$SGRP
SPAR Group, Inc.

2019 Q1 Form 10-Q Financial Statement

#000143774919010094 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $57.16M $54.58M
YoY Change 4.73% 36.84%
Cost Of Revenue $46.53M $44.85M
YoY Change 3.74% 40.87%
Gross Profit $10.64M $9.730M
YoY Change 9.3% 20.9%
Gross Profit Margin 18.61% 17.83%
Selling, General & Admin $8.394M $8.458M
YoY Change -0.76% 19.84%
% of Gross Profit 78.93% 86.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $508.0K $542.0K
YoY Change -6.27% 7.33%
% of Gross Profit 4.78% 5.57%
Operating Expenses $8.394M $8.458M
YoY Change -0.76% 19.84%
Operating Profit $1.733M $730.0K
YoY Change 137.4% 50.52%
Interest Expense -$199.0K -$199.0K
YoY Change 0.0% -532.61%
% of Operating Profit -11.48% -27.26%
Other Income/Expense, Net $65.00K $72.00K
YoY Change -9.72% 16.13%
Pretax Income $1.600M $600.0K
YoY Change 166.67% 1.69%
Income Tax $558.0K $178.0K
% Of Pretax Income 34.88% 29.67%
Net Earnings $619.0K $124.0K
YoY Change 399.19% -150.82%
Net Earnings / Revenue 1.08% 0.23%
Basic Earnings Per Share $0.03 $20.65K
Diluted Earnings Per Share $0.03 $21.60K
COMMON SHARES
Basic Shares Outstanding 20.78M 20.65M
Diluted Shares Outstanding 21.05M 21.60M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.090M $8.860M
YoY Change -19.98% 7.13%
Cash & Equivalents $7.090M $8.862M
Short-Term Investments
Other Short-Term Assets $2.940M $2.720M
YoY Change 8.09% 403.7%
Inventory
Prepaid Expenses
Receivables $47.42M $43.05M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.44M $54.63M
YoY Change 5.14% 40.33%
LONG-TERM ASSETS
Property, Plant & Equipment $3.030M $2.819M
YoY Change 7.48% 11.73%
Goodwill $3.787M $3.173M
YoY Change 19.35% 71.42%
Intangibles $3.197M $4.189M
YoY Change -23.68% 90.32%
Long-Term Investments
YoY Change
Other Assets $1.593M $1.422M
YoY Change 12.03% -20.6%
Total Long-Term Assets $19.60M $14.67M
YoY Change 33.64% 11.79%
TOTAL ASSETS
Total Short-Term Assets $57.44M $54.63M
Total Long-Term Assets $19.60M $14.67M
Total Assets $77.04M $69.30M
YoY Change 11.17% 33.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.984M $7.868M
YoY Change 26.89% 10.3%
Accrued Expenses $19.93M $15.06M
YoY Change 32.34% 45.09%
Deferred Revenue $702.0K
YoY Change
Short-Term Debt $9.720M $0.00
YoY Change
Long-Term Debt Due $10.05M $2.414M
YoY Change 316.28% -63.06%
Total Short-Term Liabilities $45.22M $31.75M
YoY Change 42.45% 10.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.922M $8.996M
YoY Change -78.63% 19456.52%
Other Long-Term Liabilities $3.930M
YoY Change
Total Long-Term Liabilities $1.922M $8.996M
YoY Change -78.63% 19456.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.22M $31.75M
Total Long-Term Liabilities $1.922M $8.996M
Total Liabilities $51.07M $40.74M
YoY Change 25.36% 42.1%
SHAREHOLDERS EQUITY
Retained Earnings $4.033M $5.101M
YoY Change -20.94% -8.76%
Common Stock $208.0K $207.0K
YoY Change 0.48% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.000K $36.00K
YoY Change -77.78% 5.88%
Treasury Stock Shares $7.895K $33.01K
Shareholders Equity $17.05M $19.82M
YoY Change
Total Liabilities & Shareholders Equity $77.04M $69.30M
YoY Change 11.17% 33.14%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $619.0K $124.0K
YoY Change 399.19% -150.82%
Depreciation, Depletion And Amortization $508.0K $542.0K
YoY Change -6.27% 7.33%
Cash From Operating Activities $538.0K -$617.0K
YoY Change -187.2% -109.78%
INVESTING ACTIVITIES
Capital Expenditures -$460.0K -$490.0K
YoY Change -6.12% 75.0%
Acquisitions -$767.0K
YoY Change
Other Investing Activities $0.00 $770.0K
YoY Change -100.0%
Cash From Investing Activities -$464.0K $280.0K
YoY Change -265.71% -198.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -244.0K 771.0K
YoY Change -131.65% -114.57%
NET CHANGE
Cash From Operating Activities 538.0K -617.0K
Cash From Investing Activities -464.0K 280.0K
Cash From Financing Activities -244.0K 771.0K
Net Change In Cash -170.0K 434.0K
YoY Change -139.17% -40.87%
FREE CASH FLOW
Cash From Operating Activities $538.0K -$617.0K
Capital Expenditures -$460.0K -$490.0K
Free Cash Flow $998.0K -$127.0K
YoY Change -885.83% -101.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2019Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
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AccountsPayableCurrent
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CY2019Q1 sgrp Insurance Premium Refund Receivable
InsurancePremiumRefundReceivable
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CY2019Q1 sgrp Interest Received Paid Net
InterestReceivedPaidNet
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CY2018Q1 sgrp Interest Received Paid Net
InterestReceivedPaidNet
137000
CY2019Q1 sgrp Payments To Aquire Productive Assets Excluding Foreign Exchange
PaymentsToAquireProductiveAssetsExcludingForeignExchange
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CY2018Q1 sgrp Payments To Aquire Productive Assets Excluding Foreign Exchange
PaymentsToAquireProductiveAssetsExcludingForeignExchange
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CY2019Q1 us-gaap Accounts And Other Receivables Net Current
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CY2018Q4 us-gaap Accounts And Other Receivables Net Current
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CY2019Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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-3540000
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-3638000
CY2019Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
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CY2018Q4 us-gaap Additional Paid In Capital
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Assets
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Assets
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CY2018Q4 us-gaap Assets Current
