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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 |
☑
|
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
|
☑
|
|
|
|
Emerging growth company
|
☐
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock
|
BGSF
|
NYSE 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 or elsewhere; 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.
|
|
|
|
|
September 29,
2019 |
|
December 30, 2018
|
||||
ASSETS
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
|
||||
|
Accounts receivable (net of allowance for doubtful accounts of $468,233 at 2019 and 2018)
|
|
$
|
40,399,213
|
|
|
$
|
37,606,721
|
|
|
|
Prepaid expenses
|
|
1,709,978
|
|
|
984,219
|
|
|||
|
Other current assets
|
|
38,933
|
|
|
22,733
|
|
|||
|
|
Total current assets
|
|
42,148,124
|
|
|
38,613,673
|
|
||
|
|
|
|
|
|
|
||||
Property and equipment, net
|
|
3,099,489
|
|
|
2,556,992
|
|
||||
|
|
|
|
|
|
|||||
Other assets
|
|
|
|
|
|
|
||||
|
Deposits
|
|
3,700,754
|
|
|
3,209,419
|
|
|||
|
Deferred income taxes, net
|
|
4,408,099
|
|
|
4,870,997
|
|
|||
|
Right-of-use asset - operating leases
|
|
4,113,793
|
|
|
—
|
|
|||
|
Intangible assets, net
|
|
30,539,442
|
|
|
33,034,173
|
|
|||
|
Goodwill
|
|
17,983,549
|
|
|
17,983,549
|
|
|||
|
|
Total other assets
|
|
60,745,637
|
|
|
59,098,138
|
|
||
|
Total assets
|
|
$
|
105,993,250
|
|
|
$
|
100,268,803
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
||||
|
Long-term debt, current portion (net of deferred finance fees of $-0- and $44,920 for 2019 and 2018, respectively)
|
|
$
|
—
|
|
|
$
|
4,242,580
|
|
|
|
Accrued interest
|
|
203,620
|
|
|
308,547
|
|
|||
|
Accounts payable
|
|
140,541
|
|
|
146,257
|
|
|||
|
Accrued payroll and expenses
|
|
11,992,541
|
|
|
10,411,374
|
|
|||
|
Accrued workers’ compensation
|
|
447,650
|
|
|
530,980
|
|
|||
|
Contingent consideration, current portion
|
|
—
|
|
|
2,363,512
|
|
|||
|
Lease liability, current portion
|
|
1,271,711
|
|
|
—
|
|
|||
|
Income taxes payable
|
|
279,607
|
|
|
55,841
|
|
|||
|
|
Total current liabilities
|
|
14,335,670
|
|
|
18,059,091
|
|
||
|
|
|
|
|
|
|
||||
Line of credit (net of deferred finance fees of $357,528 and $571,782 for 2019 and 2018, respectively)
|
|
20,196,123
|
|
|
10,078,507
|
|
||||
Long-term debt, less current portion (net of deferred finance fees of $-0- and $65,850 for 2019 and 2018, respectively)
|
|
—
|
|
|
5,767,650
|
|
||||
Lease liability, less current portion
|
|
3,875,349
|
|
|
—
|
|
||||
Other long-term liabilities
|
|
—
|
|
|
661,542
|
|
||||
|
Total liabilities
|
|
38,407,142
|
|
|
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, 10,242,114 and 10,227,247 shares issued and outstanding for 2019 and 2018, respectively, net of treasury stock, at cost, 1,004 and 828 shares for 2019 and 2018, respectively
|
|
75,103
|
|
|
78,246
|
|
||||
Additional paid in capital
|
|
58,416,884
|
|
|
57,624,379
|
|
||||
Retained earnings
|
|
9,094,121
|
|
|
7,999,388
|
|
||||
|
Total stockholders’ equity
|
|
67,586,108
|
|
|
65,702,013
|
|
|||
|
Total liabilities and stockholders’ equity
|
|
$
|
105,993,250
|
|
|
$
|
100,268,803
|
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
|
$
|
79,364,306
|
|
|
$
|
77,062,137
|
|
|
$
|
221,998,263
|
|
|
$
|
214,863,045
|
|
|
Cost of services
|
|
57,187,684
|
|
|
55,689,112
|
|
|
160,520,167
|
|
|
156,987,810
|
|
|||||
|
Gross profit
|
|
22,176,622
|
|
|
21,373,025
|
|
|
