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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BG Staffing Inc | AMEX:BGSF | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.42 | 0 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
26-0656684
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
¨
|
|
Accelerated filer
|
þ
|
Non-accelerated filer
|
¨
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
þ
|
|
|
|
Emerging growth company
|
¨
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
common stock
|
BGSF
|
New York Stock Exchange American
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
•
|
future financial performance and growth targets or expectations;
|
•
|
market and industry trends and developments; and
|
•
|
the benefits of our completed and future merger, acquisition and disposition transactions.
|
•
|
the availability of field talents’ compensation insurance coverage at commercially reasonable terms;
|
•
|
the availability of qualified field talent;
|
•
|
compliance with federal, state and local labor and employment laws and regulations and changes in such laws and regulations;
|
•
|
the ability to compete with new competitors and competitors with superior marketing and financial resources;
|
•
|
management team changes;
|
•
|
the favorable resolution of current or future litigation;
|
•
|
the impact of outstanding indebtedness on the ability to fund operations or obtain additional financing;
|
•
|
the ability to leverage the benefits of recent acquisitions and successfully integrate newly acquired operations;
|
•
|
adverse changes in the economic conditions of the industries or markets that we serve;
|
•
|
disturbances in world financial, credit, and stock markets;
|
•
|
unanticipated changes in regulations affecting the company’s business;
|
•
|
a decline in consumer confidence and discretionary spending;
|
•
|
the general performance of the U.S. and global economies;
|
•
|
continued or escalated conflict in the Middle East; and
|
•
|
other risks referenced from time to time in our past and future filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended
December 30, 2018
.
|
|
|
|
|
March 31,
2019 |
|
December 30, 2018
|
||||
ASSETS
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
|
||||
|
Accounts receivable (net of allowance for doubtful accounts of $468,233 at 2019 and 2018)
|
|
$
|
35,708,420
|
|
|
$
|
37,606,721
|
|
|
|
Prepaid expenses
|
|
2,459,513
|
|
|
984,219
|
|
|||
|
Other current assets
|
|
22,733
|
|
|
22,733
|
|
|||
|
|
Total current assets
|
|
38,190,666
|
|
|
38,613,673
|
|
||
|
|
|
|
|
|
|
||||
Property and equipment, net
|
|
2,347,667
|
|
|
2,556,992
|
|
||||
|
|
|
|
|
|
|||||
Other assets
|
|
|
|
|
|
|
||||
|
Deposits
|
|
3,534,899
|
|
|
3,209,419
|
|
|||
|
Deferred income taxes, net
|
|
4,327,974
|
|
|
4,870,997
|
|
|||
|
Right-of-use asset - operating leases
|
|
3,924,340
|
|
|
—
|
|
|||
|
Intangible assets, net
|
|
32,347,648
|
|
|
33,034,173
|
|
|||
|
Goodwill
