$BGSF
BGSF, INC.

2019 Q3 Form 10-Q Financial Statement

#000147490319000059 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $79.36M $72.00M $77.06M
YoY Change 2.99% -4.89% 8.11%
Cost Of Revenue $57.19M $53.28M $51.75M
YoY Change 10.51% -5.62% -2.42%
Gross Profit $22.18M $18.72M $21.37M
YoY Change 3.76% -2.8% 17.12%
Gross Profit Margin 27.94% 26.0% 27.73%
Selling, General & Admin $14.50M $10.92M $14.02M
YoY Change 3.43% -14.62% 25.47%
% of Gross Profit 65.4% 58.33% 65.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $204.3K $1.240M $194.6K
YoY Change 4.95% -23.46% 34.84%
% of Gross Profit 0.92% 6.62% 0.91%
Operating Expenses $14.50M $12.16M $14.02M
YoY Change 3.43% -15.56% 25.47%
Operating Profit $6.477M $6.560M $7.091M
YoY Change -8.66% 34.98% 25.82%
Interest Expense -$400.0K -$580.0K -$740.0K
YoY Change -45.95% -40.21% -15.91%
% of Operating Profit -6.18% -8.84% -10.44%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $5.541M $5.980M $6.430M
YoY Change -13.82% 54.13% 35.29%
Income Tax $1.334M $1.130M $1.368M
% Of Pretax Income 24.07% 18.9% 21.28%
Net Earnings $4.207M $4.853M $5.061M
YoY Change -16.88% -657.78% 61.35%
Net Earnings / Revenue 5.3% 6.74% 6.57%
Basic Earnings Per Share $0.41 $0.48 $0.50
Diluted Earnings Per Share $0.41 $0.47 $0.49
COMMON SHARES
Basic Shares Outstanding 10.24M shares 10.18M shares 10.11M shares
Diluted Shares Outstanding 10.34M shares 10.37M shares 10.34M shares

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $38.93K $22.73K $709.1K
YoY Change -94.51% -84.13% 621.61%
Inventory
Prepaid Expenses $1.710M $984.2K $1.340M
Receivables $40.40M $37.61M $39.69M
Other Receivables $0.00 $0.00 $900.0K
Total Short-Term Assets $42.15M $38.61M $41.74M
YoY Change 0.98% 1.64% 1.2%
LONG-TERM ASSETS
Property, Plant & Equipment $3.099M $2.557M $2.517M
YoY Change 23.13% 25.35% 48.03%
Goodwill $17.98M $17.98M $17.98M
YoY Change 0.0% 0.08% 0.88%
Intangibles $30.54M $33.03M $34.08M
YoY Change -10.38% -11.49% -12.18%
Long-Term Investments
YoY Change
Other Assets $60.75M $59.10M $60.57M
YoY Change 0.29% -8.52% -12.65%
Total Long-Term Assets $63.85M $61.66M $63.09M
YoY Change 1.2% -7.48% -11.2%
TOTAL ASSETS
Total Short-Term Assets $42.15M $38.61M $41.74M
Total Long-Term Assets $63.85M $61.66M $63.09M
Total Assets $106.0M $100.3M $104.8M
YoY Change 1.11% -4.17% -6.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.5K $146.3K $261.1K
YoY Change -46.17% -92.34% -86.59%
Accrued Expenses $11.99M $10.41M $11.72M
YoY Change 2.32% -9.79% -6.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.243M $3.925M
YoY Change -100.0% 45.11% 50.13%
Total Short-Term Liabilities $14.34M $18.06M $20.31M
YoY Change -29.42% -16.66% -15.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $5.768M $6.977M
YoY Change -100.0% -71.97% -67.5%
Other Long-Term Liabilities $0.00 $661.5K $698.4K
YoY Change -100.0% 46.91% 218.83%
Total Long-Term Liabilities $0.00 $6.429M $7.675M
YoY Change -100.0% -69.43% -64.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.34M $18.06M $20.31M
Total Long-Term Liabilities $0.00 $6.429M $7.675M
Total Liabilities $38.41M $34.57M $41.98M
YoY Change -8.5% -47.22% -40.19%
SHAREHOLDERS EQUITY
Retained Earnings $9.094M $7.999M $6.214M
YoY Change 46.35% 483.15% 40.06%
Common Stock $75.10K $78.25K $77.55K
YoY Change -3.16% -10.67% -11.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 828.0 shares 828.0 shares 828.0 shares
Shareholders Equity $67.59M $65.70M $62.85M
YoY Change
Total Liabilities & Shareholders Equity $106.0M $100.3M $104.8M
YoY Change 1.11% -4.17% -6.65%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $4.207M $4.853M $5.061M
YoY Change -16.88% -657.78% 61.35%
Depreciation, Depletion And Amortization $204.3K $1.240M $194.6K
YoY Change 4.95% -23.46% 34.84%
Cash From Operating Activities $4.800M $7.050M $500.0K
YoY Change 860.0% 15.57% -90.35%
INVESTING ACTIVITIES
Capital Expenditures -$860.0K -$240.0K -$300.0K
YoY Change 186.67% -4.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$860.0K -$240.0K -$300.0K
YoY Change 186.67% -4.0% -95.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.940M -6.800M -210.0K
YoY Change 1776.19% 16.24% -124.14%
NET CHANGE
Cash From Operating Activities 4.800M 7.050M 500.0K
Cash From Investing Activities -860.0K -240.0K -300.0K
Cash From Financing Activities -3.940M -6.800M -210.0K
Net Change In Cash 0.000000001863 10.00K -10.00K
YoY Change -100.0% -536870912000000.0% 1227133513142809.0%
FREE CASH FLOW
Cash From Operating Activities $4.800M $7.050M $500.0K
Capital Expenditures -$860.0K -$240.0K -$300.0K
Free Cash Flow $5.660M $7.290M $800.0K
YoY Change 607.5% 14.8% -84.73%

