PLANO, Texas, Aug. 3, 2015
/PRNewswire/ -- BG Staffing, Inc. (NYSE MKT: BGSF), a rapidly
growing national provider of temporary staffing services across a
diverse set of industries, today reported financial results for its
second quarter and six-month period ended June 28, 2015.
Q2 2015 Overview
- Quarterly revenue exceeded Q2 2014 by $7.0 million, an increase of 16.2%
- Quarterly gross profit increased in each of our three business
segments -
- Commercial segment increased 11.5%
- Multifamily segment increased 29.6%
- Professional Staffing segment increased 40.6%
- Increased dividend to $0.25 from
$0.15
"Our momentum is building as we continue to make important
progress in executing our business plan during the second quarter
of 2015," said L. Allen Baker, Jr.
President and CEO.
"The completion of the integration of our latest accretive
acquisition, in the attractive staffing niche of finance and
accounting, has fit 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. We are firing on all cylinders
and look forward to finishing 2015 as our strongest year on
record," Baker concluded.
Q2 2015 Results
Revenues for the second quarter 2015 were $49.8 million, an increase of 16.2% when compared
with revenues from the second quarter 2014 of $42.8 million. Gross profit was 21.8% for the
second quarter 2015 compared with 19.8% for the second quarter
2014. The Company reported net income of $1.5 million, or $0.20 per diluted share for the second quarter
2015 compared with net income of $0.2
million, or $0.04 per diluted
share for the second quarter 2014.
Adjusted EBITDA was $4.1 million,
or 8.3% of revenues, in the second quarter of 2015, compared with
$2.9 million, or 6.8% of revenues for
the same period in the prior year.
Six-Month 2015 Results
Revenues for the first six months of 2015 were $90.7 million, an increase of 10.7% when compared
with revenues from the first six months of 2014 of $81.9 million. Gross profit was 21.2% for the
first six months of 2015 compared with 19.8% for the first six
months of 2014. The Company reported net income of $1.6 million, or $0.23 per diluted share for the first six months
of 2015 compared with a net loss of $1.3
million, or $0.23 per diluted
share for the first six months of 2014. On June 28, 2015, the
Company's working capital position was $8.6
million.
Adjusted EBITDA was $6.4 million,
or 7.1% of revenues, for the first six months of 2015, compared
with $5.0 million, or 6.2% of
revenues for the first six months of 2014.
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 continues 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.
For more information on the Company and its services, please visit
its website at http://www.bgstaffing.com/.
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)
|
|
|
|
Second
Quarter
|
|
Year-to-Date
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
$
|
49,781
|
|
$
|
42,830
|
|
$
|
90,666
|
|
$
|
81,868
|
Gross
profit
|
|
$
|
10,866
|
|
$
|
8,465
|
|
$
|
19,207
|
|
$
|
16,177
|
Sales, general and
administrative
|
|
$
|
6,878
|
|
$
|
5,659
|
|
$
|
13,226
|
|
$
|
12,164
|
Operating
income
|
|
$
|
2,677
|
|
$
|
1,622
|
|
$
|
3,541
|
|
$
|
1,479
|
Income (loss) before
income tax
|
|
$
|
2,308
|
|
$
|
746
|
|
$
|
2,620
|
|
$
|
(1,168)
|
Net income
(loss)
|
|
$
|
1,462
|
|
$
|
247
|
|
$
|
1,626
|
|
$
|
(1,284)
|
Net income (loss) per
diluted share
|
|
$
|
0.20
|
|
$
|
0.04
|
|
$
|
0.23
|
|
$
|
(0.23)
|
Weighted average
dilutive shares
|
|
7,270
|
|
5,676
|
|
7,099
|
|
5,599
|
Selected
Consolidated Balance Sheet Information
|
(amounts in
thousands)
|
|
|
Jun 28,
2015
|
|
Dec 28,
2014
|
Accounts receivable,
net
|
$
|
26,644
|
|
$
|
22,030
|
Property and
equipment, net
|
$
|
913
|
|
$
|
668
|
Total
assets
|
$
|
65,592
|
|
$
|
53,773
|
Total
liabilities
|
$
|
43,178
|
|
$
|
37,410
|
Total stockholders'
equity
|
$
|
22,414
|
|
$
|
16,363
|
BG Staffing, Inc.
Non-GAAP Financial Measures
The financial results of BG Staffing, Inc. are prepared in
conformity with accounting principles generally accepted in
the United States of America
("GAAP") and the rules of the U.S. Securities and Exchange
Commission ("SEC"). To help the readers understand the Company's
financial performance, the Company supplements its GAAP financial
results with 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 GAAP 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.
Reconciliation of
Net Income (Loss) to Adjusted EBITDA
|
|
|
|
Thirteen Weeks
Ended
|
|
Twenty-six Weeks
Ended
|
|
|
June 28,
2015
|
|
June 29,
2014
|
|
June 28,
2015
|
|
June 29,
2014
|
|
|
(dollars in thousands)
|
Net income
(loss)
|
|
$
|
1,462
|
|
$
|
247
|
|
$
|
1,626
|
|
$
|
(1,284)
|
Interest expense,
net
|
|
559
|
|
637
|
|
1,090
|
|
1,434
|
Income tax
expense
|
|
846
|
|
500
|
|
993
|
|
116
|
Depreciation and
amortization
|
|
1,312
|
|
1,184
|
|
2,440
|
|
2,533
|
Loss on
extinguishment of related party debt
|
|
—
|
|
—
|
|
—
|
|
987
|
Stock-based
compensation
|
|
123
|
|
115
|
|
183
|
|
1,027
|
Transaction
fees
|
|
2
|
|
—
|
|
273
|
|
—
|
Put option
adjustment
|
|
(190)
|
|
239
|
|
(169)
|
|
226
|
Adjusted
EBITDA
|
|
$
|
4,114
|
|
$
|
2,922
|
|
$
|
6,436
|
|
$
|
5,039
|
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visit:http://www.prnewswire.com/news-releases/bg-staffing-inc-announces-q2-2015-financial-results-300122150.html
SOURCE BG Staffing, Inc.