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CY2019Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<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-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div> </td> </tr> </table> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The unaudited, interim condensed consolidated financial statements of SPAR Group, Inc., a Delaware corporation ("SGRP"), and its subsidiaries (together with SGRP, collectively, the "Company" or the "SPAR Group"), accompanying this Quarterly Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 (</div>this "Quarterly Report"), have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Article <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>has been prepared from the Company's audited consolidated balance sheet as of such date.&nbsp;&nbsp; In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included in these interim financial statements. However, these interim financial statements should be read in conjunction with the annual consolidated financial statements and notes thereto for the Company as contained in the SGRP's Annual Report&nbsp; on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K/A for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>as filed with the Securities and Exchange Commission (the "SEC") on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 24, 2019 (</div>the&nbsp; <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">"2018</div> Annual Report"), and SGRP's Proxy Statement for its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Annual Meeting of Stockholders as filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 29, 2019 (</div>and Additional Definitive Materials filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 3, 2019, </div>collectively the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">"2019</div> Proxy Statement").&nbsp; Particular attention should be given to Items <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1A</div> of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> Annual Report respecting the Company's Business and Risk Factors, respectively, and the following parts of SGRP's <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Proxy Statement: (i) SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, (ii) CORPORATE GOVERNANCE, (iii) EXECUTIVE COMPENSATION, DIRECTORS AND OTHER INFORMATION and (iv) EXECUTIVE COMPENSATION, EQUITY AWARDS AND OPTIONS.&nbsp; The Company's results of operations for the interim period are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of its operating results for the entire year. Except for the change noted below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. The Company adopted ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019. </div>As a result, the Company changed its accounting policy for accounting for leases as detailed in Notes <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></div>
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OperatingLeaseRightOfUseAsset
5328000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.089
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y36D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5341000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1946000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
340000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
682000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
945000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1428000
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1593000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1325000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
108000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-30000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
108000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-30000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
18529000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
18168000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
65000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
72000
CY2019Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
CY2018Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
463000
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-767000
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
464000
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
487000
CY1995Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY1995Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2935000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1879000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-159000
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1252000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
1041000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
425000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3030000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2950000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-13000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
36000
CY2019Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
668000
CY2018Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8528000
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
85000
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
18000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4033000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3432000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
57160000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
54579000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5736000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8458000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
49000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
49000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
29000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8394000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
49000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
49000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
17046000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
16298000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25972000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
24774000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25555000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28559000
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7895
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
7895
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
8000
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
8000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
290000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21051000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21599000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20777000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20648000

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