PLANO, Texas, July 27,
2018 /PRNewswire/ -- BG Staffing, Inc. (NYSE American: BGSF), a
rapidly growing national provider of professional temporary
staffing services, today reported record financial results for its
second quarter and six months ended July 1, 2018.
Quarter Two 2018
Results
|
|
|
|
2018
|
|
2017
|
|
Change
|
|
%
Change
|
|
|
(amounts in
thousands, except per-share amounts)
|
Revenues
|
|
$
|
70,945
|
|
|
$
|
68,774
|
|
|
$
|
2,171
|
|
|
3.2
|
%
|
Gross
profit
|
|
$
|
19,192
|
|
|
$
|
17,227
|
|
|
$
|
1,965
|
|
|
11.4
|
%
|
Gross profit
percentage
|
|
27.1
|
%
|
|
25.0
|
%
|
|
2.1
|
%
|
|
8.4
|
%
|
Net income
|
|
$
|
5,170
|
|
|
$
|
2,285
|
|
|
$
|
2,885
|
|
|
126.3
|
%
|
Net income per
diluted share
|
|
$
|
0.54
|
|
|
$
|
0.25
|
|
|
$
|
0.29
|
|
|
116.0
|
%
|
Weighted average
diluted shares
|
|
9,539
|
|
|
9,051
|
|
|
488
|
|
|
5.4
|
%
|
Adjusted EBITDA
(1)
|
|
$
|
7,883
|
|
|
$
|
6,634
|
|
|
$
|
1,249
|
|
|
18.8
|
%
|
Adjusted EBITDA
percentage (2)
|
|
11.1
|
%
|
|
9.6
|
%
|
|
1.5
|
%
|
|
15.6
|
%
|
|
|
Six-Month
2018 Results
|
|
|
|
2018
|
|
2017
|
|
Change
|
|
%
Change
|
|
|
(amounts in
thousands, except per-share amounts)
|
Revenues
|
|
$
|
137,801
|
|
|
$
|
125,618
|
|
|
$
|
12,183
|
|
|
9.7
|
%
|
Gross
profit
|
|
$
|
36,502
|
|
|
$
|
30,899
|
|
|
$
|
5,603
|
|
|
18.1
|
%
|
Gross profit
percentage
|
|
26.5
|
%
|
|
24.6
|
%
|
|
1.9
|
%
|
|
7.7
|
%
|
Net income
|
|
$
|
7,635
|
|
|
$
|
3,586
|
|
|
$
|
4,049
|
|
|
112.9
|
%
|
Net income per
diluted share
|
|
$
|
0.82
|
|
|
$
|
0.40
|
|
|
$
|
0.42
|
|
|
105.0
|
%
|
Weighted average
diluted shares
|
|
9,301
|
|
|
8,986
|
|
|
315
|
|
|
3.5
|
%
|
Adjusted EBITDA
(1)
|
|
$
|
13,281
|
|
|
$
|
10,776
|
|
|
$
|
2,505
|
|
|
23.2
|
%
|
Adjusted EBITDA
percentage (2)
|
|
9.6
|
%
|
|
8.6
|
%
|
|
1.0
|
%
|
|
11.6
|
%
|
L. Allen Baker, Jr., President
and CEO, stated, "We were pleased with the Company's performance in
both the second quarter and first half of the year, including
particularly strong growth in our Multifamily segment and added
growth from our 2017 acquisitions. These gains were fueled by
continued business optimism, a growing economy and low
unemployment."
Conference Call
The Participant Dial-In Number for the conference call is
1-631-891-4304. Participants should dial in to the call at least
five minutes before 1:30pm PT
(4:30pm ET) on July 27, 2018.
The call can also be accessed "live" online at
http://public.viavid.com/index.php?id=130230. A replay of the
recorded call will be available for 90 days on the Company's
website (http://bgstaffing.investorroom.com/). You can also listen
to a replay of the call by dialing 1-844-512-2921 (international
participants dial 1-412-317-6671) starting July 27, 2018, at
2:00pm ET through August 3, 2018
at 11:59 pm ET. Please use PIN Number
10005106.
(1) Non-GAAP
financial measure. See reconciliation at end for
details.
|
(2) Adjusted
EBITDA as a percentage of revenue.
|
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
professional temporary staffing platform that has integrated
several regional and national brands achieving scalable growth. The
Company was ranked as the 60th largest U.S. staffing
company in 2017 and was named the 71st fastest growing
staffing company in the country in 2016 by Staffing Industry
Analysts. The Company's disciplined acquisition philosophy, which
builds value through both financial growth and the retention of
unique and dedicated talent within BG Staffing's portfolio of
companies, has resulted in a seasoned management team with strong
tenure and the ability to offer exceptional service to candidates
and customers 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," 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.
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. 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 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. In addition, the financial covenants in our
credit agreement are based on Adjusted EBITDA as defined in the
credit agreement.
We define "Adjusted EBITDA" as earnings before interest expense,
income taxes, depreciation and amortization expense, non-cash
items, and certain items that management does not consider in
assessing our on-going operating performance.
Reconciliation of
Net Income to Adjusted EBITDA
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Twenty-six Weeks
Ended
|
|
|
July 1,
2018
|
|
June 25,
2017
|
|
July 1,
2018
|
|
June 25,
2017
|
|
|
(dollars in thousands)
|
Net income
|
|
$
|
5,170
|
|
|
$
|
2,285
|
|
|
$
|
7,635
|
|
|
$
|
3,586
|
|
Interest expense,
net
|
|
742
|
|
|
837
|
|
|
1,613
|
|
|
1,396
|
|
Income tax
expense
|
|
665
|
|
|
1,460
|
|
|
1,364
|
|
|
2,293
|
|
Depreciation and
amortization
|
|
1,258
|
|
|
1,865
|
|
|
2,554
|
|
|
3,236
|
|
Share-based
compensation
|
|
48
|
|
|
187
|
|
|
115
|
|
|
265
|
|
Adjusted
EBITDA
|
|
$
|
7,883
|
|
|
$
|
6,634
|
|
|
$
|
13,281
|
|
|
$
|
10,776
|
|
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SOURCE BG Staffing, Inc.