AUBURN
HILLS, Mich., May 15, 2023
/PRNewswire/ -- SPAR Group, Inc. (NASDAQ: SGRP) ("SPAR",
"SPAR Group" or the "Company"), a leading global provider of
merchandising and marketing services, today announced that it is
postponing its earnings report and conference call to allow for
additional time for the Company and the Company's external auditors
to complete their work on first quarter's results.
Although the Company's external auditors are finalizing their
work, the Company currently anticipates revenue for the three
months ended March 31, 2023 to be
$64 million, up 9.1%, with gross
margin expansion for the quarter compared to the prior year
quarter, as well as operating income up over 50% compared to the
prior year quarter.
The Company will issue the earnings report upon the completion
of the external auditor's quarterly review.
About SPAR Group, Inc.
SPAR Group is a global merchandising and marketing services
company, providing a broad range of services to retailers,
manufacturers, and distributors around the world. With more
than 50 years of experience, 25,000+ merchandising specialists
around the world, an average of 200,000+ store visits a week and
long-term relationships with some of the world's leading
manufacturers and retail businesses. For more information,
please visit the SPAR Group's website at
http://www.sparinc.com.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains, and the above referenced
recorded comments, will contain "forward-looking statements" within
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, made by, or respecting, SPAR Group,
Inc. ("SGRP") and its subsidiaries (together with SGRP,
"SPAR", "SPAR Group" or the "Company"), filed in a Current Report
on Form 10-Q by SGRP with the Securities and Exchange
Commission (the "SEC") on November 15, 2021. There also
are forward-looking statements contained in SGRP's Annual Report on
Form 10-K for its fiscal year ended December 31, 2021, as
filed with the SEC on April 15, 2022, and SGRP's
First Amendment to Annual Report on Form 10-K/A for the year
ended December 31, 2020, as filed with
the SEC on May 2, 2022 (as so amended, the
"Annual Report"), in SGRP's amended definitive Proxy Statement
respecting its Annual Meeting of Stockholders held on August
12, 2021, which SGRP filed with the SEC on July 20, 2021 (the "Proxy Statement"), and
the SGRP's Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other reports and statements as and when filed with
the SEC (including the Quarterly Report, the Annual
Report and the Proxy Statement, the Information Statement, the
Second Special Meeting Proxy/Information Statement, each a "SEC
Report"). "Forward-looking statements" are defined in Section 27A
of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and other applicable federal and state
securities laws, rules and regulations, as amended (together with
the Securities Act and Exchange Act, the "Securities
Laws").
The forward-looking statements made by the Company in this
Press Release may include (without limitation) any expectations,
guidance or other information respecting the pursuit or achievement
of the Company's corporate strategic objectives. The
Company's forward-looking statements also include, in particular
and without limitation, those made in "Business", "Risk Factors",
"Legal Proceedings", and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Annual
Report. You can identify forward-looking statements in such
information by the Company's use of terms such as "may", "will",
"expect", "intend", "believe", "estimate", "anticipate",
"continue", "plan", "project" or similar words or variations or
negatives of those words.
You should carefully consider (and not place undue reliance
on) the Company's forward-looking statements, risk factors and the
other risks, cautions and information made, contained or noted in
or incorporated by reference into this Press Release, the Annual
Report, the Proxy Statement and the other applicable SEC Reports
that could cause the Company's actual performance or condition
(including its assets, business, clients, capital, cash flow,
credit, expenses, financial condition, income, liabilities,
liquidity, locations, marketing, operations, performance,
prospects, sales, strategies, taxation or other achievement,
results, risks, trends or condition) to differ materially from the
performance or condition planned, intended, anticipated, estimated
or otherwise expected by the Company (collectively, "expectations")
and described in the information in the Company's forward-looking
and other statements, whether expressed or implied. Although the
Company believes them to be reasonable, those expectations involve
known and unknown risks, uncertainties, and other unpredictable
factors (many of which are beyond the Company's control) that could
cause those expectations to fail to occur or be realized or such
actual performance or condition to be materially and adversely
different from the Company's expectations. In addition, new risks
and uncertainties arise from time to time, and it is impossible for
the Company to predict these matters or how they may arise or
affect the Company. Accordingly, the Company cannot assure you that
its expectations will be achieved in whole or in part, that the
Company has identified all potential risks, or that the Company can
successfully avoid or mitigate such risks in whole or in part, any
of which could be significant and materially adverse to the Company
and the value of your investment in SGRP's Common Stock.
You should also carefully review the risk factors described
in the Annual Report (See Item 1A – Risk Factors) and any other
risks, cautions or information made, contained or noted in or
incorporated by reference into the Annual Report, the Proxy
Statement or other applicable SEC Report. All forward-looking and
other statements or information attributable to the Company or
persons acting on its behalf are expressly subject to and qualified
by all such risk factors and other risks, cautions and
information.
The Company does not intend or promise, and the Company
expressly disclaims any obligation, to publicly update or revise
any forward-looking statements, risk factors or other risks,
cautions or information (in whole or in part), whether as a result
of new information, risks or uncertainties, future events or
recognition or otherwise, except as and to the extent required by
applicable law.
Investor Relations Contact:
Three Part Advisors,
LLC
Sandy Martin or Phillip Kupper
smartin@threepa.com or pkupper@threepa.com
214-616-2207 or 817-778-8339
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SOURCE SPAR Group, Inc.