|
|
17,983,549
|
|
|
17,983,549
|
|
|||
|
|
Total other assets
|
|
62,118,410
|
|
|
59,098,138
|
|
||
|
Total assets
|
|
$
|
102,656,743
|
|
|
$
|
100,268,803
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
||||
|
Long-term debt, current portion (net of deferred finance fees of $32,436 and $44,920 for 2019 and 2018, respectively)
|
|
$
|
3,642,564
|
|
|
$
|
4,242,580
|
|
|
|
Accrued interest
|
|
101,204
|
|
|
308,547
|
|
|||
|
Accounts payable
|
|
154,159
|
|
|
146,257
|
|
|||
|
Accrued payroll and expenses
|
|
10,910,729
|
|
|
10,411,374
|
|
|||
|
Accrued workers’ compensation
|
|
451,544
|
|
|
530,980
|
|
|||
|
Contingent consideration, current portion
|
|
2,412,387
|
|
|
2,363,512
|
|
|||
|
Lease liability, current portion
|
|
1,352,717
|
|
|
—
|
|
|||
|
Income taxes payable
|
|
184,653
|
|
|
55,841
|
|
|||
|
|
Total current liabilities
|
|
19,209,957
|
|
|
18,059,091
|
|
||
|
|
|
|
|
|
|
||||
Line of credit (net of deferred finance fees of $527,799 and $571,782 for 2019 and 2018, respectively)
|
|
9,988,759
|
|
|
10,078,507
|
|
||||
Long-term debt, less current portion (net of deferred finance fees of $53,326 and $65,850 for 2019 and 2018, respectively)
|
|
4,555,174
|
|
|
5,767,650
|
|
||||
Lease liability, less current portion
|
|
3,654,186
|
|
|
—
|
|
||||
Other long-term liabilities
|
|
—
|
|
|
661,542
|
|
||||
|
Total liabilities
|
|
37,408,076
|
|
|
34,566,790
|
|
|||
|
|
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
Preferred stock, $0.01 par value per share, 500,000 shares authorized, -0- shares issued and outstanding
|
|
—
|
|
|
—
|
|
||||
Common stock, $0.01 par value per share; 19,500,000 shares authorized, 10,229,913 and 10,227,247 shares issued and outstanding for 2019 and 2018, respectively, net of treasury stock, at cost, 828 shares for 2019 and 2018
|
|
78,272
|
|
|
78,246
|
|
||||
Additional paid in capital
|
|
57,944,437
|
|
|
57,624,379
|
|
||||
Retained earnings
|
|
7,225,958
|
|
|
7,999,388
|
|
||||
|
Total stockholders’ equity
|
|
65,248,667
|
|
|
65,702,013
|
|
|||
|
Total liabilities and stockholders’ equity
|
|
$
|
102,656,743
|
|
|
$
|
100,268,803
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
|
2019
|
|
2018
|
||||
Revenues
|
|
$
|
68,776,067
|
|
|
$
|
66,855,470
|
|
|
Cost of services
|
|
50,337,427
|
|
|
49,545,539
|
|
|||
|
Gross profit
|
|
18,438,640
|
|
|
17,309,931
|
|
||
Selling, general and administrative expenses
|
|
13,620,423
|
|
|
11,979,120
|
|
|||
Depreciation and amortization
|
|
1,231,509
|
|
|
1,295,506
|
|
|||
|
Operating income
|
|
3,586,708
|
|
|
4,035,305
|
|
||
Interest expense, net
|
|
353,237
|
|
|
871,092
|
|
|||
|
Income before income taxes
|
|
3,233,471
|
|
|
3,164,213
|
|
||
Income tax expense
|
|
737,447
|
|
|
698,642
|
|
|||
|
Net income
|
|
$
|
2,496,024
|
|
|
$
|
2,465,571
|
|
|
|
|
|
|
|
||||
Net income per share:
|
|
|
|
|
|
|
|||
|
Basic
|
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
Diluted
|
|
$
|
0.24
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|||
