We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
•
|
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;
|
•
|
the impact of, and the ability to mitigate or manage disruptions posed by, the novel coronavirus pandemic (“COVID-19”) or other pandemics;
|
•
|
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 29, 2019.
|
|
|
|
|
March 29,
2020 |
|
December 29, 2019
|
||||
ASSETS
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
|
||||
|
Accounts receivable (net of allowance for credit losses of $518,481 at 2020 and $468,233 for 2019)
|
|
$
|
42,634,730
|
|
|
$
|
39,423,801
|
|
|
|
Prepaid expenses
|
|
2,452,485
|
|
|
1,224,230
|
|
|||
|
Income taxes receivable
|
|
—
|
|
|
69,649
|
|
|||
|
Other current assets
|
|
515,897
|
|
|
19,516
|
|
|||
|
|
Total current assets
|
|
45,603,112
|
|
|
40,737,196
|
|
||
|
|
|
|
|
|
|
||||
Property and equipment, net
|
|
4,822,162
|
|
|
3,545,049
|
|
||||
|
|
|
|
|
|
|||||
Other assets
|
|
|
|
|
|
|
||||
|
Deposits
|
|
3,915,441
|
|
|
3,843,023
|
|
|||
|
Deferred income taxes, net
|
|
2,849,646
|
|
|
4,071,847
|
|
|||
|
Right-of-use asset - operating leases
|
|
5,696,218
|
|
|
4,386,317
|
|
|||
|
Intangible assets, net
|
|
43,875,709
|
|
|
33,807,973
|
|
|||
|
Goodwill
|
|
31,372,990
|
|
|
25,194,639
|
|
|||
|
|
Total other assets
|
|
87,710,004
|
|
|
71,303,799
|
|
||
|
Total assets
|
|
$
|
138,135,278
|
|
|
$
|
115,586,044
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
||||
|
Long-term debt, current portion
|
|
$
|
1,300,000
|
|
|
$
|
375,000
|
|
|
|
Accrued interest
|
|
181,376
|
|
|
73,027
|
|
|||
|
Accounts payable
|
|
226,729
|
|
|
479,422
|
|
|||
|
Accrued payroll and expenses
|
|
13,672,842
|
|
|
10,079,832
|
|
|||
|
Accrued workers’ compensation
|
|
53,598
|
|
|
405,207
|
|
|||
|
Contingent consideration, current portion
|
|
1,159,956
|
|
|
—
|
|
|||
|
Lease liability, current portion
|
|
1,612,277
|
|
|
1,277,843
|
|
|||
|
Other current liabilities
|
|
1,000,000
|
|
|
1,016,565
|
|
|||
|
Income taxes payable
|
|
330,623
|
|
|
—
|
|
|||
|
|
Total current liabilities
|
|
19,537,401
|
|
|
13,706,896
|
|
||
|
|
|
|
|
|
|
||||
Line of credit (net of deferred finance fees of $324,185 and $351,128 for 2020 and 2019, respectively)
|
|
20,687,209
|
|
|
19,993,829
|
|
||||
Long-term debt, less current portion
|
|
24,700,000
|
|
|
7,125,000
|
|
||||
Contingent consideration, less current portion
|
|
1,063,783
|
|
|
2,174,378
|
|
||||
Lease liability, less current portion
|
|
5,090,893
|
|
|
4,128,951
|
|
||||
|
Total liabilities
|
|
71,079,286
|
|
|
47,129,054
|
|
|||
|
|
|
|
|
|
|
||||
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, 10,306,986 and 10,309,236 shares issued and outstanding for 2020 and 2019, respectively, net of treasury stock, at cost, 1,004 shares for 2020 and 2019
|
|
75,752
|
|
|
75,775
|
|
||||
Additional paid in capital
|
|
59,810,723
|
|
|
59,617,787
|
|
||||
Retained earnings
|
|
7,169,517
|
|
|
8,763,428
|
|
||||
|