61,478,096
|
|
|
57,875,235
|
|
||||
Selling, general and administrative expenses
|
|
14,502,757
|
|
|
14,022,464
|
|
|
42,361,018
|
|
|
38,530,315
|
|
|||||
Gain on contingent consideration
|
|
—
|
|
|
(988,303
|
)
|
|
—
|
|
|
(2,160,307
|
)
|
|||||
Depreciation and amortization
|
|
1,196,753
|
|
|
1,247,537
|
|
|
3,632,500
|
|
|
3,801,425
|
|
|||||
|
Operating income
|
|
6,477,112
|
|
|
7,091,327
|
|
|
15,484,578
|
|
|
17,703,802
|
|
||||
Loss on extinguishment of debt
|
|
540,705
|
|
|
—
|
|
|
540,705
|
|
|
—
|
|
|||||
Interest expense, net
|
|
395,448
|
|
|
661,683
|
|
|
1,244,795
|
|
|
2,274,575
|
|
|||||
|
Income before income taxes
|
|
5,540,959
|
|
|
6,429,644
|
|
|
13,699,078
|
|
|
15,429,227
|
|
||||
Income tax expense
|
|
1,333,789
|
|
|
1,368,258
|
|
|
3,194,055
|
|
|
2,732,386
|
|
|||||
|
Net income
|
|
$
|
4,207,170
|
|
|
$
|
5,061,386
|
|
|
$
|
10,505,023
|
|
|
$
|
12,696,841
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
$
|
0.41
|
|
|
$
|
0.50
|
|
|
$
|
1.03
|
|
|
$
|
1.36
|
|
|
Diluted
|
|
$
|
0.41
|
|
|
$
|
0.49
|
|
|
$
|
1.01
|
|
|
$
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
10,239,126
|
|
|
10,109,791
|
|
|
10,233,725
|
|
|
9,368,840
|
|
||||
|
Diluted
|
|
10,343,673
|
|
|
10,342,559
|
|
|
10,365,871
|
|
|
9,638,616
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.90
|
|
|
$
|
0.85
|
|
|
|
|
|
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
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,807
|
|
|
—
|
|
|
47,807
|
|
||||||
Issuance of shares, net of offering costs
|
|
—
|
|
|
1,293,750
|
|
|
12,938
|
|
|
—
|
|
|
21,373,075
|
|
|
—
|
|
|
21,386,013
|
|
||||||
Exercise of common stock options and warrants
|
|
—
|
|
|
31,314
|
|
|
312
|
|
|
—
|
|
|
10,757
|
|
|
—
|
|
|
11,069
|
|
||||||
Option cancellation agreement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,335,169
|
)
|
|
—
|
|
|
(3,335,169
|
)
|
||||||
Cash dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,638,232
|
)
|
|
(2,638,232
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,169,884
|
|
|
5,169,884
|
|
||||||
Stockholders’ equity, July 1, 2018
|
|
—
|
|
|
10,089,029
|
|
|
100,890
|
|
|
—
|
|
|
55,831,282
|
|
|
4,179,135
|
|
|
60,111,307
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
758,350
|
|
|
—
|
|
|
758,350
|
|
||||||
Issuance of shares, net of offering costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,875
|
)
|
|
—
|
|
|
(25,875
|
)
|
||||||
Issuance of restricted shares, net of 828 shares of treasury stock
|
|
—
|
|
|
41,172
|
|
|
412
|
|
|
(24,027
|
)
|
|
(412
|
)
|
|
—
|
|
|
(24,027
|
)
|
||||||
Exercise of common stock options and warrants
|
|
—
|
|
|
27,676
|
|
|
277
|
|
|
—
|
|
|
(277
|
)
|
|
—
|
|
|
—
|
|
||||||
Cash dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,026,709
|
)
|
|
(3,026,709
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,061,386
|
|
|
5,061,386
|
|
||||||
Stockholders’ equity, September 30, 2018
|
|
$
|
—
|
|
|
10,157,877
|
|
|
$
|
101,579
|
|
|
$
|
(24,027
|
)
|
|
$
|
56,563,068
|
|
|
$
|
6,213,812
|
|
|
$
|
62,854,432
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Preferred
Stock
|
|
Shares
|
|
Par
Value
|
|
Treasury Stock Amount
|
|
Additional Paid in Capital
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
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
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186,629
|
|
|
—
|
|
|
186,629
|
|
||||||