|
Basic
|
|
10,229,462
|
|
|
8,761,292
|
|
||
|
Diluted
|
|
10,404,355
|
|
|
9,087,016
|
|
||
|
|
|
|
|
|
||||
Cash dividends declared per common share
|
|
$
|
0.30
|
|
|
$
|
0.25
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Preferred
Stock
|
|
Shares
|
|
Par
Value
|
|
Treasury Stock Amount
|
|
Additional Paid in Capital
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
Stockholders’ equity, December 31, 2017
|
|
$
|
—
|
|
|
8,759,376
|
|
|
$
|
87,594
|
|
|
$
|
—
|
|
|
$
|
37,675,329
|
|
|
$
|
1,371,756
|
|
|
$
|
39,134,679
|
|
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,029
|
|
|
—
|
|
|
67,029
|
|
||||||
Exercise of common stock options and warrants
|
|
—
|
|
|
4,589
|
|
|
46
|
|
|
—
|
|
|
(7,546
|
)
|
|
—
|
|
|
(7,500
|
)
|
||||||
Cash dividend declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,189,844
|
)
|
|
(2,189,844
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,465,571
|
|
|
2,465,571
|
|
||||||
Stockholders’ equity, April 1, 2018
|
|
$
|
—
|
|
|
8,763,965
|
|
|
$
|
87,640
|
|
|
$
|
—
|
|
|
$
|
37,734,812
|
|
|
$
|
1,647,483
|
|
|
39,469,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Stockholders’ equity, December 30, 2018
|
|
$
|
—
|
|
|
10,227,247
|
|
|
$
|
102,273
|
|
|
$
|
(24,027
|
)
|
|
$
|
57,624,379
|
|
|
$
|
7,999,388
|
|
|
$
|
65,702,013
|
|
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
320,084
|
|
|
—
|
|
|
320,084
|
|
||||||
Cancellation of restricted shares
|
|
—
|
|
|
(2,250
|
)
|
|
(23
|
)
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||||
Exercise of common stock options and warrants
|
|
—
|
|
|
4,916
|
|
|
49
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
||||||
Change in accounting principal - operating leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(200,607
|
)
|
|
(200,607
|
)
|
||||||
Cash dividend declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,068,847
|
)
|
|
(3,068,847
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,496,024
|
|
|
2,496,024
|
|
||||||
Stockholders’ equity, March 31, 2019
|
|
$
|
—
|
|
|
10,229,913
|
|
|
$
|
102,299
|
|
|
$
|
(24,027
|
)
|
|
$
|
57,944,437
|
|
|
$
|
7,225,958
|
|
|
$
|
65,248,667
|
|
|
|
|
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
|||||
|
Net income
|
|
$
|
2,496,024
|
|
|
$
|
2,465,571
|
|
||
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|||
|
|
Depreciation
|
|
202,426
|
|
|
165,836
|
|
|||
|
|
Amortization
|
|
1,029,083
|
|
|
1,129,670
|
|
|||
|
|
Amortization of deferred financing fees
|
|
68,991
|
|
|
80,776
|
|
|||
|
|
Interest expense on contingent consideration payable
|
|
48,874
|
|
|
179,378
|
|
|||
|
|
Provision for doubtful accounts
|
|
(53,457
|
)
|
|
197,321
|
|
|||
|
|
Share-based compensation
|
|
320,084
|
|
|
67,029
|
|
|||
|
|
Deferred income taxes
|
|
543,023
|
|
|
149,257
|
|
|||
|
|
Net changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|||
|
|
|
Accounts receivable
|
|
1,951,758
|
|
|
1,492,164
|
|
||
|
|
|
Prepaid expenses