Facts In Submission

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NATURE OF OPERATIONS<div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">BG Staffing, Inc. is a national provider of temporary staffing services that operates, along with its wholly owned subsidiaries BG Staffing, LLC, B G Staff Services Inc., BG Personnel, LP, BG Finance and Accounting, Inc., BG California IT Staffing, Inc., BG California Multifamily Staffing, Inc., and BG California Finance &amp; Accounting Staffing, Inc. (collectively, the “Company”), primarily within the United States of America in </span><span style="font-family:inherit;font-size:10pt;"><span>three</span></span><span style="font-family:inherit;font-size:10pt;"> industry segments: Real Estate, Professional, and Light Industrial. </span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Real Estate segment provides office and maintenance field talent to various apartment communities and commercial buildings, in 30 states, via property management companies responsible for the apartment communities' and commercial buildings' day-to-day operations.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Professional segment provides skilled field talent on a nationwide basis for</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">information technology ("IT")</span><span style="font-family:inherit;font-size:10pt;"> </span><span style="font-family:inherit;font-size:10pt;">and finance and accounting client partner projects.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Light Industrial segment provides field talent primarily to logistics, distribution, and call center client partners needing a flexible workforce in Illinois, Wisconsin, New Mexico, Texas, Tennessee and Mississippi.</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;padding-bottom:17px;text-align:justify;text-indent:25px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Our business experiences seasonal fluctuations. Our quarterly operating results are affected by the number of billing days in a quarter, as well as the seasonality of our client partners’ business. Demand for our Real Estate staffing services increase in the second and is highest during the third quarter of the year due to the increased turns in multifamily units during the summer months when schools are not in session. Demand for our Light Industrial staffing services increases during the third quarter of the year and peaks in the fourth quarter due to increases in the demand for holiday help. Overall demand can be affected by adverse weather conditions in the winter months as well as fluctuations in client partner demand. In addition, our cost of services typically increases in the first quarter primarily due to the reset of payroll taxes.</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States (“GAAP”), 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 or any other future period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, management of the Company believes, to the best of its 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 </span><span style="font-family:inherit;font-size:10pt;">December 30, 2018</span><span style="font-family:inherit;font-size:10pt;">, included in its Annual Report on Form 10-K.</span></div>
us-gaap Number Of Reportable Segments
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us-gaap Fiscal Period
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<div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Fiscal Periods</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><span 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 </span><span style="font-family:inherit;font-size:10pt;">September 29, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">December 30, 2018</span><span style="font-family:inherit;font-size:10pt;">, and include the </span><span style="font-family:inherit;font-size:10pt;">thirteen and thirty-nine</span><span style="font-family:inherit;font-size:10pt;"> week periods ended </span><span style="font-family:inherit;font-size:10pt;">September 29, 2019</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">September 30, 2018</span>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassifications</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;"> financial statements to conform with the </span><span style="font-family:inherit;font-size:10pt;">2019</span><span style="font-family:inherit;font-size:10pt;"> presentation.</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>
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<span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Management Estimates</span><div style="line-height:120%;text-align:justify;text-indent:66px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><span 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. Significant estimates affecting the financial statements include goodwill, intangible assets and contingent consideration obligations related to acquisitions. 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.</span></div>