Exercise of common stock options and warrants
|
|
—
|
|
|
4,805
|
|
|
48
|
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
||||||
Cash dividend declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,068,974
|
)
|
|
(3,068,974
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,801,829
|
|
|
3,801,829
|
|
||||||
Stockholders’ equity, June 30, 2019
|
|
—
|
|
|
10,234,718
|
|
|
102,347
|
|
|
(24,027
|
)
|
|
58,131,018
|
|
|
7,958,813
|
|
|
66,168,151
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
244,450
|
|
|
—
|
|
|
244,450
|
|
||||||
Exercise of common stock options and warrants, net
|
|
—
|
|
|
7,396
|
|
|
74
|
|
|
(3,291
|
)
|
|
41,416
|
|
|
—
|
|
|
38,199
|
|
||||||
Cash dividend declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,071,862
|
)
|
|
(3,071,862
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,207,170
|
|
|
4,207,170
|
|
||||||
Stockholders’ equity, September 29, 2019
|
|
$
|
—
|
|
|
10,242,114
|
|
|
$
|
102,421
|
|
|
$
|
(27,318
|
)
|
|
$
|
58,416,884
|
|
|
$
|
9,094,121
|
|
|
$
|
67,586,108
|
|
|
|
|
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
|||||
|
Net income
|
|
$
|
10,505,023
|
|
|
$
|
12,696,841
|
|
||
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|||
|
|
Depreciation
|
|
608,119
|
|
|
545,751
|
|
|||
|
|
Amortization
|
|
3,024,381
|
|
|
3,255,674
|
|
|||
|
|
Loss on disposal of property and equipment
|
|
6,954
|
|
|
15,554
|
|
|||
|
|
Loss on extinguishment of debt, net
|
|
540,705
|
|
|
—
|
|
|||
|
|
Contingent consideration adjustment
|
|
—
|
|
|
(2,160,307
|
)
|
|||
|
|
Amortization of deferred financing fees
|
|
154,127
|
|
|
382,025
|
|
|||
|
|
Interest expense on contingent consideration payable
|
|
110,903
|
|
|
515,932
|
|
|||
|
|
Provision for doubtful accounts
|
|
6,065
|
|
|
39,389
|
|
|||
|
|
Share-based compensation
|
|
751,163
|
|
|
873,186
|
|
|||
|
|
Deferred income taxes
|
|
462,898
|
|
|
1,085,142
|
|
|||
|
|
Net changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|||
|
|
|
Accounts receivable
|
|
(2,798,557
|
)
|
|
(3,022,783
|
)
|
||
|
|
|
Prepaid expenses
|
|
(725,759
|
)
|
|
(391,795
|
)
|
||
|
|
|
Other current assets
|
|
(16,200
|
)
|
|
(565,821
|
)
|
||
|
|
|
Deposits
|
|
(491,333
|
)
|
|
(287,636
|
)
|
||
|
|
|
Accrued interest
|
|
(104,927
|
)
|
|
18,190
|
|
||
|
|
|
Accounts payable
|
|
(5,716
|
)
|
|
(1,648,529
|
)
|
||
|
|
|
Accrued payroll and expenses
|
|
1,830,278
|
|
|
180,308
|
|
||
|
|
|
Accrued workers’ compensation
|
|
(83,330
|
)
|
|
(161,956
|
)
|
||
|
|
|
Other current liabilities
|
|
—
|
|
|
(87,552
|
)
|
||
|
|
|
Income taxes payable
|
|
223,766
|
|
|
217,437
|
|
||
|
|
|
Operating leases
|
|
(33,612
|
)
|
|
—
|
|
||
|
|
|
Other long-term liabilities
|
|
—
|
|
|
(118,062
|
)
|
||
|
|
Net cash provided by operating activities
|
|
13,964,948
|
|
|
11,380,988
|
|
|||
|
|
|
|
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
|||||
|
Capital expenditures
|
|
(1,534,016
|
)
|
|
(681,333
|
)
|
||||
|
|
Net cash used in investing activities
|
|
(1,534,016
|
)
|
|
(681,333
|
)
|
|
|
|
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
|
|||||
|
Net borrowings (payments) under line of credit
|
|
9,891,079
|
|
|
(7,670,117
|
)
|
||||
|
Principal payments on long-term debt
|
|
(10,121,000
|
)
|
|
(12,847,750
|
)
|
||||
|
Payments of dividends
|
|
(9,209,683
|
)
|
|
(7,854,785
|
)
|
||||
|
Issuance of shares under the 2013 Long-Term Incentive Plan and Form S-3 registration statement, net of exercises