|
|
(1,475,294
|
)
|
|
(855,638
|
)
|
||
|
|
|
Other current assets
|
|
—
|
|
|
(58,625
|
)
|
||
|
|
|
Deposits
|
|
(325,480
|
)
|
|
(136,263
|
)
|
||
|
|
|
Accrued interest
|
|
(207,343
|
)
|
|
35,188
|
|
||
|
|
|
Accounts payable
|
|
7,902
|
|
|
(1,155,647
|
)
|
||
|
|
|
Accrued payroll and expenses
|
|
748,466
|
|
|
(330,490
|
)
|
||
|
|
|
Accrued workers’ compensation
|
|
(79,436
|
)
|
|
(185,333
|
)
|
||
|
|
|
Other current liabilities
|
|
—
|
|
|
(87,552
|
)
|
||
|
|
|
Income taxes payable
|
|
128,812
|
|
|
498,088
|
|
||
|
|
|
Operating leases
|
|
(22,891
|
)
|
|
—
|
|
||
|
|
|
Other long-term liabilities
|
|
—
|
|
|
(54,959
|
)
|
||
|
|
Net cash provided by operating activities
|
|
5,381,542
|
|
|
3,595,771
|
|
|||
|
|
|
|
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
|||||
|
Capital expenditures
|
|
(341,464
|
)
|
|
(153,904
|
)
|
||||
|
|
Net cash used in investing activities
|
|
(341,464
|
)
|
|
(153,904
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|||||
|
Net payments under line of credit
|
|
(133,731
|
)
|
|
(632,023
|
)
|
||||
|
Principal payments on long-term debt
|
|
(1,837,500
|
)
|
|
(612,500
|
)
|
||||
|
Payments of dividends
|
|
(3,068,847
|
)
|
|
(2,189,844
|
)
|
||||
|
Issuance of shares under the 2013 Long-Term Incentive Plan and Form S-3 registration statement, net of exercises
|
|
—
|
|
|
(7,500
|
)
|
||||
|
|
Net cash used in financing activities
|
|
(5,040,078
|
)
|
|
(3,441,867
|
)
|
|||
Net change in cash and cash equivalents
|
|
—
|
|
|
—
|
|
|||||
Cash and cash equivalents, beginning of period
|
|
—
|
|
|
—
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
—
|
|
|
$
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
|
|
|
|||||
|
Cash paid for interest
|
|
$
|
510,280
|
|
|
$
|
529,195
|
|
||
|
Cash paid for taxes, net of refunds
|
|
$
|
54,201
|
|
|
$
|
43,500
|
|
||
Non-cash transactions:
|
|
|
|
|
|
|
|||||
|
Leasehold improvements funded by landlord incentives
|
|
$
|
—
|
|
|
$
|
214,222
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 31,
2019 |
|
April 1,
2018 |
||||
Beginning balance
|
|
$
|
468,233
|
|
|
$
|
473,573
|
|
Provision for doubtful accounts
|
|
(53,457
|
)
|
|
197,321
|
|
||
Amounts collected (written off), net
|
|
53,457
|
|
|
(197,321
|
)
|
||
Ending balance
|
|
$
|
468,233
|
|
|
$
|
473,573
|
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
|
March 31,
2019 |
|
April 1,
2018 |
||
Weighted-average number of common shares outstanding:
|
|
10,229,462
|
|
|
8,761,292
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|||
|
Stock options and restricted stock
|
|
127,104
|
|
|
286,875
|
|
|
Warrants
|
|
47,789
|
|
|
38,849
|
|
Weighted-average number of diluted common shares outstanding
|
|
10,404,355
|
|
|
9,087,016
|
|
|
|
|
|
|
|
|
||
|
Stock options and restricted stock
|
|
243,750
|
|
|
178,000
|
|
|
Warrants
|
|
—
|
|
|
32,250
|
|
Antidilutive shares
|
|
243,750
|
|
|
210,250
|
|
|
|
March 31,
2019 |
||
2019
|
|
$
|
1,199,013
|
|
2020
|
|
