$SGRP
SPAR Group, Inc.

2016 Q3 Form 10-Q Financial Statement

#000143774916042479 Filed on November 21, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $33.44M $28.27M
YoY Change 18.29% -8.84%
Cost Of Revenue $26.16M $21.56M
YoY Change 21.37% -9.06%
Gross Profit $7.276M $6.714M
YoY Change 8.37% -8.1%
Gross Profit Margin 21.76% 23.75%
Selling, General & Admin $6.360M $6.014M
YoY Change 5.75% -4.98%
% of Gross Profit 87.41% 89.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $490.0K $470.0K
YoY Change 4.26% 9.3%
% of Gross Profit 6.73% 7.0%
Operating Expenses $6.360M $6.014M
YoY Change 5.75% -4.98%
Operating Profit $430.0K $229.0K
YoY Change 87.77% -58.14%
Interest Expense $51.00K $47.00K
YoY Change 8.51% 6.82%
% of Operating Profit 11.86% 20.52%
Other Income/Expense, Net $78.00K $8.000K
YoY Change 875.0% -91.01%
Pretax Income $460.0K $190.0K
YoY Change 142.11% -67.8%
Income Tax -$31.00K $83.00K
% Of Pretax Income -6.74% 43.68%
Net Earnings -$58.00K -$92.00K
YoY Change -36.96% -124.02%
Net Earnings / Revenue -0.17% -0.33%
Basic Earnings Per Share $20.61K
Diluted Earnings Per Share $20.61K -$4.377K
COMMON SHARES
Basic Shares Outstanding 20.61M 20.56M
Diluted Shares Outstanding 20.61M 20.56M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $6.210M
YoY Change 20.77% 10.5%
Cash & Equivalents $7.502M $6.210M
Short-Term Investments
Other Short-Term Assets $1.430M $1.030M
YoY Change 38.83% 11.96%
Inventory
Prepaid Expenses
Receivables $30.78M $21.31M
Other Receivables $0.00 $0.00
Total Short-Term Assets $39.71M $28.54M
YoY Change 39.17% 0.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.556M $2.450M
YoY Change 4.33% 9.38%
Goodwill $2.257M $1.800M
YoY Change 25.39%
Intangibles $2.154M $2.693M
YoY Change -20.01%
Long-Term Investments
YoY Change
Other Assets $2.290M $522.0K
YoY Change 338.7% -78.16%
Total Long-Term Assets $15.77M $13.04M
YoY Change 20.9% 33.51%
TOTAL ASSETS
Total Short-Term Assets $39.71M $28.54M
Total Long-Term Assets $15.77M $13.04M
Total Assets $55.48M $41.58M
YoY Change 33.44% 8.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.007M $3.608M
YoY Change 38.77% -2.49%
Accrued Expenses $13.62M $7.180M
YoY Change 89.69% -19.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.181M $884.0K
YoY Change 825.45% 76.8%
Total Short-Term Liabilities $30.33M $14.21M
YoY Change 113.35% 4.75%
LONG-TERM LIABILITIES
Long-Term Debt $12.00K $5.138M
YoY Change -99.77% 24.71%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $12.00K $5.138M
YoY Change -99.77% 24.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.33M $14.21M
Total Long-Term Liabilities $12.00K $5.138M
Total Liabilities $30.34M $19.35M
YoY Change 56.77% -10.86%
SHAREHOLDERS EQUITY
Retained Earnings $5.746M $4.633M
YoY Change 24.02%
Common Stock $207.0K $207.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $58.00K $198.0K
YoY Change -70.71%
Treasury Stock Shares $42.18K $139.8K
Shareholders Equity $19.95M $17.43M
YoY Change
Total Liabilities & Shareholders Equity $55.48M $41.58M
YoY Change 33.44% 8.96%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$58.00K -$92.00K
YoY Change -36.96% -124.02%
Depreciation, Depletion And Amortization $490.0K $470.0K
YoY Change 4.26% 9.3%
Cash From Operating Activities $1.650M $1.440M
YoY Change 14.58% -63.54%
INVESTING ACTIVITIES
Capital Expenditures -$420.0K -$330.0K
YoY Change 27.27% -19.51%
Acquisitions
YoY Change
Other Investing Activities -$310.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$730.0K -$330.0K
YoY Change 121.21% -58.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.480M -150.0K
YoY Change -1086.67% -92.27%
NET CHANGE
Cash From Operating Activities 1.650M 1.440M
Cash From Investing Activities -730.0K -330.0K
Cash From Financing Activities 1.480M -150.0K
Net Change In Cash 2.400M 960.0K
YoY Change 150.0% -21.31%
FREE CASH FLOW
Cash From Operating Activities $1.650M $1.440M
Capital Expenditures -$420.0K -$330.0K
Free Cash Flow $2.070M $1.770M
YoY Change 16.95% -59.4%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business and Organization</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is a supplier of merchandising and other marketing services throughout the United States and internationally. The Company also provides in-store event staffing, product sampling, audit services, furniture and other product assembly services, technology services and marketing research services. Assembly services are performed in stores, homes and offices while those other services are primarily performed in mass merchandisers, office supply, grocery, drug store, home improvement, independent, convenience, value channel and electronics stores.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Merchandising services primarily consist of regularly scheduled, special project and other product services provided at the store level, and the Company may be engaged by either the retailer or the manufacturer. Those services may include restocking and adding new products, removing spoiled or outdated products, resetting categories &quot;on the shelf&quot; in accordance with client or store schematics, confirming and replacing shelf tags, setting new sale or promotional product displays and advertising, replenishing kiosks, providing in-store event staffing and providing assembly services in stores, homes and offices. Other merchandising services include whole store or departmental product sets or resets, including new store openings, new product launches and in-store demonstrations, audit services, special seasonal or promotional merchandising, focused product support and product recalls. The Company also provides technology services and marketing research services.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of September 30, 2016, the Company operates in 10 countries and divides its operations into two reportable segments: its Domestic Division, which provides those services in the United States of America since certain of its predecessors were formed in 1979, and its International Division, which began operations in May 2001 and provides similar merchandising, marketing, audit and in-store event staffing services in Japan, Canada, South Africa, India, China, Australia, Mexico, Turkey and Brazil. </div></div></div>
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CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2010Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24000
us-gaap Profit Loss
ProfitLoss
1248000
us-gaap Profit Loss
ProfitLoss
539000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
488000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
107000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2556000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2443000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2015000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-473000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
22000
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
898000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
317000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
409000
CY2016Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
6867000
CY2015Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
6962000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
19946000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
21756000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
21000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
18000
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5746000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5662000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
33438000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
28269000
us-gaap Sales Revenue Net
SalesRevenueNet
89781000
us-gaap Sales Revenue Net
SalesRevenueNet
87002000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6360000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6014000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17637000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18289000
us-gaap Share Based Compensation
ShareBasedCompensation
271000
us-gaap Share Based Compensation
ShareBasedCompensation
306000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
271000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
22000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
18572000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
18702000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
24398000
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25146000
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
42177
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
119695
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
58000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
169000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
12000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20607000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20556000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21299000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20562000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20607000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20556000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20580000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20562000

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