$SGRP
SPAR Group, Inc.

2020 Q1 Form 10-Q Financial Statement

#000143774920014114 Filed on June 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $61.35M $57.16M $57.00M
YoY Change 7.33% 4.73% 13.95%
Cost Of Revenue $49.56M $46.53M $44.75M
YoY Change 6.52% 3.74% 14.63%
Gross Profit $11.79M $10.64M $12.25M
YoY Change 10.84% 9.3% 11.57%
Gross Profit Margin 19.21% 18.61% 21.49%
Selling, General & Admin $9.771M $8.394M $11.80M
YoY Change 16.4% -0.76% 37.53%
% of Gross Profit 82.89% 78.93% 96.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $540.0K $508.0K $510.0K
YoY Change 6.3% -6.27% -15.0%
% of Gross Profit 4.58% 4.78% 4.16%
Operating Expenses $9.771M $8.394M $10.34M
YoY Change 16.4% -0.76% 12.76%
Operating Profit $1.477M $1.733M $1.910M
YoY Change -14.77% 137.4% 5.52%
Interest Expense -$228.0K -$199.0K -$210.0K
YoY Change 14.57% 0.0% -4.55%
% of Operating Profit -15.44% -11.48% -10.99%
Other Income/Expense, Net $8.000K $65.00K -$10.00K
YoY Change -87.69% -9.72% -107.69%
Pretax Income $1.260M $1.600M $1.700M
YoY Change -21.25% 166.67% -0.58%
Income Tax $335.0K $558.0K $1.070M
% Of Pretax Income 26.59% 34.88% 62.94%
Net Earnings $298.0K $619.0K -$530.0K
YoY Change -51.86% 399.19% -58.27%
Net Earnings / Revenue 0.49% 1.08% -0.93%
Basic Earnings Per Share $0.01 $0.03
Diluted Earnings Per Share $0.01 $0.03 -$25.49K
COMMON SHARES
Basic Shares Outstanding 21.11M 20.78M
Diluted Shares Outstanding 21.23M 21.05M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.110M $7.090M $7.110M
YoY Change 28.49% -19.98% -19.48%
Cash & Equivalents $9.110M $7.090M $7.111M
Short-Term Investments
Other Short-Term Assets $2.470M $2.940M $1.880M
YoY Change -15.99% 8.09% -7.39%
Inventory
Prepaid Expenses
Receivables $48.32M $47.42M $46.14M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $59.90M $57.44M $55.13M
YoY Change 4.28% 5.14% 17.75%
LONG-TERM ASSETS
Property, Plant & Equipment $2.769M $3.030M $2.950M
YoY Change -8.61% 7.48% 8.78%
Goodwill $3.760M $3.787M $3.788M
YoY Change -0.71% 19.35% 106.32%
Intangibles $2.644M $3.197M $3.332M
YoY Change -17.3% -23.68% 103.92%
Long-Term Investments
YoY Change
Other Assets $1.152M $1.593M $1.325M
YoY Change -27.68% 12.03% -31.31%
Total Long-Term Assets $16.27M $19.60M $13.96M
YoY Change -17.02% 33.64% 25.05%
TOTAL ASSETS
Total Short-Term Assets $59.90M $57.44M $55.13M
Total Long-Term Assets $16.27M $19.60M $13.96M
Total Assets $76.17M $77.04M $69.10M
YoY Change -1.14% 11.17% 19.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.789M $9.984M $8.668M
YoY Change -11.97% 26.89% 18.08%
Accrued Expenses $20.84M $19.93M $18.17M
YoY Change 4.57% 32.34% 33.8%
Deferred Revenue $74.00K $702.0K $620.0K
YoY Change -89.46% -59.71%
Short-Term Debt $10.02M $9.720M $0.00
YoY Change 3.09%
Long-Term Debt Due $10.35M $10.05M $10.41M
YoY Change 2.99% 316.28% 52.27%
Total Short-Term Liabilities $44.37M $45.22M $42.52M
YoY Change -1.89% 42.45% 31.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.300M $1.922M $1.806M
YoY Change -32.36% -78.63% 1587.85%
Other Long-Term Liabilities $2.090M $3.930M
YoY Change -46.82%
Total Long-Term Liabilities $1.300M $1.922M $1.806M
YoY Change -32.36% -78.63% 1587.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.37M $45.22M $42.52M
Total Long-Term Liabilities $1.300M $1.922M $1.806M
Total Liabilities $47.76M $51.07M $44.32M
YoY Change -6.49% 25.36% 36.65%
SHAREHOLDERS EQUITY
Retained Earnings $6.149M $4.033M $3.432M
YoY Change 52.47% -20.94% -31.04%
Common Stock $211.0K $208.0K $208.0K
YoY Change 1.44% 0.48% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000K $8.000K $8.000K
YoY Change -75.0% -77.78% -93.04%
Treasury Stock Shares $1.697K $7.895K $7.895K
Shareholders Equity $17.82M $17.05M $16.30M
YoY Change
Total Liabilities & Shareholders Equity $76.17M $77.04M $69.10M
YoY Change -1.14% 11.17% 19.15%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $298.0K $619.0K -$530.0K
YoY Change -51.86% 399.19% -58.27%
Depreciation, Depletion And Amortization $540.0K $508.0K $510.0K
YoY Change 6.3% -6.27% -15.0%
Cash From Operating Activities $1.455M $538.0K $4.280M
YoY Change 170.45% -187.2% 1088.89%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K -$460.0K -$280.0K
YoY Change -26.09% -6.12% -30.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$342.0K -$464.0K -$290.0K
YoY Change -26.29% -265.71% -27.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.453M -244.0K -4.120M
YoY Change -695.49% -131.65% -786.67%
NET CHANGE
Cash From Operating Activities 1.455M 538.0K 4.280M
Cash From Investing Activities -342.0K -464.0K -290.0K
Cash From Financing Activities 1.453M -244.0K -4.120M
Net Change In Cash -1.348M -170.0K -130.0K
YoY Change 692.94% -139.17% -123.21%
FREE CASH FLOW
Cash From Operating Activities $1.455M $538.0K $4.280M
Capital Expenditures -$340.0K -$460.0K -$280.0K
Free Cash Flow $1.795M $998.0K $4.560M
YoY Change 79.86% -885.83% 500.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; 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: inherit;">1.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; 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-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The unaudited, interim condensed consolidated financial statements of the Company, accompanying this Quarterly Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-Q for the&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">first</div></div> quarter ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020</div></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: inherit;">10</div>-Q and Article <div style="display: inline; font-style: italic; font: inherit;">10</div> of Regulation S-<div style="display: inline; font-style: italic; font: inherit;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font: inherit;">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;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019</div></div>, has been prepared from the Company's audited consolidated balance sheet as of such date. 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 on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019</div></div>, as filed with the Securities and Exchange Commission (the "SEC") on <div style="display: inline; font-style: italic; font: inherit;"> April 14, 2020&nbsp;(</div>the "<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2019</div></div> Annual Report"), and SGRP's Proxy Statement for its <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div> Annual Meeting of Stockholders as filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> May 1, 2020&nbsp;(</div>the "<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div> Proxy Statement"). Particular attention should be given to Items <div style="display: inline; font-style: italic; font: inherit;">1</div> and <div style="display: inline; font-style: italic; font: inherit;">1A</div> of the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2019</div></div> Annual Report respecting the Company's Business and Risk Factors, respectively, and the following parts of SGRP's <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div> Proxy Statement: (i) <div style="display: inline; font-style: italic;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>, (ii) <div style="display: inline; font-style: italic;">CORPORATE GOVERNANCE</div>, (iii) <div style="display: inline; font-style: italic;">EXECUTIVE COMPENSATION, </div>(iv)<div style="display: inline; font-style: italic;"> THE BOARD OF </div> <div style="display: inline; font-style: italic;">DIRECTORS&nbsp;OF THE CORPORATION</div>, (v) <div style="display: inline; font-style: italic;">EXECUTIVE COMPENSATION&nbsp;</div>and (vi) <div style="display: inline; font-style: italic;">STOCK-BASED COMPENSATION PLANS</div><div style="display: inline; font-style: italic;">.</div>&nbsp;The Company's results of operations for the interim period are <div style="display: inline; font-style: italic; font: inherit;">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.</div></div>
