2018 Q1 Form 10-K Financial Statement

#000147490318000011 Filed on March 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2016 Q4 2016 Q3
Revenue $64.28M $67.41M
YoY Change -3.63% 12.03%
Cost Of Revenue $49.17M $50.98M
YoY Change -5.17% 10.06%
Gross Profit $15.11M $16.43M
YoY Change 1.79% 18.59%
Gross Profit Margin 23.51% 24.38%
Selling, General & Admin $9.140M $10.29M
YoY Change -3.38% 33.6%
% of Gross Profit 60.49% 62.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.550M $124.6K
YoY Change -14.36% 28.9%
% of Gross Profit 10.26% 0.76%
Operating Expenses $10.69M $10.29M
YoY Change -5.15% 33.6%
Operating Profit $4.420M $4.467M
YoY Change 23.67% -8.06%
Interest Expense -$680.0K -$700.0K
YoY Change -39.82% -7.89%
% of Operating Profit -15.38% -15.67%
Other Income/Expense, Net
YoY Change
Pretax Income $3.739M $3.765M
YoY Change 53.26% 2.97%
Income Tax $1.440M $1.417M
% Of Pretax Income 38.51% 37.63%
Net Earnings $2.304M $2.348M
YoY Change 52.93% 6.01%
Net Earnings / Revenue 3.58% 3.48%
Basic Earnings Per Share $0.27 $0.27
Diluted Earnings Per Share $0.26 $0.26
COMMON SHARES
Basic Shares Outstanding 8.764M shares 8.668M shares 8.658M shares
Diluted Shares Outstanding 8.931M shares 9.028M shares

Balance Sheet

Concept 2018 Q1 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $154.7K $103.6K
YoY Change 15.28% -83.96%
Inventory
Prepaid Expenses $950.7K $575.8K
Receivables $33.33M $35.48M
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.43M $36.16M
YoY Change 3.35% 16.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.911M $1.721M
YoY Change 28.33% 33.78%
Goodwill $9.185M $9.185M
YoY Change 0.0% 29.56%
Intangibles $23.51M $24.94M
YoY Change -20.99% 34.96%
Long-Term Investments
YoY Change
Other Assets $44.87M $46.19M
YoY Change -9.52% 28.1%
Total Long-Term Assets $46.78M $47.91M
YoY Change -8.42% 28.3%
TOTAL ASSETS
Total Short-Term Assets $34.43M $36.16M
Total Long-Term Assets $46.78M $47.91M
Total Assets $81.21M $84.07M
YoY Change -3.77% 23.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $951.7K $1.248M
YoY Change -39.47% 0.58%
Accrued Expenses $9.668M $12.62M
YoY Change -16.33% 22.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $15.25M $19.60M
YoY Change -34.56% 23.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $271.8K $286.2K
YoY Change -16.98% -88.19%
Total Long-Term Liabilities $271.8K $286.2K
YoY Change -98.18% -98.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.25M $19.60M
Total Long-Term Liabilities $271.8K $286.2K
Total Liabilities $40.73M $43.78M
YoY Change -30.35% 1.83%
SHAREHOLDERS EQUITY
Retained Earnings $4.259M $4.122M
YoY Change -21.24% -28.28%
Common Stock $86.69K $86.69K
YoY Change 17.33% 17.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.49M $40.29M
YoY Change
Total Liabilities & Shareholders Equity $81.21M $84.07M
YoY Change -3.77% 23.15%

Cashflow Statement

Concept 2018 Q1 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $2.304M $2.348M
YoY Change 52.93% 6.01%
Depreciation, Depletion And Amortization $1.550M $124.6K
YoY Change -14.36% 28.9%
Cash From Operating Activities $2.420M $1.010M
YoY Change -58.98% -49.75%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$190.0K
YoY Change 540.0% 26.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$320.0K -$190.0K
YoY Change -96.82% 26.67%
FINANCING ACTIVITIES
Cash Dividend Paid $2.167M $2.167M
YoY Change 17.35% 17.47%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.100M -830.0K
YoY Change -151.34% -53.89%
NET CHANGE
Cash From Operating Activities 2.420M 1.010M
Cash From Investing Activities -320.0K -190.0K
Cash From Financing Activities -2.100M -830.0K
Net Change In Cash 0.000 -10.00K
YoY Change -100.0% -116.67%
FREE CASH FLOW
Cash From Operating Activities $2.420M $1.010M
Capital Expenditures -$320.0K -$190.0K
Free Cash Flow $2.740M $1.200M
YoY Change -53.95% -44.44%

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300000 USD
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900000 USD
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2500000 USD
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2700000 USD
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338707 USD
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0.15
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0.36
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0.26
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0.82
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0.15
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0.25
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0.35
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0.65
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0.340
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0.340
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0.343
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0.000
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0.000
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0.228
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0.039
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0.044
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0.042
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0.000
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0.000
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0 USD
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0 USD
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0 USD
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us-gaap Gross Profit
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3739261 USD
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11170081 USD
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2134737 USD
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3744537 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3875844 USD
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14507634 USD
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IncomeTaxExpenseBenefit
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0 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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3314037 USD
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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2963239 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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3797828 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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4979395 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
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335785 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
488498 USD
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3639253 USD
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5500076 USD
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5909250 USD
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0 USD
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0 USD
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182605 USD
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190912 USD
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185334 USD
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-620523 USD
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4191615 USD
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2981758 USD
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284667 USD
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444165 USD
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246112 USD
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229762 USD
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20503 USD
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113166 USD
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89550 USD
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2995645 USD
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81214134 USD
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15249396 USD
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21670104 USD
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2923699 USD
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3062500 USD
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25655568 USD
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6737500 USD
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5512500 USD
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4287500 USD
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0 USD
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20620352 USD
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7579684 USD
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9533840 USD
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18063723 USD
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2347855 USD
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2303933 USD
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2284526 USD
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3136863 USD
us-gaap Net Income Loss
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5848434 USD
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321450 USD
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0 USD
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255493 USD
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3 segment
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11972689 USD
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15535817 USD
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17760768 USD
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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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388698 USD
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552301 USD
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841430 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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1148853 USD
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108810 USD
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1000000 USD
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1300000 USD
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1700000 USD
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0 USD
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74052 USD
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450298 USD
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0 USD
CY2017 us-gaap Paid In Kind Interest
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CY2017 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 53 weeks ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and the 52 weeks ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;25, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;27, 2015</font><font style="font-family:inherit;font-size:10pt;">, referred to herein as Fiscal </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
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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"), primarily within the United States of America in </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> industry segments: Multifamily, Professional, and Commercial .</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 23 states, via property management companies responsible for the apartment communities' day to day operations.</font><font style="font-family:inherit;font-size:10pt;"> </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</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">information technology ("IT")</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">and finance and accounting customer projects.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Commercial segment provides temporary workers primarily to logistics, distribution, and call center customers needing a flexible workforce in Illinois, Wisconsin, New Mexico, Texas, Tennessee and Mississippi.</font></div></div>
CY2017 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;">2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> financial statements to conform with the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> presentation.</font></div></div>
CY2017 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, intangible assets and contingent consideration obligations related to acquisitions and put option valuation. Additionally, the valuation of share based compensation option expense uses a model based upon interest rates, stock prices, maturity estimates, volatility and other factors. The Company believes these estimates and assumptions are reliable. However, these estimates and assumptions may change in the future based on actual experience as well as market conditions.</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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