$SGRP
SPAR Group, Inc.

2021 Q1 Form 10-Q Financial Statement

#000143774921011928 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $61.10M $61.35M
YoY Change -0.41% 7.33%
Cost Of Revenue $46.97M $49.56M
YoY Change -5.22% 6.52%
Gross Profit $12.26M $11.79M
YoY Change 4.0% 10.84%
Gross Profit Margin 20.06% 19.21%
Selling, General & Admin $9.011M $9.771M
YoY Change -7.78% 16.4%
% of Gross Profit 73.51% 82.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $530.0K $540.0K
YoY Change -1.85% 6.3%
% of Gross Profit 4.32% 4.58%
Operating Expenses $9.011M $9.771M
YoY Change -7.78% 16.4%
Operating Profit $2.718M $1.477M
YoY Change 84.02% -14.77%
Interest Expense -$147.0K -$228.0K
YoY Change -35.53% 14.57%
% of Operating Profit -5.41% -15.44%
Other Income/Expense, Net $75.00K $8.000K
YoY Change 837.5% -87.69%
Pretax Income $2.650M $1.260M
YoY Change 110.32% -21.25%
Income Tax $865.0K $335.0K
% Of Pretax Income 32.64% 26.59%
Net Earnings $917.0K $298.0K
YoY Change 207.72% -51.86%
Net Earnings / Revenue 1.5% 0.49%
Basic Earnings Per Share $0.04 $0.01
Diluted Earnings Per Share $0.04 $0.01
COMMON SHARES
Basic Shares Outstanding 21.19M 21.11M
Diluted Shares Outstanding 21.58M 21.23M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.71M $9.110M
YoY Change 116.36% 28.49%
Cash & Equivalents $19.71M $9.110M
Short-Term Investments
Other Short-Term Assets $2.940M $2.470M
YoY Change 19.03% -15.99%
Inventory
Prepaid Expenses
Receivables $53.03M $48.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $75.68M $59.90M
YoY Change 26.34% 4.28%
LONG-TERM ASSETS
Property, Plant & Equipment $2.734M $2.769M
YoY Change -1.26% -8.61%
Goodwill $3.752M $3.760M
YoY Change -0.21% -0.71%
Intangibles $2.123M $2.644M
YoY Change -19.7% -17.3%
Long-Term Investments
YoY Change
Other Assets $1.484M $1.152M
YoY Change 28.82% -27.68%
Total Long-Term Assets $16.71M $16.27M
YoY Change 2.76% -17.02%
TOTAL ASSETS
Total Short-Term Assets $75.68M $59.90M
Total Long-Term Assets $16.71M $16.27M
Total Assets $92.39M $76.17M
YoY Change 21.3% -1.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.232M $8.789M
YoY Change 5.04% -11.97%
Accrued Expenses $20.24M $20.84M
YoY Change -2.88% 4.57%
Deferred Revenue $4.295M $74.00K
YoY Change 5704.05% -89.46%
Short-Term Debt $12.64M $10.02M
YoY Change 26.15% 3.09%
Long-Term Debt Due $12.94M $10.35M
YoY Change 25.04% 2.99%
Total Short-Term Liabilities $51.27M $44.37M
YoY Change 15.56% -1.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.300M
YoY Change -23.08% -32.36%
Other Long-Term Liabilities $1.520M $2.090M
YoY Change -27.27% -46.82%
Total Long-Term Liabilities $1.000M $1.300M
YoY Change -23.08% -32.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.27M $44.37M
Total Long-Term Liabilities $1.000M $1.300M
Total Liabilities $53.79M $47.76M
YoY Change 12.63% -6.49%
SHAREHOLDERS EQUITY
Retained Earnings $10.14M $6.149M
YoY Change 64.82% 52.47%
Common Stock $212.0K $211.0K
YoY Change 0.47% 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000K $2.000K
YoY Change 0.0% -75.0%
Treasury Stock Shares $1.697K $1.697K
Shareholders Equity $22.91M $17.82M
YoY Change
Total Liabilities & Shareholders Equity $92.39M $76.17M
YoY Change 21.3% -1.14%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $917.0K $298.0K
YoY Change 207.72% -51.86%
Depreciation, Depletion And Amortization $530.0K $540.0K
YoY Change -1.85% 6.3%
Cash From Operating Activities $2.393M $1.455M
YoY Change 64.47% 170.45%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$340.0K
YoY Change -2.94% -26.09%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$332.0K -$342.0K
YoY Change -2.92% -26.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.581M 1.453M
YoY Change 146.46% -695.49%
NET CHANGE
Cash From Operating Activities $2.393M 1.455M
Cash From Investing Activities -$332.0K -342.0K
Cash From Financing Activities $3.581M 1.453M
Net Change In Cash $3.741M -1.348M
YoY Change -377.52% 692.94%
FREE CASH FLOW
Cash From Operating Activities $2.393M $1.455M
Capital Expenditures -$330.0K -$340.0K
Free Cash Flow $2.723M $1.795M
YoY Change 51.7% 79.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q1 sgrp Proceeds From Payments For Stock Options Exercised
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CY2020Q1 sgrp Depreciation And Amortization Excluding Amortization Of Right Of Use Assets
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CY2021Q1 us-gaap Basis Of Accounting
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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: 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 SPAR Group, Inc. ("<div style="display: inline; text-decoration: underline;">SGRP</div>" or the "<div style="display: inline; text-decoration: underline;">Corporation</div>") and subsidiaries, 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, 2021</div></div> (this "<div style="display: inline; text-decoration: underline;">Quarterly Report</div>"), 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.&nbsp; SGRP and its subsidiaries <div style="display: inline; font-style: italic; font: inherit;"> may </div>be referred to collectively as "<div style="display: inline; text-decoration: underline;">SPAR</div>", the&nbsp;"<div style="display: inline; text-decoration: underline;">SPAR Group</div>" or the "<div style="display: inline; text-decoration: underline;">Company</div>".&nbsp; The accompanying consolidated balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020&nbsp;</div>is derived from the Company's audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020&nbsp;</div>contained in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K (the &#x201c;<div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic; font: inherit;">2020</div>&nbsp;Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K</div>").&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 Company'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, 2020</div></div>, as filed with the Securities and Exchange Commission (the "<div style="display: inline; text-decoration: underline;">SEC</div>") on <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>and the First Amendment to SGRP's Annual Report on&nbsp;Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K/A for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>as filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> April 29, 2021 (</div>as so amended, the "<div style="display: inline; text-decoration: underline;">Annual Report</div>").&nbsp; 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;">2020</div></div> Annual Report respecting the Company's Business and Risk Factors, respectively<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.&nbsp;</div></div>