1,265,752
|
|
|
2021
|
|
1,144,941
|
|
|
2022
|
|
990,163
|
|
|
2023
|
|
603,858
|
|
|
Thereafter
|
|
418,768
|
|
|
Total lease payments
|
|
5,622,495
|
|
|
Interest
|
|
(615,592
|
)
|
|
Present value of lease liabilities
|
|
$
|
5,006,903
|
|
|
|
March 31,
2019 |
|
December 30,
2018 |
||||
Field talent payroll
|
|
$
|
5,058,586
|
|
|
$
|
4,236,534
|
|
Field talent payroll related
|
|
1,825,303
|
|
|
1,402,926
|
|
||
Accrued bonuses and commissions
|
|
1,333,440
|
|
|
1,673,130
|
|
||
Other
|
|
2,693,400
|
|
|
3,098,784
|
|
||
Accrued payroll and expenses
|
|
$
|
10,910,729
|
|
|
$
|
10,411,374
|
|
|
Estimated Cash Payment
|
|
Discount
|
|
Net
|
||||||
Due in:
|
|
|
|
|
|
||||||
Less than one year
|
$
|
2,500,000
|
|
|
$
|
(87,613
|
)
|
|
$
|
2,412,387
|
|
|
|
March 31,
2019 |
|
December 30,
2018 |
||||||||
Base Rate
|
|
$
|
3,016,558
|
|
6.50
|
%
|
|
$
|
650,289
|
|
6.50
|
%
|
LIBOR
|
|
4,000,000
|
|
5.23
|
%
|
|
5,000,000
|
|
5.16
|
%
|
||
LIBOR
|
|
3,500,000
|
|
5.24
|
%
|
|
5,000,000
|
|
5.16
|
%
|
||
Total
|
|
$
|
10,516,558
|
|
|
|
$
|
10,650,289
|
|
|
|
|
March 31,
2019 |
|
December 30,
2018 |
||||||||
Base Rate
|
|
$
|
83,500
|
|
6.50
|
%
|
|
$
|
1,121,000
|
|
6.50
|
%
|
LIBOR
|
|
6,500,000
|
|
5.48
|
%
|
|
6,500,000
|
|
5.41
|
%
|
||
LIBOR
|
|
1,700,000
|
|
5.49
|
%
|
|
2,500,000
|
|
5.41
|
%
|
||
Long-term debt
|
|
$
|
8,283,500
|
|
|
|
$
|
10,121,000
|
|
|
Amounts Recorded at Fair Value
|
|
Financial Statement Classification
|
|
Fair Value
Hierarchy
|
|
March 31,
2019 |
|
December 30,
2018 |
||||
Contingent consideration, net
|
|
Contingent consideration, net - current and long-term
|
|
Level 3
|
|
$
|
2,412,387
|
|
|
$
|
2,363,512
|
|
|
Number of
Shares
|
|
Weighted Average Exercise Price Per Share
|
|
Weighted Average Remaining Contractual Life
|
|
Total Intrinsic Value of Awards
(in thousands)
|
|||||
Awards outstanding at December 30, 2018
|
526,985
|
|
|
$
|
16.49
|
|
|
7.7
|
|
$
|
2,932
|
|
Granted
|
68,750
|
|
|
$
|
26.44
|
|
|
|
|
|
||
Exercised
|
(11,840
|
)
|
|
$
|
13.89
|
|
|
|
|
|
||
Forfeited / Canceled
|
(12,950
|
)
|
|
$
|
12.42
|
|
|
|
|
|
||
Awards outstanding at March 31, 2019
|
570,945
|
|
|
$
|
17.83
|
|
|
7.8
|
|
$
|
3,282
|
|
|
|
|
|
|
|
|
|
|||||
Awards exercisable at December 30, 2018
|
238,085
|
|
|
$
|
13.96
|
|
|
7.2
|
|
$
|
1,684
|
|
Awards exercisable at March 31, 2019
|
239,995
|
|
|
$
|
14.68
|
|
|
7.1
|
|
$
|
1,916
|
|
|
|
Number of
Shares |
|
Weighted Average Grant Date Fair Value
|
|||
Nonvested outstanding at December 30, 2018
|
|
288,900
|
|
|
$
|
8.34
|
|
Nonvested outstanding at March 31, 2019
|
|
330,950
|
|
|
$
|
8.54
|
|
|
Number of
Shares
|
|
Weighted Average Exercise Price Per Share
|
|
Weighted Average Remaining Contractual Life
|
|
Total Intrinsic Value of Options
(in thousands)
|
|||||
Warrants outstanding at December 30, 2018
|
93,216
|
|
|
$
|
11.59
|
|
|
1.3
|
|
$
|
805
|
|
Exercised
|
(1,020
|
)
|
|
$
|
14.86
|
|
|
|
|
|
||
Warrants outstanding at March 31, 2019
|
92,196
|
|
|
$