|
|
38,199
|
|
|
21,339,680
|
|
||||
|
Option cancellation agreement
|
|
—
|
|
|
(3,335,169
|
)
|
||||
|
Contingent consideration paid
|
|
(2,672,000
|
)
|
|
(327,996
|
)
|
||||
|
Deferred financing costs
|
|
(357,527
|
)
|
|
(3,518
|
)
|
||||
|
|
Net cash used in financing activities
|
|
(12,430,932
|
)
|
|
(10,699,655
|
)
|
|||
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
|
|
$
|
1,003,190
|
|
|
$
|
1,396,182
|
|
||
|
Cash paid for taxes, net of refunds
|
|
$
|
2,462,325
|
|
|
$
|
1,378,890
|
|
||
Non-cash transactions:
|
|
|
|
|
|
|
|||||
|
Leasehold improvements funded by landlord incentives
|
|
$
|
—
|
|
|
$
|
366,202
|
|
|
|
Thirty-nine Weeks Ended
|
||||
|
|
September 29,
2019 |
|
September 30,
2018 |
||
Maryland
|
|
10
|
%
|
|
11
|
%
|
Tennessee
|
|
16
|
%
|
|
14
|
%
|
Texas
|
|
29
|
%
|
|
29
|
%
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29, 2019
|
|
September 30, 2018
|
||||||||
Beginning balance
|
|
$
|
468,233
|
|
|
$
|
473,573
|
|
|
$
|
468,233
|
|
|
$
|
473,573
|
|
Provision for (recovery of) doubtful accounts, net
|
|
34,667
|
|
|
21,514
|
|
|
6,065
|
|
|
39,389
|
|
||||
Amounts written off, net
|
|
(34,667
|
)
|
|
(21,514
|
)
|
|
(6,065
|
)
|
|
(39,389
|
)
|
||||
Ending balance
|
|
$
|
468,233
|
|
|
$
|
473,573
|
|
|
$
|
468,233
|
|
|
$
|
473,573
|
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||
Weighted-average number of common shares outstanding:
|
|
10,239,126
|
|
|
10,109,791
|
|
|
10,233,725
|
|
|
9,368,840
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|||||
|
Stock options and restricted stock
|
|
69,684
|
|
|
181,012
|
|
|
90,853
|
|
|
227,846
|
|
|
Warrants
|
|
34,863
|
|
|
51,756
|
|
|
41,293
|
|
|
41,930
|
|
Weighted-average number of diluted common shares outstanding
|
|
10,343,673
|
|
|
10,342,559
|
|
|
10,365,871
|
|
|
9,638,616
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Stock options and restricted stock
|
|
306,750
|
|
|
175,000
|
|
|
306,750
|
|
|
175,000
|
|
|
Warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Antidilutive shares
|
|
306,750
|
|
|
175,000
|
|
|
306,750
|
|
|
175,000
|
|
|
|
September 29,
2019 |
||
2019
|
|
$
|
1,614,555
|
|
2020
|
|
1,409,909
|
|
|
2021
|
|
1,390,554
|
|
|
2022
|
|
1,120,340
|
|
|
2023
|
|
657,095
|
|
|
Thereafter
|
|
301,203
|
|
|
Total lease payments
|
|
6,493,656
|
|
|
Interest
|
|
(1,346,596
|
)
|
|
Present value of lease liabilities
|
|
$
|
5,147,060
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||||||
Client partner lists
|
|
$
|
881,525
|
|
|
$
|
944,093
|
|
|
$
|
2,671,149
|
|
|
$
|
2,937,716
|
|
Covenant not to compete
|
|
39,936
|
|
|
42,250
|
|
|
124,436
|
|
|
167,000
|
|
||||
Acquisition intangibles
|
|
921,461
|
|
|
986,343
|
|
|
2,795,585
|
|
|
3,104,716
|
|
||||
Computer software - amortization expense
|
|
71,019
|
|
|
66,553
|
|
|
228,796
|
|
|
150,958
|
|
||||
Amortization expense
|
|
992,480
|
|
|
1,052,896
|
|
|
3,024,381
|
|
|
3,255,674
|
|
||||
Computer software - selling, general and administrative expense
|
|
19,490
|
|
|
—
|
|
|
44,382
|
|
|
—
|
|
||||
Total expense
|
|
$
|
1,011,970
|
|
|
$
|
1,052,896
|
|
|
$
|
3,068,763
|
|
|
$
|
3,255,674
|
|
|
|
September 29,
2019 |
|
December 30,
2018 |
||||
Field talent payroll
|
|
$
|
6,074,655
|
|
|
$
|
4,236,534
|
|
Field talent payroll related
|
|
1,618,702
|
|
|
1,402,926
|
|
||
Accrued bonuses and commissions
|
|
2,012,793
|
|
|
1,673,130
|
|
||
Other
|
|
