PLANO, Texas, May 5, 2015
/PRNewswire/ -- BG Staffing, Inc. (NYSE MKT: BGSF), a rapidly
growing national provider of temporary staffing services, today
reported financial results for its quarter ended March 29,
2015.
Q1 2015 Overview
- In fiscal March, we completed our sixth acquisition (D&W
Talent, LLC) thereby expanding our service offerings into a new
business segment – finance and accounting.
- We paid our first dividend of $0.15 per share.
- Quarterly revenue exceeded Q1 2014 by $1.8 million, and margins increased by 0.6%.
"We continued to make important progress in executing our
business plan during the first quarter of 2015," said L. Allen Baker, Jr. President and CEO.
"The completion of this latest accretive acquisition, in the
attractive staffing niche of finance and accounting fits perfectly
into our growth and expansion plans. It will allow us to further
diversify the revenue and cash flow portfolio we are building for
our shareholders - and leverage our internal operational
infrastructure," Baker concluded.
Q1 2015 Results
Revenues for the first quarter 2015 were $40.9 million, an increase of 4.7% when compared
with revenues from the first quarter 2014 of $39.0 million. Gross profit was 20.4% for the
first quarter 2015 compared with 19.8% for the first quarter 2014.
The Company reported a net income of $0.2
million, or $0.02 per diluted
share for the first quarter 2015 compared with net loss of
$1.5 million, or $0.27 per diluted share for the first quarter
2014. On March 29, 2015, the Company's working capital
position was $10.7 million.
Adjusted EBITDA was $2.3 million,
or 5.7% of revenues, in the first quarter of 2015, compared with
$2.1 million, or 5.4% of revenues for
the same period in the prior year.
Non-GAAP Financial Measures
This press release contains the non-GAAP financial measure
Adjusted EBITDA. A non-GAAP financial measure is a numerical
measure of a company's financial performance that excludes or
includes amounts so as to be different than the most directly
comparable measure calculated and presented in accordance with
Generally Accepted Accounting Principles ("GAAP") in the United States in the statement of income,
balance sheet or statement of cash flows of a
company. Adjusted EBITDA is not a measurement of financial
performance under GAAP and should not be considered as an
alternative to net income, operating income, or any other
performance measure derived in accordance with GAAP, or as an
alternative to cash flow from operating activities or a measure of
our liquidity. We believe that Adjusted EBITDA is a useful
performance measure and is used by us to facilitate a comparison of
our operating performance on a consistent basis from
period-to-period and to provide for a more complete understanding
of factors and trends affecting our business than measures under
GAAP can provide alone.
We define "Adjusted EBITDA" as earnings before interest expense,
income taxes, depreciation and amortization expense, loss on early
extinguishment of related party debt, transaction fees related to
our acquisitions, and other non-cash expenses such as the put
option adjustment and stock-based compensation expense.
About BG Staffing, Inc.
Headquartered in Plano, Texas,
BG Staffing provides staffing services to a variety of industries
through its various divisions. BG Staffing is primarily a temporary
staffing platform that has integrated several regional and national
brands and is set to achieve scalable growth. The Company's
acquisition philosophy is one that not only brings financial
growth, but unique and dedicated talent within the companies. This
has led to a strong management team, with tenure and a desire to
offer exceptional service to candidates, customers and investors.
Please visit www.bgstaffing.com for more information.
Forward-Looking Statements
The forward looking statements in this press release are made
under the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. The Company's actual results could
differ materially from those indicated by the forward-looking
statements because of various risks and uncertainties including
those listed in Item 1A of the Company's Annual Report on Form 10-K
and in the Company's other filings and reports with the Securities
and Exchange Commission. All of the risks and uncertainties are
beyond the ability of the Company to control, and in many cases,
the Company cannot predict the risks and uncertainties that could
cause its actual results to differ materially from those indicated
by the forward-looking statements. When used in this press release,
the words "believes," "plans," "expects," "will," "intends," and
"anticipates" and similar expressions as they relate to the Company
or its management are intended to identify forward-looking
statements. Except as required by law, the Company is not obligated
to publicly release any revisions to these forward-looking
statements to reflect the events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated
events.
CONTACT:
Terri
MacInnis, VP of Investor Relations
Bibicoff + MacInnis, Inc. 818.379.8500
terri@bibimac.com
|
|
BG Staffing,
Inc.
|
Selected
Consolidated Statements of Operations Information
|
(amounts in
thousands, except per-share amounts)
|
|
|
First
Quarter
|
|
2015
|
|
2014
|
Revenues
|
$
|
40,884
|
|
$
|
39,038
|
Gross
profit
|
$
|
8,341
|
|
$
|
7,712
|
Sales, general and
administrative
|
$
|
6,348
|
|
$
|
6,506
|
Operating income
(loss)
|
$
|
864
|
|
$
|
(143)
|
Income (loss) before
income tax
|
$
|
311
|
|
$
|
(1,914)
|
Net income
(loss)
|
$
|
164
|
|
$
|
(1,530)
|
Net income (loss) per
diluted share
|
$
|
0.02
|
|
$
|
(0.27)
|
Weighted average
dilutive shares
|
6,936
|
|
5,599
|
|
Selected
Consolidated Balance Sheet Information
|
(amounts in
thousands)
|
|
|
Mar 29,
2015
|
|
Dec 28,
2014
|
Accounts receivable,
net
|
$
|
23,927
|
|
$
|
22,030
|
Property and
equipment, net
|
$
|
819
|
|
$
|
668
|
Total
assets
|
$
|
63,601
|
|
$
|
53,773
|
Total
liabilities
|
$
|
47,019
|
|
$
|
37,410
|
Total stockholders'
equity
|
$
|
16,582
|
|
$
|
16,363
|
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SOURCE BG Staffing, Inc.