BG Staffing, Inc. Announces Intra Q2 2020 Financial Highlights
June 11 2020 - 8:55AM
Business Wire
BG Staffing, Inc. (NYSE: BGSF), a national provider of workforce
solutions, today reported selected intra second quarter financial
results during this pandemic economic downturn.
Intra Second Quarter 2020 Revenue Results:
Overall revenue for the first
two months of the quarter was 17% below the same period in 2019 as
a result of declines in all our legacy segments, which includes
revenue of $6.2 million from our two acquisitions, while revenue in
May showed a 3.1% increase over April.
Beth A. Garvey, President and CEO, stated, “As some businesses
begin to re-open in the COVID-19 environment, we are pleased with
the direction of revenues. Our Real Estate segment has shown strong
growth in the past few weeks as more properties open up and we
remain cautiously optimistic about overall business activity in the
third quarter.”
Dan Hollenbach, Chief
Financial Officer, said, “As expected, DSO rose to 60 days early in
May, but has been reduced to 54 days in June. Additionally, we
reduced our revolver balance to $12 million at the end of
May.”
About BGSF
Headquartered in Plano, Texas, BGSF provides workforce solutions
to a variety of industries through its various divisions in IT,
Cyber, Finance & Accounting, Creative, Real Estate (apartment
communities and commercial buildings), and Light Industrial. BGSF
has integrated several regional and national brands achieving
scalable growth. The Company was ranked by Staffing Industry
Analysts as the 64th largest U.S. staffing company in the 2019
update and the 45th largest IT staffing firm in 2018. The Company’s
disciplined acquisition philosophy, which builds value through both
financial growth and the retention of unique and dedicated talent
within BGSF’s family of companies, has resulted in a seasoned
management team with strong tenure and the ability to offer
exceptional service to our field talent and client partners while
building value for investors. For more information on the Company
and its services, please visit its website at
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,”
“continue,” “outlook,” “progressing,” 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.
Source: BG Staffing, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20200611005117/en/
Terri MacInnis, VP of Investor Relations Bibicoff + MacInnis,
Inc. 818.379.8500 terri@bibimac.com
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