|
13.84
|
|
|
1.5
|
|
$
|
516
|
|
|
|
|
|
|
|
|
|
|||||
Warrants exercisable at December 30, 2018
|
93,216
|
|
|
$
|
11.59
|
|
|
1.3
|
|
$
|
805
|
|
Warrants exercisable at March 31, 2019
|
92,196
|
|
|
$
|
13.84
|
|
|
1.5
|
|
$
|
516
|
|
Amortization:
|
|
|
|
|
|
|
||
Professional
|
|
$
|
1,022,805
|
|
|
$
|
1,060,147
|
|
Light Industrial
|
|
—
|
|
|
66,151
|
|
||
Corporate
|
|
6,278
|
|
|
3,372
|
|
||
Total
|
|
$
|
1,029,083
|
|
|
$
|
1,129,670
|
|
|
|
|
|
|
||||
Operating income:
|
|
|
|
|
||||
Real Estate
|
|
$
|
2,819,711
|
|
|
$
|
2,606,378
|
|
Professional
|
|
1,833,559
|
|
|
2,266,656
|
|
||
Light Industrial
|
|
1,202,991
|
|
|
1,056,054
|
|
||
Corporate - selling
|
|
(132,428
|
)
|
|
(173,948
|
)
|
||
Corporate - general and administrative
|
|
(2,137,125
|
)
|
|
(1,719,835
|
)
|
||
Total
|
|
$
|
3,586,708
|
|
|
$
|
4,035,305
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 31,
2019 |
|
April 1,
2018 |
||||
Capital expenditures:
|
|
|
|
|
||||
Real Estate
|
|
$
|
10,661
|
|
|
$
|
9,161
|
|
Professional
|
|
328,648
|
|
|
10,992
|
|
||
Light Industrial
|
|
2,155
|
|
|
—
|
|
||
Corporate
|
|
—
|
|
|
133,751
|
|
||
Total
|
|
$
|
341,464
|
|
|
$
|
153,904
|
|
|
|
March 31,
2019 |
|
December 30,
2018 |
||||
Total Assets:
|
|
|
|
|
|
|
||
Real Estate
|
|
$
|
13,199,509
|
|
|
$
|
12,647,505
|
|
Professional
|
|
63,899,594
|
|
|
62,403,104
|
|
||
Light Industrial
|
|
19,406,383
|
|
|
18,992,392
|
|
||
Corporate
|
|
6,151,257
|
|
|
6,225,802
|
|
||
Total
|
|
$
|
102,656,743
|
|
|
$
|
100,268,803
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
|
March 31,
2019 |
|
April 1,
2018 |
||||
|
|
|
(dollars in thousands)
|
||||||
Revenues
|
|
$
|
68,776
|
|
|
$
|
66,855
|
|
|
Cost of services
|
|
50,337
|
|
|
49,545
|
|
|||
|
Gross profit
|
|
18,439
|
|
|
17,310
|
|
||
Selling, general and administrative expenses
|
|
13,621
|
|
|
11,978
|
|
|||
Depreciation and amortization
|
|
1,232
|
|
|
1,296
|
|
|||
|
Operating income
|
|
3,586
|
|
|
4,036
|
|
||
Interest expense, net
|
|
353
|
|
|
871
|
|
|||
|
Income before income tax
|
|
3,233
|
|
|
3,165
|
|
||
Income tax expense
|
|
737
|
|
|
699
|
|
|||
|
Net income
|
|
$
|
2,496
|
|
|
$
|
2,466
|
|
|
|
|
|
|
|
||||
Revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|||
Cost of services
|
|
73.2
|
%
|
|
74.1
|
%
|
|||
|
Gross profit
|
|
26.8
|
%
|
|
25.9
|
%
|
||
Selling, general and administrative expenses
|
|
19.8
|
%
|
|
17.9
|
%
|
|||
Depreciation and amortization
|
|
1.8
|
%
|
|
1.9
|
%
|
|||
|
Operating income
|
|
5.2
|
%
|
|
6.0
|
%
|
||
Interest expense, net
|
|
0.5
|
%
|
|
1.3
|
%
|
|||
|
Income before income tax
|
|
4.7
|
%
|
|
4.7
|
%
|
||
Income tax expense
|
|
1.1
|
%
|
|
1.0
|
%
|
|||
|
Net income
|
|
3.6
|
%
|
|
3.7
|
%
|
Revenues:
|
|
Thirteen Weeks Ended
|
|||||||||||||
|
|
|
March 31,
2019 |
|
April 1,
2018 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Revenues by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
19,176
|
|
|
27.9
|
%
|
|
$
|
18,034
|
|
|
27.0