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CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
624000
CY2021Q1 us-gaap Noncurrent Assets
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6697000
CY2020Q4 us-gaap Noncurrent Assets
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7296000
CY2021Q1 us-gaap Number Of Countries In Which Entity Operates
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9
CY2021Q1 us-gaap Number Of Reportable Segments
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2
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2718000
CY2020Q1 us-gaap Operating Income Loss
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1477000
CY2021Q1 us-gaap Operating Lease Cost
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217000
CY2020Q1 us-gaap Operating Lease Cost
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674000
CY2021Q1 us-gaap Operating Lease Liability
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2479000
CY2021Q1 us-gaap Operating Lease Liability Current
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960000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2021Q1 us-gaap Preferred Stock Shares Authorized
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2445598
CY2020Q4 us-gaap Preferred Stock Shares Authorized
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2445598
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
75000
CY2020Q1 us-gaap Other Nonoperating Income Expense
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8000
CY2021Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
332000
CY2020Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
342000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q4 us-gaap Operating Lease Liability Current
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1398000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
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1519000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1502000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
520000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
720000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2479000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2900000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
421000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
722000
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1484000
CY2020Q4 us-gaap Other Assets Noncurrent
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1601000
CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1835000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3900000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1835000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3900000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
19276000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
18745000
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
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2941000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3631000
CY2021Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
3646000
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1786000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
1781000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
922000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2734000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2795000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
69000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
44000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
99000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
25000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
302000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
112000
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
99000
CY2021Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2234000
CY2020Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1988000
CY2021Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
333000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10135000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9218000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
61097000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
61348000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
722000
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9011000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9771000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
25000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-65000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
22159000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
38622000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
38602000
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
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1697
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1697
CY2021Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2000
CY2020Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
50000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
97000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21581000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21228000
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
21188000
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
21105000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21188000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21105000

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