2,286,391
|
|
|
3,098,784
|
|
||
Accrued payroll and expenses
|
|
$
|
11,992,541
|
|
|
$
|
10,411,374
|
|
|
|
September 29,
2019 |
|
December 30,
2018 |
||||||||
Base Rate
|
|
$
|
2,053,651
|
|
5.50
|
%
|
|
$
|
650,289
|
|
6.50
|
%
|
LIBOR
|
|
8,500,000
|
|
3.67
|
%
|
|
5,000,000
|
|
5.16
|
%
|
||
LIBOR
|
|
10,000,000
|
|
3.66
|
%
|
|
5,000,000
|
|
5.16
|
%
|
||
Total
|
|
$
|
20,553,651
|
|
|
|
$
|
10,650,289
|
|
|
|
|
September 29,
2019 |
|
December 30,
2018 |
||||||||
Base Rate
|
|
$
|
—
|
|
—
|
%
|
|
$
|
1,121,000
|
|
6.50
|
%
|
LIBOR
|
|
—
|
|
—
|
%
|
|
6,500,000
|
|
5.41
|
%
|
||
LIBOR
|
|
—
|
|
—
|
%
|
|
2,500,000
|
|
5.41
|
%
|
||
Long-term debt
|
|
$
|
—
|
|
|
|
$
|
10,121,000
|
|
|
Amounts Recorded at Fair Value
|
|
Financial Statement Classification
|
|
Fair Value
Hierarchy
|
|
September 29,
2019 |
|
December 30,
2018 |
||||
Contingent consideration, net
|
|
Contingent consideration, net - current and long-term
|
|
Level 3
|
|
$
|
—
|
|
|
$
|
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
|
138,750
|
|
|
$
|
21.49
|
|
|
|
|
|
||
Exercised
|
(47,790
|
)
|
|
$
|
10.19
|
|
|
|
|
|
||
Forfeited / Canceled
|
(34,700
|
)
|
|
$
|
14.39
|
|
|
|
|
|
||
Awards outstanding at September 29, 2019
|
583,245
|
|
|
$
|
18.32
|
|
|
7.8
|
|
$
|
2,109
|
|
|
|
|
|
|
|
|
|
|||||
Awards exercisable at December 30, 2018
|
238,085
|
|
|
$
|
13.96
|
|
|
7.2
|
|
$
|
1,684
|
|
Awards exercisable at September 29, 2019
|
295,045
|
|
|
$
|
16.37
|
|
|
7.1
|
|
$
|
1,379
|
|
|
|
Number of
Shares |
|
Weighted Average Grant Date Fair Value
|
|||
Nonvested outstanding at December 30, 2018
|
|
288,900
|
|
|
$
|
8.34
|
|
Nonvested outstanding at September 29, 2019
|
|
288,200
|
|
|
$
|
7.73
|
|
|
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 September 29, 2019
|
92,196
|
|
|
$
|
11.56
|
|
|
0.8
|
|
$
|
703
|
|
|
|
|
|
|
|
|
|
|||||
Warrants exercisable at December 30, 2018
|
93,216
|
|
|
$
|
11.59
|
|
|
1.3
|
|
$
|
805
|
|
Warrants exercisable at September 29, 2019
|
92,196
|
|
|
$
|
11.56
|
|
|
0.8
|
|
$
|
703
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Real Estate
|
|
$
|
29,470,693
|
|
|
$
|
26,531,283
|
|
|
$
|
73,043,258
|
|
|
$
|
65,864,097
|
|
Professional
|
|
31,506,017
|
|
|
29,171,990
|
|
|
93,421,017
|
|
|
90,394,110
|
|
||||
Light Industrial
|
|
18,387,596
|
|
|
21,358,864
|
|
|
55,533,988
|
|
|
58,604,838
|
|
||||
Total
|
|
$
|
79,364,306
|
|
|
$
|
77,062,137
|
|
|
$
|
221,998,263
|
|
|
$
|
214,863,045
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Real Estate
|
|
$
|
50,957
|
|
|
$
|
44,784
|
|
|
$
|
140,490
|
|
|
$
|
125,820
|
|
Professional
|
|
82,201
|
|
|
74,488
|
|
|
251,152
|
|
|
190,952
|
|
||||
Light Industrial
|
|
23,663
|
|
|
23,446
|
|
|
73,673
|
|
|
76,372
|
|
||||
Corporate
|
|
47,452
|
|
|
51,923
|
|
|
142,804
|
|
|
152,607
|
|
||||
Total
|
|
$
|
204,273
|
|
|
$
|
194,641
|
|
|
$
|
608,119
|
|
|
$
|
545,751
|
|
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Professional
|
|
$
|
986,274
|
|
|
$
|
1,047,510
|
|
|
$
|
3,005,618
|
|
|
$
|
3,132,372
|
|
Light Industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110,251
|
|
||||
Corporate
|
|
6,206
|
|
|
5,386
|
|
|
18,763
|
|
|
13,051
|
|
||||
Total
|
|
$
|
992,480
|
|
|
$
|
1,052,896
|
|
|
$
|
3,024,381
|
|
|
$
|
3,255,674
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
|
|
|
||||||||
Real Estate
|
|
$
|
5,523,769
|
|
|
$
|
4,958,373
|
|
|
$
|
12,464,689
|
|
|
$
|
11,285,951
|
