$BGSF
BGSF, INC.

2021 Q1 Form 10-Q Financial Statement

#000147490321000039 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $49.75M $56.37M
YoY Change -11.75% -18.04%
Cost Of Revenue $33.54M $53.79M
YoY Change -37.66% 6.86%
Gross Profit $16.21M $17.74M
YoY Change -8.58% -3.81%
Gross Profit Margin 32.59% 31.46%
Selling, General & Admin $15.30M $16.20M
YoY Change -5.56% 18.97%
% of Gross Profit 94.37% 91.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $177.8K $227.3K
YoY Change -21.75% 12.27%
% of Gross Profit 1.1% 1.28%
Operating Expenses $15.30M $16.20M
YoY Change -5.56% 18.97%
Operating Profit $76.04K $2.657M
YoY Change -97.14% -25.91%
Interest Expense -$380.0K -$460.0K
YoY Change -17.39% 31.43%
% of Operating Profit -499.72% -17.31%
Other Income/Expense, Net
YoY Change
Pretax Income -$300.5K $2.201M
YoY Change -113.65% -31.92%
Income Tax $143.4K $702.5K
% Of Pretax Income 31.91%
Net Earnings $711.8K $1.499M
YoY Change -52.51% -39.95%
Net Earnings / Revenue 1.43% 2.66%
Basic Earnings Per Share $0.07 $0.15
Diluted Earnings Per Share $0.07 $0.15
COMMON SHARES
Basic Shares Outstanding 10.33M shares 10.31M shares
Diluted Shares Outstanding 10.39M shares 10.38M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $2.700M $515.9K
YoY Change 423.36% 2169.37%
Inventory
Prepaid Expenses $2.452M
Receivables $42.89M $42.63M
Other Receivables $0.00 $0.00
Total Short-Term Assets $45.57M $45.60M
YoY Change -0.08% 19.41%
LONG-TERM ASSETS
Property, Plant & Equipment $4.060M $4.822M
YoY Change -15.8% 105.4%
Goodwill $34.16M $31.37M
YoY Change 8.87% 74.45%
Intangibles $36.47M $43.88M
YoY Change -16.89% 35.64%
Long-Term Investments
YoY Change
Other Assets $87.23M $87.71M
YoY Change -0.55% 41.2%
Total Long-Term Assets $91.29M $92.53M
YoY Change -1.34% 43.54%
TOTAL ASSETS
Total Short-Term Assets $45.57M $45.60M
Total Long-Term Assets $91.29M $92.53M
Total Assets $136.9M $138.1M
YoY Change -0.92% 34.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.4K $226.7K
YoY Change 15.3% 47.07%
Accrued Expenses $13.19M $13.67M
YoY Change -3.51% 25.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $1.300M
YoY Change 130.77% -64.31%
Total Short-Term Liabilities $26.38M $19.54M
YoY Change 35.02% 1.7%
LONG-TERM LIABILITIES
Long-Term Debt $25.55M $24.70M
YoY Change 3.44% 442.24%
Other Long-Term Liabilities $3.646M $6.200M
YoY Change -41.2%
Total Long-Term Liabilities $29.20M $24.70M
YoY Change 18.2% 442.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.38M $19.54M
Total Long-Term Liabilities $29.20M $24.70M
Total Liabilities $71.47M $71.08M
YoY Change 0.54% 90.01%
SHAREHOLDERS EQUITY
Retained Earnings $4.728M $7.170M
YoY Change -34.05% -0.78%
Common Stock $73.91K $75.75K
YoY Change -2.43% -3.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.39M $67.06M
YoY Change
Total Liabilities & Shareholders Equity $136.9M $138.1M
YoY Change -0.92% 34.56%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $711.8K $1.499M
YoY Change -52.51% -39.95%
Depreciation, Depletion And Amortization $177.8K $227.3K
YoY Change -21.75% 12.27%
Cash From Operating Activities $1.911M $6.648M
YoY Change -71.25% 23.54%
INVESTING ACTIVITIES
Capital Expenditures -$550.0K -$1.050M
YoY Change -47.62% 208.82%
Acquisitions $3.780M $21.68M
YoY Change -82.56%
Other Investing Activities -$3.780M -$21.68M
YoY Change -82.56%
Cash From Investing Activities -$4.328M -$22.73M
YoY Change -80.96% 6556.67%
FINANCING ACTIVITIES
Cash Dividend Paid $1.034M $3.093M
YoY Change -66.58% 0.78%
Common Stock Issuance & Retirement, Net -$10.00K $0.00
YoY Change
Debt Paid & Issued, Net $375.0K $0.00
YoY Change -100.0%
Cash From Financing Activities $2.417M $16.08M
YoY Change -84.97% -419.08%
NET CHANGE
Cash From Operating Activities $1.911M $6.648M
Cash From Investing Activities -$4.328M -$22.73M
Cash From Financing Activities $2.417M $16.08M
Net Change In Cash $0.00 $0.00
YoY Change
FREE CASH FLOW
Cash From Operating Activities $1.911M $6.648M
Capital Expenditures -$550.0K -$1.050M
Free Cash Flow $2.461M $7.698M
YoY Change -68.03% 34.55%