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473573 USD
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2700000 USD
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2100000 USD
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3 segment
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Operating Lease Cost
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1138542 USD
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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LesseeOperatingLeaseLiabilityPaymentsDueYearFive
657095 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1346596 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5147060 USD
CY2019Q3 bgsf Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
43300000 USD
CY2018Q4 bgsf Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
40300000 USD
CY2019Q3 bgsf Amortizationof Acquired Intangible Assets
AmortizationofAcquiredIntangibleAssets
921461 USD
CY2018Q3 bgsf Amortizationof Acquired Intangible Assets
AmortizationofAcquiredIntangibleAssets
986343 USD
bgsf Amortizationof Acquired Intangible Assets
AmortizationofAcquiredIntangibleAssets
2795585 USD
bgsf Amortizationof Acquired Intangible Assets
AmortizationofAcquiredIntangibleAssets
3104716 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
992480 USD
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1052896 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3024381 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3255674 USD
CY2019Q3 bgsf Amortizationof Intangible Assets Net
AmortizationofIntangibleAssetsNet
1011970 USD
CY2018Q3 bgsf Amortizationof Intangible Assets Net
AmortizationofIntangibleAssetsNet
1052896 USD
bgsf Amortizationof Intangible Assets Net
AmortizationofIntangibleAssetsNet
3068763 USD
bgsf Amortizationof Intangible Assets Net
AmortizationofIntangibleAssetsNet
3255674 USD
CY2019Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
6074655 USD
CY2018Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
4236534 USD
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1618702 USD
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1402926 USD
CY2019Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2012793 USD
CY2018Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1673130 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2286391 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3098784 USD
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11992541 USD
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10411374 USD
CY2019Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
21000000.0 USD
CY2018Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
13300000 USD
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
15300000 USD
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
17100000 USD
bgsf Long Term Debt Contingent Payment
LongTermDebtContingentPayment
2700000 USD
bgsf Interest Expense Earn Out Payable
InterestExpenseEarnOutPayable
100000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
38614 shares
CY2018Q4 bgsf Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable
93216 shares
CY2018Q4 bgsf Sharebased Compensation Arrangementby Sharebased Payment Award Non Option Equity Instruments Vestedand Expectedto Vest Exercisable Weighted Average Exercise Price
SharebasedCompensationArrangementbySharebasedPaymentAwardNonOptionEquityInstrumentsVestedandExpectedtoVestExercisableWeightedAverageExercisePrice
11.59
CY2019Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000 USD
CY2018Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
900000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
800000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2019Q3 us-gaap Revenues
Revenues
79364306 USD
CY2018Q3 us-gaap Revenues
Revenues
77062137 USD
us-gaap Revenues
Revenues
221998263 USD
us-gaap Revenues
Revenues
214863045 USD
CY2019Q3 us-gaap Depreciation
Depreciation
204273 USD
CY2018Q3 us-gaap Depreciation
Depreciation
194641 USD
us-gaap Depreciation
Depreciation
608119 USD
us-gaap Depreciation
Depreciation
545751 USD
CY2019Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
992480 USD
CY2018Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1052896 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
3024381 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
3255674 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6477112 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
7091327 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
15484578 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
17703802 USD
CY2019Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
860264 USD
CY2018Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
228814 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1534016 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
681333 USD
CY2019Q3 us-gaap Assets
Assets
105993250 USD
CY2018Q4 us-gaap Assets
Assets
100268803 USD

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