PLANO, Texas, March 2,
2015 /PRNewswire/ -- BG Staffing, Inc.
(NYSE MKT: BGSF), a rapidly growing national provider of temporary
staffing services, today reported financial results for its full
year ended December 28, 2014.
2014 Overview
"We experienced strong revenue growth in
2014 with revenue exceeding 2013 by $21.1
million, and saw margins increased by nearly one percentage
point," said L. Allen Baker, Jr., President and CEO.
"We are extremely pleased with 2014, our first full year as a
public company. We have seen our strategy of integrating recent
acquisitions produce successful results in the form of higher sales
and margins. As a result of these efforts, we expect to continue to
increase revenues and to improve our profitability."
Baker continued, "Now that we have finalized the successful
integration of our InStaff acquisition, which was completed in
2013, we look forward to continuing to build on our five-year track
record of accretive acquisitions."
2014 Results
Revenues for the year 2014 were
$172.8 million, an increase of 13.9%
when compared with revenues from the year 2013 of $151.7 million. Gross profit was 20.0% for the
year 2014 compared with 19.2% for the year 2013. The gross margin
percentage increased on a year-over-year basis due to a revenue mix
shift resulting from increased revenues from higher margin
customers and a reduction in revenue of some lower margin
customers. The Company reported a net loss of $0.4 million, or $0.08 per diluted share for the full year 2014
compared with pro forma net income of $0.3
million, or $0.05 per diluted
share for the full year 2013. On December 28, 2014, the
Company's working capital position was $8.6
million.
During the full year 2014, our net loss included $3.4 million in non-cash expenses. The non-cash
expenses included $1.2 million in
non-cash expense related to stock options granted to management and
warrants issued to outsiders, a $1.0
million loss on extinguishment of related party debt, and
$1.2 million for the mark-to-market
impact of a put option.
BG Staffing,
Inc.
Selected Consolidated Statements of Operations Information
(amounts in thousands, except per-share amounts)
|
|
|
|
|
Year
|
|
|
|
2014
|
|
2013
|
Revenues
|
|
|
$
|
172,811
|
|
|
$
|
151,678
|
|
Gross
profit
|
|
|
$
|
34,527
|
|
|
$
|
29,063
|
|
Sales, general and
administrative
|
|
|
$
|
24,084
|
|
|
$
|
19,041
|
|
Operating
income
|
|
|
$
|
5,801
|
|
|
$
|
5,128
|
|
Income before income
tax
|
|
|
$
|
945
|
|
|
$
|
835
|
|
Net income
(loss)*
|
|
|
$
|
(429)
|
|
|
$
|
299
|
|
Net income (loss) per
diluted share*
|
|
|
$
|
(0.08)
|
|
|
$
|
0.05
|
|
Weighted average
dilutive shares*
|
|
|
5,649
|
|
|
5,646
|
|
|
*Pro forma for the
year ended December 29, 2013. The pro forma net income, net
income per diluted share, and weighted average dilutive share
amounts have been calculated, taking into consideration the
reorganization of the Company on November 3, 2013, as if the
Company were a C corporation for federal income tax purposes for
the full year of 2013.
|
Selected
Consolidated Balance Sheet Information
(amounts in thousands)
|
|
|
Dec 28,
2014
|
|
Dec 29,
2013
|
|
Accounts receivable,
net
|
$
|
22,030
|
|
$
|
23,347
|
|
Property and
equipment, net
|
$
|
668
|
|
$
|
523
|
|
Total
assets
|
$
|
53,773
|
|
$
|
58,623
|
|
Total
liabilities
|
$
|
37,409
|
|
$
|
50,520
|
|
Total stockholders'
equity
|
$
|
16,363
|
|
$
|
8,103
|
|
About BG Staffing, Inc.
Headquartered in Plano, Texas, BG Staffing provides staffing
services to a variety of industries through its multifamily,
information technology, finance & accounting, and commercial
divisions. BG Staffing is primarily a professional 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
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SOURCE BG Staffing