|
Professional
|
|
2,144,549
|
|
|
2,143,426
|
|
|
6,190,331
|
|
|
6,499,285
|
|
||||
Light Industrial
|
|
1,174,142
|
|
|
1,560,895
|
|
|
3,514,758
|
|
|
3,948,874
|
|
||||
Corporate - selling
|
|
(131,389
|
)
|
|
(212,877
|
)
|
|
(399,370
|
)
|
|
(541,467
|
)
|
||||
Corporate - general and administrative
|
|
(2,233,959
|
)
|
|
(2,346,793
|
)
|
|
(6,285,830
|
)
|
|
(5,649,148
|
)
|
||||
Corporate - gain on contingent consideration
|
|
—
|
|
|
988,303
|
|
|
—
|
|
|
2,160,307
|
|
||||
Total
|
|
$
|
6,477,112
|
|
|
$
|
7,091,327
|
|
|
$
|
15,484,578
|
|
|
$
|
17,703,802
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29, 2019
|
|
September 30, 2018
|
||||||||
Capital expenditures:
|
|
|
|
|
|
|
|
|
||||||||
Real Estate
|
|
$
|
204,442
|
|
|
$
|
37,681
|
|
|
$
|
244,321
|
|
|
$
|
114,990
|
|
Professional
|
|
77,809
|
|
|
121,170
|
|
|
474,668
|
|
|
382,925
|
|
||||
Light Industrial
|
|
76,103
|
|
|
44,018
|
|
|
83,734
|
|
|
87,990
|
|
||||
Corporate
|
|
501,910
|
|
|
25,945
|
|
|
731,293
|
|
|
95,428
|
|
||||
Total
|
|
$
|
860,264
|
|
|
$
|
228,814
|
|
|
$
|
1,534,016
|
|
|
$
|
681,333
|
|
|
|
September 29,
2019 |
|
December 30,
2018 |
||||
Total Assets:
|
|
|
|
|
|
|
||
Real Estate
|
|
$
|
19,341,023
|
|
|
$
|
12,647,505
|
|
Professional
|
|
61,100,018
|
|
|
62,403,104
|
|
||
Light Industrial
|
|
18,765,095
|
|
|
18,992,392
|
|
||
Corporate
|
|
6,787,114
|
|
|
6,225,802
|
|
||
Total
|
|
$
|
105,993,250
|
|
|
$
|
100,268,803
|
|
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
||||||||
|
|
|
(dollars in thousands)
|
||||||||||||||
Revenues
|
|
$
|
79,364
|
|
|
$
|
77,062
|
|
|
$
|
221,998
|
|
|
$
|
214,863
|
|
|
Cost of services
|
|
57,188
|
|
|
55,689
|
|
|
160,520
|
|
|
156,988
|
|
|||||
|
Gross profit
|
|
22,176
|
|
|
21,373
|
|
|
61,478
|
|
|
57,875
|
|
||||
Selling, general and administrative expenses
|
|
14,502
|
|
|
14,022
|
|
|
42,360
|
|
|
38,530
|
|
|||||
Gain on contingent consideration
|
|
—
|
|
|
(988
|
)
|
|
—
|
|
|
(2,160
|
)
|
|||||
Depreciation and amortization
|
|
1,197
|
|
|
1,248
|
|
|
3,633
|
|
|
3,801
|
|
|||||
|
Operating income
|
|
6,477
|
|
|
7,091
|
|
|
15,485
|
|
|
17,704
|
|
||||
Loss on extinguishment of debt
|
|
541
|
|
|
—
|
|
|
541
|
|
|
—
|
|
|||||
Interest expense, net
|
|
395
|
|
|
662
|
|
|
1,245
|
|
|
2,275
|
|
|||||
|
Income before income tax
|
|
5,541
|
|
|
6,429
|
|
|
13,699
|
|
|
15,429
|
|
||||
Income tax expense
|
|
1,334
|
|
|
1,368
|
|
|
3,194
|
|
|
2,732
|
|
|||||
|
Net income
|
|
$
|
4,207
|
|
|
$
|
5,061
|
|
|
$
|
10,505
|
|
|
$
|
12,697
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||||
Cost of services
|
|
72.1
|
%
|
|
72.3
|
%
|
|
72.3
|
%
|
|
73.1
|
%
|
|||||
|
Gross profit
|
|
27.9
|
%
|
|
27.7
|
%
|
|
27.7
|
%
|
|
26.9
|
%
|
||||
Selling, general and administrative expenses
|
|
18.3
|
%
|
|
18.2
|
%
|
|
19.1
|
%
|
|
17.9
|
%
|
|||||
Gain on contingent consideration
|
|
—
|
%
|
|
(1.3
|
)%
|
|
—
|
%
|
|
(1.0
|
)%
|
|||||
Depreciation and amortization
|
|
1.5
|
%
|
|
1.6
|
%
|
|
1.6
|
%
|
|
1.8
|
%
|
|||||
|
Operating income
|
|
8.2
|
%
|
|
9.2
|
%
|
|
7.0
|
%
|
|
8.2
|
%
|
||||
Loss on extinguishment of debt
|
|
0.7
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|||||
Interest expense, net
|
|
0.5
|
%
|
|
0.9
|
%
|
|
0.6
|
%
|
|
1.1
|
%
|
|||||
|
Income before income tax
|
|
7.0
|
%
|
|
8.3
|
%
|
|
6.2
|
%
|
|
7.2
|
%
|
||||
Income tax expense
|
|
1.7
|
%
|
|
1.8
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