|
%
|
|
Professional
|
|
30,594
|
|
|
44.5
|
%
|
|
31,090
|
|
|
46.5
|
%
|
||
|
Light Industrial
|
|
19,006
|
|
|
27.6
|
%
|
|
17,731
|
|
|
26.5
|
%
|
||
|
Total Revenues
|
|
$
|
68,776
|
|
|
100.0
|
%
|
|
$
|
66,855
|
|
|
100.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
||||||||||||
|
|
|
March 31,
2019 |
|
April 1,
2018 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Gross Profit by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
7,387
|
|
|
40.1
|
%
|
|
$
|
6,880
|
|
|
39.7
|
%
|
|
Professional
|
|
8,283
|
|
|
44.9
|
%
|
|
7,872
|
|
|
45.5
|
%
|
||
|
Light Industrial
|
|
2,769
|
|
|
15.0
|
%
|
|
2,558
|
|
|
14.8
|
%
|
||
|
Total Gross Profit
|
|
$
|
18,439
|
|
|
100.0
|
%
|
|
$
|
17,310
|
|
|
100.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
|
March 31,
2019 |
|
April 1,
2018 |
||
Gross Profit Percentage by segment:
|
|
|
|
|
|
|
|
|
Real Estate
|
|
38.5
|
%
|
|
38.2
|
%
|
|
Professional
|
|
27.1
|
%
|
|
25.3
|
%
|
|
Light Industrial
|
|
14.6
|
%
|
|
14.4
|
%
|
|
Company Gross Profit
|
|
26.8
|
%
|
|
25.9
|
%
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 31,
2019 |
|
April 1,
2018 |
||||
|
|
(dollars in thousands)
|
||||||
Net income
|
|
$
|
2,496
|
|
|
$
|
2,466
|
|
Interest expense, net
|
|
353
|
|
|
871
|
|
||
Income tax expense
|
|
737
|
|
|
699
|
|
||
Operating income
|
|
3,586
|
|
|
4,036
|
|
||
Depreciation and amortization
|
|
1,232
|
|
|
1,296
|
|
||
Share-based compensation
|
|
320
|
|
|
67
|
|
||
Transaction fees
|
|
21
|
|
|
69
|
|
||
Adjusted EBITDA
|
|
$
|
5,159
|
|
|
$
|
5,468
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 31,
2019 |
|
April 1,
2018 |
||||
|
|
(dollars in thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
5,382
|
|
|
$
|
3,596
|
|
Net cash used in investing activities
|
|
(341
|
)
|
|
(154
|
)
|
||
Net cash used in financing activities
|
|
(5,041
|
)
|
|
(3,442
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
Exhibit
Number
|
|
Description
|
|
|
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3**
|
|
|
10.4**
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1†
|
|
|
|
|
|
101.INS *
|
|
XBRL Instance Document.
|
101.SCH *
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL *
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF *
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB *
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE *
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
*
|
Filed herewith.
|
|
**
|
Management contract or compensatory plan or arrangement.
|
|
†
|
This certification is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
|
|
BG STAFFING, INC.
|
|
|
|
|
|
|
/s/ Beth Garvey
|
|
Name:
|
Beth Garvey
|
|
Title:
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Dan Hollenbach
|
|
Name:
|
Dan Hollenbach
|
|
Title:
|
Chief Financial Officer and Secretary
|
|
|
(Principal Financial Officer)
|
|
|
|
1 Year BG Staffing Chart |
1 Month BG Staffing Chart |
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