$BGSF
BGSF, INC.

2020 Q1 Form 10-Q Financial Statement

#000147490320000017 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $56.37M $68.78M
YoY Change -18.04%
Cost Of Revenue $53.79M $50.34M
YoY Change 6.86%
Gross Profit $17.74M $18.44M
YoY Change -3.81%
Gross Profit Margin 31.46% 26.81%
Selling, General & Admin $16.20M $13.62M
YoY Change 18.97%
% of Gross Profit 91.36% 73.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $227.3K $202.4K
YoY Change 12.27%
% of Gross Profit 1.28% 1.1%
Operating Expenses $16.20M $13.62M
YoY Change 18.97%
Operating Profit $2.657M $3.587M
YoY Change -25.91%
Interest Expense -$460.0K -$350.0K
YoY Change 31.43%
% of Operating Profit -17.31% -9.76%
Other Income/Expense, Net
YoY Change
Pretax Income $2.201M $3.233M
YoY Change -31.92%
Income Tax $702.5K $737.4K
% Of Pretax Income 31.91% 22.81%
Net Earnings $1.499M $2.496M
YoY Change -39.95%
Net Earnings / Revenue 2.66% 3.63%
Basic Earnings Per Share $0.15 $0.24
Diluted Earnings Per Share $0.15 $0.24
COMMON SHARES
Basic Shares Outstanding 10.31M shares 10.23M shares
Diluted Shares Outstanding 10.38M shares 10.40M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $515.9K $22.73K
YoY Change 2169.37%
Inventory
Prepaid Expenses $2.452M $2.460M
Receivables $42.63M $35.71M
Other Receivables $0.00 $0.00
Total Short-Term Assets $45.60M $38.19M
YoY Change 19.41%
LONG-TERM ASSETS
Property, Plant & Equipment $4.822M $2.348M
YoY Change 105.4%
Goodwill $31.37M $17.98M
YoY Change 74.45%
Intangibles $43.88M $32.35M
YoY Change 35.64%
Long-Term Investments
YoY Change
Other Assets $87.71M $62.12M
YoY Change 41.2%
Total Long-Term Assets $92.53M $64.47M
YoY Change 43.54%
TOTAL ASSETS
Total Short-Term Assets $45.60M $38.19M
Total Long-Term Assets $92.53M $64.47M
Total Assets $138.1M $102.7M
YoY Change 34.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.7K $154.2K
YoY Change 47.07%
Accrued Expenses $13.67M $10.91M
YoY Change 25.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.300M $3.643M
YoY Change -64.31%
Total Short-Term Liabilities $19.54M $19.21M
YoY Change 1.7%
LONG-TERM LIABILITIES
Long-Term Debt $24.70M $4.555M
YoY Change 442.24%
Other Long-Term Liabilities $6.200M $0.00
YoY Change
Total Long-Term Liabilities $24.70M $4.555M
YoY Change 442.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.54M $19.21M
Total Long-Term Liabilities $24.70M $4.555M
Total Liabilities $71.08M $37.41M
YoY Change 90.01%
SHAREHOLDERS EQUITY
Retained Earnings $7.170M $7.226M
YoY Change -0.78%
Common Stock $75.75K $78.27K
YoY Change -3.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 828.0 shares
Shareholders Equity $67.06M $65.25M
YoY Change
Total Liabilities & Shareholders Equity $138.1M $102.7M
YoY Change 34.56%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $1.499M $2.496M
YoY Change -39.95%
Depreciation, Depletion And Amortization $227.3K $202.4K
YoY Change 12.27%
Cash From Operating Activities $6.648M $5.382M
YoY Change 23.54%
INVESTING ACTIVITIES
Capital Expenditures -$1.050M -$340.0K
YoY Change 208.82%
Acquisitions $21.68M $0.00
YoY Change
Other Investing Activities -$21.68M
YoY Change
Cash From Investing Activities -$22.73M -$341.5K
YoY Change 6556.67%
FINANCING ACTIVITIES
Cash Dividend Paid $3.093M $3.069M
YoY Change 0.78%
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net $0.00 $1.838M
YoY Change -100.0%
Cash From Financing Activities $16.08M -$5.040M
YoY Change -419.08%
NET CHANGE
Cash From Operating Activities $6.648M $5.382M
Cash From Investing Activities -$22.73M -$341.5K
Cash From Financing Activities $16.08M -$5.040M
Net Change In Cash $0.00 $0.00
YoY Change
FREE CASH FLOW
Cash From Operating Activities $6.648M $5.382M
Capital Expenditures -$1.050M -$340.0K
Free Cash Flow $7.698M $5.722M
YoY Change 34.55%

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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Nature Of Operations
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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 workforce solutions 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., BG California Finance &amp; Accounting Staffing, Inc., EdgeRock Technology Holdings, Inc. and EdgeRock Technologies, LLC (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 </span><span style="font-family:inherit;font-size:10pt;">office and maintenance field talent to various apartment communities and commercial buildings</span><span style="font-family:inherit;font-size:10pt;"> in 29 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, accounting, legal and human resource 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 manufacturing, distribution, logistics, and call center client partners needing a flexible workforce in 7 states.</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 typically 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 typically 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 29, 2019</span><span style="font-family:inherit;font-size:10pt;">, included in its Annual Report on Form 10-K.</span></div>
CY2020Q1 us-gaap Number Of Reportable Segments
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CY2020Q1 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><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><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;">March 29, 2020</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">December 29, 2019</span><span style="font-family:inherit;font-size:10pt;">, and include the </span><span style="font-family:inherit;font-size:10pt;">thirteen</span><span style="font-family:inherit;font-size:10pt;"> week periods ended </span><span style="font-family:inherit;font-size:10pt;">March 29, 2020</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">March 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, referred to herein as Fiscal </span><span style="font-family:inherit;font-size:10pt;">2020</span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;">2019</span><span style="font-family:inherit;font-size:10pt;">, respectively.</span></div>
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">2019</span><span style="font-family:inherit;font-size:10pt;"> financial statements to conform with the </span><span style="font-family:inherit;font-size:10pt;">2020</span><span style="font-family:inherit;font-size:10pt;"> presentation.</span></div>
CY2020Q1 us-gaap Use Of Estimates
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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 allowances for credit losses, goodwill, intangible assets, income taxes, leave liability, 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>
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3600000 USD
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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423150 shares
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CY2020Q1 us-gaap Number Of Reportable Segments
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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45500000 USD
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CY2019Q1 us-gaap Amortization Of Intangible Assets
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CY2020Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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2500000 USD
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CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019Q4 bgsf Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable
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CY2019Q4 bgsf Sharebased Compensation Arrangementby Sharebased Payment Award Non Option Equity Instruments Vestedand Expectedto Vest Exercisable Weighted Average Exercise Price
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13.84
CY2020Q1 us-gaap Defined Contribution Plan Cost Recognized
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300000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
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CY2020Q1 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
Revenues
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CY2019Q1 us-gaap Depreciation
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CY2020Q1 us-gaap Adjustment For Amortization
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CY2020Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Operating Income Loss
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341464 USD
CY2020Q1 us-gaap Assets
Assets
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CY2019Q4 us-gaap Assets
Assets
115586044 USD

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