|||||
|
Net income
|
|
5.3
|
%
|
|
6.6
|
%
|
|
4.7
|
%
|
|
5.9
|
%
|
Revenues:
|
|
Thirteen Weeks Ended
|
|||||||||||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Revenues by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
29,470
|
|
|
37.1
|
%
|
|
$
|
26,531
|
|
|
34.4
|
%
|
|
Professional
|
|
31,506
|
|
|
39.7
|
%
|
|
29,172
|
|
|
37.9
|
%
|
||
|
Light Industrial
|
|
18,388
|
|
|
23.2
|
%
|
|
21,359
|
|
|
27.7
|
%
|
||
|
Total Revenues
|
|
$
|
79,364
|
|
|
100.0
|
%
|
|
$
|
77,062
|
|
|
100.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
||||||||||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Gross Profit by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
11,265
|
|
|
50.8
|
%
|
|
$
|
10,045
|
|
|
47.0
|
%
|
|
Professional
|
|
8,264
|
|
|
37.3
|
%
|
|
8,110
|
|
|
37.9
|
%
|
||
|
Light Industrial
|
|
2,647
|
|
|
11.9
|
%
|
|
3,218
|
|
|
15.1
|
%
|
||
|
Total Gross Profit
|
|
$
|
22,176
|
|
|
100.0
|
%
|
|
$
|
21,373
|
|
|
100.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
||
Gross Profit Percentage by segment:
|
|
|
|
|
|
|
|
|
Real Estate
|
|
38.2
|
%
|
|
37.9
|
%
|
|
Professional
|
|
26.2
|
%
|
|
27.8
|
%
|
|
Light Industrial
|
|
14.4
|
%
|
|
15.1
|
%
|
|
Company Gross Profit
|
|
27.9
|
%
|
|
27.7
|
%
|
|
|
Thirteen Weeks Ended
|
|||||||||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
$
Change
|
|
%
Change
|
|||||||||
|
|
(dollars in thousands)
|
|||||||||||||||||||
Compensation and related
|
|
$
|
10,726
|
|
|
14
|
%
|
|
$
|
10,320
|
|
|
13
|
%
|
|
$
|
406
|
|
|
4
|
%
|
Advertising and recruitment
|
|
508
|
|
|
1
|
%
|
|
513
|
|
|
1
|
%
|
|
(5
|
)
|
|
(1
|
)%
|
|||
Occupancy and office operations
|
|
1,052
|
|
|
1
|
%
|
|
891
|
|
|
1
|
%
|
|
161
|
|
|
18
|
%
|
|||
Client engagement
|
|
364
|
|
|
—
|
%
|
|
284
|
|
|
—
|
%
|
|
80
|
|
|
28
|
%
|
|||
Software
|
|
511
|
|
|
1
|
%
|
|
316
|
|
|
—
|
%
|
|
195
|
|
|
62
|
%
|
|||
Professional fees
|
|
427
|
|
|
1
|
%
|
|
282
|
|
|
—
|
%
|
|
145
|
|
|
51
|
%
|
|||
Public company related costs
|
|
180
|
|
|
—
|
%
|
|
143
|
|
|
—
|
%
|
|
37
|
|
|
26
|
%
|
|||
Bad debt
|
|
35
|
|
|
—
|
%
|
|
22
|
|
|
—
|
%
|
|
13
|
|
|
59
|
%
|
|||
Share-based compensation
|
|
244
|
|
|
—
|
%
|
|
758
|
|
|
1
|
%
|
|
(514
|
)
|
|
(68
|
)%
|
|||
Transaction fees
|
|
37
|
|
|
—
|
%
|
|
135
|
|
|
—
|
%
|
|
(98
|
)
|
|
(73
|
)%
|
|||
Other
|
|
418
|
|
|
1
|
%
|
|
358
|
|
|
—
|
%
|
|
60
|
|
|
17
|
%
|
|||
|
|
$
|
14,502
|
|
|
18
|
%
|
|
$
|
14,022
|
|
|
18
|
%
|
|
$
|
480
|
|
|
3
|
%
|
Revenues:
|
|
Thirty-nine Weeks Ended
|
|||||||||||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Revenues by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
73,043
|
|
|
32.9
|
%
|
|
$
|
65,864
|
|
|
30.6
|
%
|
|
Professional
|
|
93,421
|
|
|
42.1
|
%
|
|
90,394
|
|
|
42.1
|
%
|
||
|
Light Industrial
|
|
55,534
|
|
|
25.0
|
%
|
|
58,605
|
|
|
27.3
|
%
|
||
|
Total Revenues
|
|
$
|
221,998
|
|
|
100.0
|
%
|
|
$
|
214,863
|
|
|
100.0
|
%
|
|
|
|
Thirty-nine Weeks Ended
|
||||||||||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Gross Profit by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
28,038
|
|
|
45.6
|
%
|
|
$
|
25,044
|
|
|
43.2
|
%
|
|
Professional
|
|
25,334
|
|
|
41.2
|
%
|
|
24,056
|
|
|
41.6
|
%
|
||
|
Light Industrial
|
|
8,106
|
|
|
13.2
|
%
|
|
8,775
|
|
|
15.2
|
%
|
||
|
Total Gross Profit
|
|
$
|
61,478
|
|
|
100.0
|
%
|
|
$
|
57,875
|
|
|
100.0
|
%
|
|
|
|
Thirty-nine Weeks Ended
