$SGRP
SPAR Group, Inc.

2018 Q3 Form 10-Q Financial Statement

#000143774918021071 Filed on November 19, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $58.39M $48.75M
YoY Change 19.77% 45.8%
Cost Of Revenue $46.55M $39.96M
YoY Change 16.48% 52.74%
Gross Profit $11.84M $8.792M
YoY Change 34.69% 20.84%
Gross Profit Margin 20.28% 18.03%
Selling, General & Admin $8.996M $7.477M
YoY Change 20.32% 17.56%
% of Gross Profit 75.97% 85.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $530.0K $490.0K
YoY Change 8.16% 0.0%
% of Gross Profit 4.48% 5.57%
Operating Expenses $8.996M $7.477M
YoY Change 20.32% 17.56%
Operating Profit $2.324M $828.0K
YoY Change 180.68% 92.56%
Interest Expense -$333.0K -$110.0K
YoY Change 202.73% -315.69%
% of Operating Profit -14.33% -13.29%
Other Income/Expense, Net $109.0K $78.00K
YoY Change 39.74% 0.0%
Pretax Income $2.100M $800.0K
YoY Change 162.5% 73.91%
Income Tax $419.0K $210.0K
% Of Pretax Income 19.95% 26.25%
Net Earnings $621.0K $246.0K
YoY Change 152.44% -524.14%
Net Earnings / Revenue 1.06% 0.5%
Basic Earnings Per Share $20.65K $20.60K
Diluted Earnings Per Share $21.32K $21.32K
COMMON SHARES
Basic Shares Outstanding 20.65M 20.60M
Diluted Shares Outstanding 21.32M 21.32M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.990M $7.660M
YoY Change -8.75% 2.13%
Cash & Equivalents $6.988M $7.662M
Short-Term Investments
Other Short-Term Assets $2.960M $1.630M
YoY Change 81.6% 13.99%
Inventory
Prepaid Expenses
Receivables $46.78M $36.82M
Other Receivables $0.00 $0.00
Total Short-Term Assets $56.74M $46.12M
YoY Change 23.03% 16.12%
LONG-TERM ASSETS
Property, Plant & Equipment $2.902M $2.551M
YoY Change 13.76% -0.2%
Goodwill $3.783M $1.841M
YoY Change 105.49% -18.43%
Intangibles $3.449M $1.900M
YoY Change 81.53% -11.79%
Long-Term Investments
YoY Change
Other Assets $1.736M $1.683M
YoY Change 3.15% -26.51%
Total Long-Term Assets $14.43M $12.44M
YoY Change 15.98% -21.1%
TOTAL ASSETS
Total Short-Term Assets $56.74M $46.12M
Total Long-Term Assets $14.43M $12.44M
Total Assets $71.17M $58.56M
YoY Change 21.53% 5.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.542M $7.783M
YoY Change 22.6% 55.44%
Accrued Expenses $17.78M $13.60M
YoY Change 30.74% -0.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.635M $6.222M
YoY Change 54.85% -23.95%
Total Short-Term Liabilities $42.57M $33.20M
YoY Change 28.22% 9.47%
LONG-TERM LIABILITIES
Long-Term Debt $3.220M $33.00K
YoY Change 9657.58% 175.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.220M $33.00K
YoY Change 9657.58% 175.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.57M $33.20M
Total Long-Term Liabilities $3.220M $33.00K
Total Liabilities $45.79M $33.23M
YoY Change 37.79% 9.54%
SHAREHOLDERS EQUITY
Retained Earnings $3.945M $6.246M
YoY Change -36.84% 8.7%
Common Stock $208.0K $207.0K
YoY Change 0.48% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.00K $127.0K
YoY Change -79.53% 118.97%
Treasury Stock Shares $22.80K $115.1K
Shareholders Equity $16.88M $20.50M
YoY Change
Total Liabilities & Shareholders Equity $71.17M $58.56M
YoY Change 21.53% 5.54%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $621.0K $246.0K
YoY Change 152.44% -524.14%
Depreciation, Depletion And Amortization $530.0K $490.0K
YoY Change 8.16% 0.0%
Cash From Operating Activities $7.370M $2.550M
YoY Change 189.02% 54.55%
INVESTING ACTIVITIES
Capital Expenditures -$390.0K -$410.0K
YoY Change -4.88% -2.38%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$390.0K -$410.0K
YoY Change -4.88% -43.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.510M -2.700M
YoY Change 30.0% -282.43%
NET CHANGE
Cash From Operating Activities 7.370M 2.550M
Cash From Investing Activities -390.0K -410.0K
Cash From Financing Activities -3.510M -2.700M
Net Change In Cash 3.470M -560.0K
YoY Change -719.64% -123.33%
FREE CASH FLOW
Cash From Operating Activities $7.370M $2.550M
Capital Expenditures -$390.0K -$410.0K
Free Cash Flow $7.760M $2.960M
YoY Change 162.16% 43.0%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business and Organization</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;">The Company is a supplier of merchandising and other marketing services throughout the United States and internationally. 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, 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 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, 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 style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&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-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018, </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, assembly and in-store event staffing services in Australia, Brazil, Canada, China, India, Japan, Mexico, South Africa, and Turkey.</div></div>
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CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
246000
us-gaap Net Income Loss
NetIncomeLoss
-1018000
us-gaap Net Income Loss
NetIncomeLoss
346000
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1060000
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
340000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2027000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1189000
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
865000
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
2648000
CY2018Q3 us-gaap Noncurrent Assets
NoncurrentAssets
14432000
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
11166000
CY2018Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
10
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2324000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
828000
us-gaap Operating Income Loss
OperatingIncomeLoss
1817000
us-gaap Operating Income Loss
OperatingIncomeLoss
2284000
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1736000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1929000
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-2782000
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-61000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3462000
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 Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3462000
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
17778000
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
13581000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
109000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
78000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
413000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
275000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
121000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
463000
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
2101000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-767000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1340000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1046000
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2964000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2031000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
4894000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-2953000
us-gaap Profit Loss
ProfitLoss
1009000
us-gaap Profit Loss
ProfitLoss
1535000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
1681000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
586000
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2902000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2712000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
105000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
93000
CY2018Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
3000000
CY2017Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8631000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
19406000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
24111000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
55000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
15000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
543000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3945000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4977000
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
58388000
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
48752000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
172191000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
131361000
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
26000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
115000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8996000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7477000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26650000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21988000
us-gaap Share Based Compensation
ShareBasedCompensation
139000
us-gaap Share Based Compensation
ShareBasedCompensation
178000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
600000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
139000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-52000
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
7000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
16884000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
19650000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25555000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25379000
us-gaap Stockholders Equity Other
StockholdersEquityOther
465000
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
22798
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
104398
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
158000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-9000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21320000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21320000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20650000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21331000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20654000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20602000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20650000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20633000

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