$SGRP
SPAR Group, Inc.

2017 Q3 Form 10-Q Financial Statement

#000143774917019381 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $48.75M $33.44M
YoY Change 45.8% 18.29%
Cost Of Revenue $39.96M $26.16M
YoY Change 52.74% 21.37%
Gross Profit $8.792M $7.276M
YoY Change 20.84% 8.37%
Gross Profit Margin 18.03% 21.76%
Selling, General & Admin $7.477M $6.360M
YoY Change 17.56% 5.75%
% of Gross Profit 85.04% 87.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $490.0K $490.0K
YoY Change 0.0% 4.26%
% of Gross Profit 5.57% 6.73%
Operating Expenses $7.477M $6.360M
YoY Change 17.56% 5.75%
Operating Profit $828.0K $430.0K
YoY Change 92.56% 87.77%
Interest Expense -$110.0K $51.00K
YoY Change -315.69% 8.51%
% of Operating Profit -13.29% 11.86%
Other Income/Expense, Net $78.00K $78.00K
YoY Change 0.0% 875.0%
Pretax Income $800.0K $460.0K
YoY Change 73.91% 142.11%
Income Tax $210.0K -$31.00K
% Of Pretax Income 26.25% -6.74%
Net Earnings $246.0K -$58.00K
YoY Change -524.14% -36.96%
Net Earnings / Revenue 0.5% -0.17%
Basic Earnings Per Share $20.60K $20.61K
Diluted Earnings Per Share $21.32K $20.61K
COMMON SHARES
Basic Shares Outstanding 20.60M 20.61M
Diluted Shares Outstanding 21.32M 20.61M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.660M $7.500M
YoY Change 2.13% 20.77%
Cash & Equivalents $7.662M $7.502M
Short-Term Investments
Other Short-Term Assets $1.630M $1.430M
YoY Change 13.99% 38.83%
Inventory
Prepaid Expenses
Receivables $36.82M $30.78M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.12M $39.71M
YoY Change 16.12% 39.17%
LONG-TERM ASSETS
Property, Plant & Equipment $2.551M $2.556M
YoY Change -0.2% 4.33%
Goodwill $1.841M $2.257M
YoY Change -18.43% 25.39%
Intangibles $1.900M $2.154M
YoY Change -11.79% -20.01%
Long-Term Investments
YoY Change
Other Assets $1.683M $2.290M
YoY Change -26.51% 338.7%
Total Long-Term Assets $12.44M $15.77M
YoY Change -21.1% 20.9%
TOTAL ASSETS
Total Short-Term Assets $46.12M $39.71M
Total Long-Term Assets $12.44M $15.77M
Total Assets $58.56M $55.48M
YoY Change 5.54% 33.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.783M $5.007M
YoY Change 55.44% 38.77%
Accrued Expenses $13.60M $13.62M
YoY Change -0.15% 89.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.222M $8.181M
YoY Change -23.95% 825.45%
Total Short-Term Liabilities $33.20M $30.33M
YoY Change 9.47% 113.35%
LONG-TERM LIABILITIES
Long-Term Debt $33.00K $12.00K
YoY Change 175.0% -99.77%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $33.00K $12.00K
YoY Change 175.0% -99.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.20M $30.33M
Total Long-Term Liabilities $33.00K $12.00K
Total Liabilities $33.23M $30.34M
YoY Change 9.54% 56.77%
SHAREHOLDERS EQUITY
Retained Earnings $6.246M $5.746M
YoY Change 8.7% 24.02%
Common Stock $207.0K $207.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $127.0K $58.00K
YoY Change 118.97% -70.71%
Treasury Stock Shares $115.1K $42.18K
Shareholders Equity $20.50M $19.95M
YoY Change
Total Liabilities & Shareholders Equity $58.56M $55.48M
YoY Change 5.54% 33.44%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $246.0K -$58.00K
YoY Change -524.14% -36.96%
Depreciation, Depletion And Amortization $490.0K $490.0K
YoY Change 0.0% 4.26%
Cash From Operating Activities $2.550M $1.650M
YoY Change 54.55% 14.58%
INVESTING ACTIVITIES
Capital Expenditures -$410.0K -$420.0K
YoY Change -2.38% 27.27%
Acquisitions
YoY Change
Other Investing Activities -$310.0K
YoY Change
Cash From Investing Activities -$410.0K -$730.0K
YoY Change -43.84% 121.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.700M 1.480M
YoY Change -282.43% -1086.67%
NET CHANGE
Cash From Operating Activities 2.550M 1.650M
Cash From Investing Activities -410.0K -730.0K
Cash From Financing Activities -2.700M 1.480M
Net Change In Cash -560.0K 2.400M
YoY Change -123.33% 150.0%
FREE CASH FLOW
Cash From Operating Activities $2.550M $1.650M
Capital Expenditures -$410.0K -$420.0K
Free Cash Flow $2.960M $2.070M
YoY Change 43.0% 16.95%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"><div style=" margin: 0pt; text-align: justify; font-size: 10pt; font-family: Times New Roman,Times,serif;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">. </div></div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-size: 10pt; font-family: Times New Roman,Times,serif;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Business and Organization</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company is a supplier of merchandising and other marketing services throughout the United States and internationally. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">The Company provides merchandising and other marketing services to manufacturers, distributors and retailers worldwide, primarily in mass merchandiser, office supply, grocery, drug, dollar, independent, convenience, toy, home improvement and electronics stores, as well as providing furniture and other product assembly services, audit services, in-store events, technology services and marketing research.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Merchandising services primarily consist of regularly scheduled, special project and other product services provided at the store level, and the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be engaged by either the retailer or the manufacturer. Those services <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include restocking and adding new products, removing spoiled or outdated products, resetting categories 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, <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">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=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company operates in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> countries and divides its operations into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> reportable segments: its Domestic Division, which has provided services in the United States of America since certain of its predecessors were formed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1979,</div> and its International Division, which began operations in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2001 </div>and provides similar merchandising, marketing, audit and in-store event staffing services in Australia, Brazil, Canada, China, India, Japan, Mexico, South Africa, and Turkey. </div></div></div>
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NetIncomeLossAttributableToNoncontrollingInterest
1164000
CY2017Q3 us-gaap Noncurrent Assets
NoncurrentAssets
12443000
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
12559000
CY2017Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
10
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
828000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
430000
us-gaap Operating Income Loss
OperatingIncomeLoss
2284000
us-gaap Operating Income Loss
OperatingIncomeLoss
1376000
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1683000
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-61000
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
206000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
681000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-495000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
681000
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
13598000
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9766000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
78000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
78000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
275000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
183000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
121000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
2101000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
286000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
306000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1046000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1153000
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2010Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1629000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1299000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-2953000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2015000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
22000
us-gaap Profit Loss
ProfitLoss
1535000
us-gaap Profit Loss
ProfitLoss
1248000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
586000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
488000
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2551000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2536000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
93000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
317000
CY2017Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8631000
CY2016Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
6867000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
24111000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
19946000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
15000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
543000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
21000
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6246000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5835000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
48752000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
33438000
us-gaap Sales Revenue Net
SalesRevenueNet
131361000
us-gaap Sales Revenue Net
SalesRevenueNet
89781000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7477000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6360000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21988000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17637000
us-gaap Share Based Compensation
ShareBasedCompensation
178000
us-gaap Share Based Compensation
ShareBasedCompensation
271000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
178000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
8000
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
20500000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
19677000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
19945000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25082000
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25327000
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
115123
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
37877
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
127000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
51000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
121000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21320000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20607000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21331000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21299000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20602000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20607000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20633000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20580000

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