|
||||
|
|
|
September 29,
2019 |
|
September 30,
2018 |
||
Gross Profit Percentage by segment:
|
|
|
|
|
|
|
|
|
Real Estate
|
|
38.4
|
%
|
|
38.0
|
%
|
|
Professional
|
|
27.1
|
%
|
|
26.6
|
%
|
|
Light Industrial
|
|
14.6
|
%
|
|
15.0
|
%
|
|
Company Gross Profit
|
|
27.7
|
%
|
|
26.9
|
%
|
|
|
Thirty-nine Weeks Ended
|
|||||||||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
$
Change
|
|
%
Change
|
|||||||||
|
|
(dollars in thousands)
|
|||||||||||||||||||
Compensation and related
|
|
$
|
31,680
|
|
|
14
|
%
|
|
$
|
28,948
|
|
|
13
|
%
|
|
$
|
2,732
|
|
|
9
|
%
|
Advertising and recruitment
|
|
1,679
|
|
|
1
|
%
|
|
1,581
|
|
|
1
|
%
|
|
98
|
|
|
6
|
%
|
|||
Occupancy and office operations
|
|
3,009
|
|
|
1
|
%
|
|
2,767
|
|
|
1
|
%
|
|
242
|
|
|
9
|
%
|
|||
Client engagement
|
|
1,141
|
|
|
1
|
%
|
|
934
|
|
|
—
|
%
|
|
207
|
|
|
22
|
%
|
|||
Software
|
|
1,530
|
|
|
1
|
%
|
|
931
|
|
|
—
|
%
|
|
599
|
|
|
64
|
%
|
|||
Professional fees
|
|
1,141
|
|
|
1
|
%
|
|
909
|
|
|
—
|
%
|
|
232
|
|
|
26
|
%
|
|||
Public company related costs
|
|
533
|
|
|
—
|
%
|
|
396
|
|
|
—
|
%
|
|
137
|
|
|
35
|
%
|
|||
Bad debt
|
|
6
|
|
|
—
|
%
|
|
39
|
|
|
—
|
%
|
|
(33
|
)
|
|
(85
|
)%
|
|||
Share-based compensation
|
|
751
|
|
|
—
|
%
|
|
873
|
|
|
—
|
%
|
|
(122
|
)
|
|
(14
|
)%
|
|||
Transaction fees
|
|
94
|
|
|
—
|
%
|
|
472
|
|
|
—
|
%
|
|
(378
|
)
|
|
(80
|
)%
|
|||
Other
|
|
796
|
|
|
—
|
%
|
|
680
|
|
|
—
|
%
|
|
116
|
|
|
17
|
%
|
|||
|
|
$
|
42,360
|
|
|
19
|
%
|
|
$
|
38,530
|
|
|
18
|
%
|
|
$
|
3,830
|
|
|
10
|
%
|
|
|
Thirteen Weeks Ended
|
|
Thirty-nine Weeks Ended
|
|
Trailing Twelve Months Ended
|
||||||||||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
|
September 30,
2018 |
|
September 29,
2019 |
||||||||||
|
|
(dollars in thousands)
|
|
|
||||||||||||||||
Net income
|
|
$
|
4,207
|
|
|
$
|
5,061
|
|
|
$
|
10,505
|
|
|
$
|
12,697
|
|
|
$
|
15,358
|
|
Interest expense, net
|
|
395
|
|
|
662
|
|
|
1,245
|
|
|
2,275
|
|
|
1,821
|
|
|||||
Income tax expense
|
|
1,334
|
|
|
1,368
|
|
|
3,194
|
|
|
2,732
|
|
|
4,321
|
|
|||||
Loss on extinguishment of debt
|
|
541
|
|
|
—
|
|
|
541
|
|
|
—
|
|
|
541
|
|
|||||
Operating income
|
|
6,477
|
|
|
7,091
|
|
|
15,485
|
|
|
17,704
|
|
|
22,041
|
|
|||||
Depreciation and amortization
|
|
1,197
|
|
|
1,248
|
|
|
3,633
|
|
|
3,801
|
|
|
4,876
|
|
|||||
Contingent consideration adjustment
|
|
—
|
|
|
(988
|
)
|
|
—
|
|
|
(2,160
|
)
|
|
(1,615
|
)
|
|||||
Share-based compensation
|
|
244
|
|
|
758
|
|
|
751
|
|
|
873
|
|
|
947
|
|
|||||
Transaction fees
|
|
37
|
|
|
135
|
|
|
94
|
|
|
472
|
|
|
130
|
|
|||||
IT roadmap
|
|
341
|
|
|
—
|
|
|
369
|
|
|
—
|
|
|
369
|
|
|||||
Adjusted EBITDA
|
|
$
|
8,296
|
|
|
$
|
8,244
|
|
|
$
|
20,332
|
|
|
$
|
20,690
|
|
|
$
|
26,748
|
|
|
|
Thirty-nine Weeks Ended
|
||||||
|
|
September 29,
2019 |
|
September 30,
2018 |
||||
|
|
(dollars in thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
13,965
|
|
|
$
|
11,381
|
|
Net cash used in investing activities
|
|
(1,534
|
)
|
|
(681
|
)
|
||
Net cash used in financing activities
|
|
(12,431
|
)
|
|
(10,700
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
Exhibit
Number
|
|
Description
|
|
|
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
10.1
|
|
|
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.
|
|
†
|
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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