Facts In Submission

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CY2021Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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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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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Nature Of Operations
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NATURE OF OPERATIONS<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">BGSF, Inc., 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”), is a national provider of workforce solutions.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates primarily within the United States of America in three industry segments: Real Estate, Professional, and Light Industrial.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Real Estate segment provides office and maintenance field talent to various apartment communities and commercial buildings currently out of 58 locations in 33 states and D.C., via property management companies responsible for the apartment communities' and commercial buildings' day-to-day operations. The Real Estate segment operates through two divisions, BG Multifamily and BG Talent.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Professional segment provides skilled field talent on a nationwide basis for information technology (“IT”) and finance, accounting, legal and human resource client partner projects. The Professional segment operates through three divisions, IT Consulting, IT Infrastructure &amp; Development, and Finance and Accounting under various trade names including Extrinsic, American Partners, Donovan &amp; Watkins, Vision Technology Services, Zycron, Smart Resources, L.J. Kushner &amp; Associates, EdgeRock Technology Partners, and Momentum Solutionz.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Light Industrial segment provides field talent primarily to manufacturing, distribution, logistics, and call center client partners needing a flexible workforce currently out of 11 locations and 11 on-sites in 7 states. The Light Industrial segment operates through one division under the InStaff trade name.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company normally experiences seasonal fluctuations. The quarterly operating results are affected by the number of billing days in a quarter, as well as the seasonality of client partners’ businesses. Demand for the Real Estate workforce solutions increase in the second quarter 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 the Light Industrial workforce solutions increases during the third quarter of the year and peaks in the fourth quarter due to increases in the demand for holiday help. Overall first quarter demand can be affected by adverse weather conditions in the winter months. In addition, the cost of services typically increases in the first quarter primarily due to the reset of payroll taxes. Normal seasonal demand has been significantly affected by COVID-19.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has adjusted, and continues to monitor and change, its operations in response to COVID-19 in all of its segment, client partner, and home office locations. The extent of the impact from the outbreak on its operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on the Company's client partners and the range of governmental and community reactions to the pandemic, which are uncertain and cannot be fully predicted at this time.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“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 December 27, 2020, included in its Annual Report on Form 10-K.</span></div>
CY2021Q1 us-gaap Number Of Reportable Segments
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CY2021Q1 us-gaap Fiscal Period
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fiscal Periods</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a 52/53 week fiscal year. Fiscal periods for the consolidated financial statements included herein are as of March 28, 2021 and December 27, 2020, and include the thirteen week periods ended March 28, 2021 and March 29, 2020, referred to herein as Fiscal 2021 and 2020, respectively.</span></div>
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassifications</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the 2020 financial statements to conform with the 2021 presentation.</span></div>
CY2021Q1 us-gaap Use Of Estimates
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Management Estimates<div style="text-align:justify;text-indent:49.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, lease liability, contingent consideration obligations related to acquisitions, and income taxes. Additionally, the valuation of share-based compensation 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>The COVID-19 pandemic continues to have a significant impact on our economy as a result of measures designed to stop the spread of the virus. In light of the currently unknown ultimate duration and severity of COVID-19, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply the Company’s significant accounting policies. As COVID-19 continues to develop, management may make changes to these estimates and judgments over time, which could result in meaningful impacts to the Company’s financial statements in future periods. Actual results and outcomes may differ from management’s estimates and assumptions.
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16.80
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400000 USD
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300000 USD
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1049673 USD
CY2021Q1 us-gaap Assets
Assets
136859950 USD
CY2020Q4 us-gaap Assets
Assets
130278268 USD

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