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CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
300000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
10349000
CY2020Q1 us-gaap Long Term Debt Noncurrent
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1300000
CY2019Q4 us-gaap Long Term Debt Noncurrent
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1300000
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10586000
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1453000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-244000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-342000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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2188000
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2828000
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1152000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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2089000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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2120000
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720000
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4277000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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4948000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
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1455000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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538000
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298000
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619000
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624000
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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422000
CY2020Q1 us-gaap Noncurrent Assets
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8198000
CY2019Q4 us-gaap Noncurrent Assets
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8911000
CY2020Q1 us-gaap Number Of Countries In Which Entity Operates
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10
CY2020Q1 us-gaap Number Of Reportable Segments
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2
CY2020Q1 us-gaap Operating Income Loss
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1477000
CY2019Q1 us-gaap Operating Income Loss
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1733000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
674000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
532000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4277000
CY2019Q4 us-gaap Other Assets Noncurrent
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1115000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-3900000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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108000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3900000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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108000
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18650000
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18548000
CY2020Q1 us-gaap Other Nonoperating Income Expense
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8000
CY2019Q1 us-gaap Other Nonoperating Income Expense
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65000
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342000
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PaymentsToAcquireProductiveAssets
464000
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0.01
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Preferred Stock Shares Authorized
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2445598
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2445598
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2769000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2848000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
44000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-13000
CY2020Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1988000
CY2019Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
668000
CY2020Q1 us-gaap Repayments Of Notes Payable
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333000
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
85000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6149000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5851000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
61348000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
57160000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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722000
CY2020Q1 us-gaap Selling General And Administrative Expense
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9771000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8394000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
25000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
49000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
112000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
29000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
25000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
49000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
17822000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
18955000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
31361000
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28408000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
24774000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
25972000
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1697
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1697
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
97000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
290000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21228000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21051000
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
21105000
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
20777000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21105000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20777000

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