit $14.84M $47.91M $8.365M
YoY Change 77.46% 38.75% -0.83%
Gross Profit Margin 22.26% 22.02% 19.48%
Selling, General & Admin $9.460M $30.39M $5.700M
YoY Change 65.96% 26.18% 1.6%
% of Gross Profit 63.73% 63.44% 68.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.810M $5.544M $1.050M
YoY Change 72.38% 19.44% -30.46%
% of Gross Profit 12.19% 11.57% 12.55%
Operating Expenses $11.27M $30.39M $6.750M
YoY Change 66.96% 26.18% -5.33%
Operating Profit $3.574M $11.97M $1.615M
YoY Change 121.37% 106.38% 23.76%
Interest Expense -$1.130M -$2.800M -$620.0K
YoY Change 82.26% -28.21% -62.65%
% of Operating Profit -31.61% -23.39% -38.4%
Other Income/Expense, Net
YoY Change
Pretax Income $2.440M $8.715M $991.4K
YoY Change 146.09% 822.56% -441.49%
Income Tax $930.0K $3.368M $500.0K
% Of Pretax Income 38.12% 38.64% 50.43%
Net Earnings $1.506M $5.347M $489.5K
YoY Change 207.74% -1346.88% -93.2%
Net Earnings / Revenue 2.26% 2.46% 1.14%
Basic Earnings Per Share $0.20 $0.76 $0.08
Diluted Earnings Per Share $0.20 $0.73 $0.08
COMMON SHARES
Basic Shares Outstanding 7.383M shares 7.079M shares 5.788M shares
Diluted Shares Outstanding 7.646M shares 7.289M shares 6.098M shares

Balance Sheet

Concept 2015 Q4 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $134.2K $1.000M $247.2K
YoY Change -45.72% 25.0% -43.41%
Inventory
Prepaid Expenses $861.1K $625.0K
Receivables $32.32M $32.30M $22.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $33.32M $33.30M $22.90M
YoY Change 45.48% 45.41% -9.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.489M $1.500M $667.6K
YoY Change 123.05% 114.29% 27.56%
Goodwill $9.185M $6.404M
YoY Change 43.41% 9.41%
Intangibles $29.76M $13.72M
YoY Change 116.85% -24.53%
Long-Term Investments
YoY Change
Other Assets $49.59M $10.60M $29.71M
YoY Change 66.94% 10.42% -9.57%
Total Long-Term Assets $51.08M $51.10M $30.37M
YoY Change 68.17% 68.09% -8.99%
TOTAL ASSETS
Total Short-Term Assets $33.32M $33.30M $22.90M
Total Long-Term Assets $51.08M $51.10M $30.37M
Total Assets $84.40M $84.40M $53.28M
YoY Change 58.42% 58.35% -9.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.572M $1.600M $1.115M
YoY Change 41.06% 45.45% -42.35%
Accrued Expenses $11.55M $6.100M $7.127M
YoY Change 62.12% 32.61% 0.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $2.198M
YoY Change -100.0% -100.0% -7.57%
Total Short-Term Liabilities $23.30M $23.30M $14.60M
YoY Change 59.63% 59.59% -13.41%
LONG-TERM LIABILITIES
Long-Term Debt $14.61M $30.60M $14.69M
YoY Change -0.58% 57.73% 517.79%
Other Long-Term Liabilities $327.3K $4.500M $2.911M
YoY Change -88.75% 55.17% -20.35%
Total Long-Term Liabilities $14.93M $35.10M $17.60M
YoY Change -15.16% 57.4% 191.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.30M $23.30M $14.60M
Total Long-Term Liabilities $14.93M $35.10M $17.60M
Total Liabilities $58.47M $58.50M $36.91M
YoY Change 58.4% 58.54% -26.93%
SHAREHOLDERS EQUITY
Retained Earnings $5.408M $5.563M
YoY Change -2.79% -20.32%
Common Stock $73.88K $65.98K
YoY Change 11.97% 17.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.93M $25.90M $16.36M
YoY Change
Total Liabilities & Shareholders Equity $84.40M $84.40M $53.28M
YoY Change 58.42% 58.35% -9.12%

Cashflow Statement

Concept 2015 Q4 2015 2014 Q4
OPERATING ACTIVITIES
Net Income $1.506M $5.347M $489.5K
YoY Change 207.74% -1346.88% -93.2%
Depreciation, Depletion And Amortization $1.810M $5.544M $1.050M
YoY Change 72.38% 19.44% -30.46%
Cash From Operating Activities $5.900M $11.79M $2.350M
YoY Change 151.06% 107.56% 47.8%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$560.0K -$70.00K
YoY Change -28.57% 69.7% 0.0%
Acquisitions $18.78M
YoY Change
Other Investing Activities -$10.00M -$18.78M $10.00K
YoY Change -100100.0% -187900.0% -102.27%
Cash From Investing Activities -$10.05M -$19.34M -$60.00K
YoY Change 16650.0% 5889.77% -88.0%
FINANCING ACTIVITIES
Cash Dividend Paid $1.847M $6.492M
YoY Change
Common Stock Issuance & Retirement, Net $7.047M
YoY Change -17.02%
Debt Paid & Issued, Net $17.19M
YoY Change 660.28%
Cash From Financing Activities 4.090M $7.551M -2.290M
YoY Change -278.6% -240.92% 110.09%
NET CHANGE
Cash From Operating Activities 5.900M $11.79M 2.350M
Cash From Investing Activities -10.05M -$19.34M -60.00K
Cash From Financing Activities 4.090M $7.551M -2.290M
Net Change In Cash -60.00K $0.00 -0.0000000009313
YoY Change 6442450944000000.0%
FREE CASH FLOW
Cash From Operating Activities $5.900M $11.79M $2.350M
Capital Expenditures -$50.00K -$560.0K -$70.00K
Free Cash Flow $5.950M $12.35M $2.420M
YoY Change 145.87% 105.48% 45.78%

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1000000 USD
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CY2015 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 years for the consolidated financial statements included herein are for the 52 weeks ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;27, 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></div></div>
CY2015 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: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:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">BG Staffing, Inc. is a provider of temporary staffing services that operates, along with its wholly owned subsidiaries BG Staffing, LLC, B G Staff Services Inc., BG Personnel, LP and BG Finance and Accounting, Inc. ("BGFA") (collectively, the "Company"), within the United States of America in three industry segments: Commercial, Multifamily, and Professional.</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 logistics customers 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 segment provides skilled temporary workers on a nationwide basis for information technology ("IT") customer projects, and finance and accounting needs in Texas and Louisiana.</font></div></div>
CY2015 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 </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> financial statements to conform with the </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> presentation.</font></div></div>
CY2015 us-gaap Use Of Estimates
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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;">Management Estimates</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 preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) 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. Significant estimates affecting the financial statements include goodwill and intangible assets and earn out obligations related to acquisitions and put option valuation.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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