Total stockholders’ equity
|
|
67,055,992
|
|
|
68,456,990
|
|
|||
|
Total liabilities and stockholders’ equity
|
|
$
|
138,135,278
|
|
|
$
|
115,586,044
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
|
2020
|
|
2019
|
||||
Revenues
|
|
$
|
74,067,429
|
|
|
$
|
68,776,067
|
|
|
Cost of services
|
|
53,791,698
|
|
|
50,337,427
|
|
|||
|
Gross profit
|
|
20,275,731
|
|
|
18,438,640
|
|
||
Selling, general and administrative expenses
|
|
16,203,624
|
|
|
13,620,423
|
|
|||
Depreciation and amortization
|
|
1,414,713
|
|
|
1,231,509
|
|
|||
|
Operating income
|
|
2,657,394
|
|
|
3,586,708
|
|
||
Interest expense, net
|
|
456,025
|
|
|
353,237
|
|
|||
|
Income before income taxes
|
|
2,201,369
|
|
|
3,233,471
|
|
||
Income tax expense
|
|
702,509
|
|
|
737,447
|
|
|||
|
Net income
|
|
$
|
1,498,860
|
|
|
$
|
2,496,024
|
|
|
|
|
|
|
|
||||
Net income per share:
|
|
|
|
|
|
|
|||
|
Basic
|
|
$
|
0.15
|
|
|
$
|
0.24
|
|
|
Diluted
|
|
$
|
0.14
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|||
|
Basic
|
|
10,308,445
|
|
|
10,229,462
|
|
||
|
Diluted
|
|
10,382,999
|
|
|
10,404,355
|
|
||
|
|
|
|
|
|
||||
Cash dividends declared per common share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
|
|
|
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
|
|
Stockholders’ equity, December 29, 2019
|
|
$
|
—
|
|
|
10,309,236
|
|
|
$
|
103,093
|
|
|
$
|
(27,318
|
)
|
|
$
|
59,617,787
|
|
|
$
|
8,763,428
|
|
|
$
|
68,456,990
|
|
Share-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
192,913
|
|
|
—
|
|
|
192,913
|
|
||||||
Cancellation of restricted shares
|
|
—
|
|
|
(2,250
|
)
|
|
(23
|
)
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||||
Cash dividend declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,092,771
|
)
|
|
(3,092,771
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,498,860
|
|
|
1,498,860
|
|
||||||
Stockholders’ equity, March 29, 2020
|
|
$
|
—
|
|
|
10,306,986
|
|
|
$
|
103,070
|
|
|
$
|
(27,318
|
)
|
|
$
|
59,810,723
|
|
|
$
|
7,169,517
|
|
|
$
|
67,055,992
|
|
|
|
|
|
|
2020
|
|
2019
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
|||||
|
Net income
|
|
$
|
1,498,860
|
|
|
$
|
2,496,024
|
|
||
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|||
|
|
Depreciation
|
|
227,271
|
|
|
202,426
|
|
|||
|
|
Amortization
|
|
1,187,442
|
|
|
1,029,083
|
|
|||
|
|
Amortization of deferred financing fees
|
|
18,703
|
|
|
68,991
|
|
|||
|
|
Interest expense on contingent consideration payable
|
|
49,360
|
|
|
48,874
|
|
|||
|
|
Provision for credit losses
|
|
31,658
|
|
|
(53,457
|
)
|
|||
|
|
Share-based compensation
|
|
192,913
|
|
|
320,084
|
|
|||
|
|
Deferred income taxes
|
|
311,700
|
|
|
543,023
|
|
|||
|
|
Net changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|||
|
|
|
Accounts receivable
|
|
3,488,673
|
|
|
1,951,758
|
|
||
|
|
|
Prepaid expenses
|
|
(1,197,668
|
)
|
|
(1,475,294
|
)
|
||
|
|
|
Other current assets
|
|
(6,381
|
)
|
|
—
|
|
||
|
|
|
Deposits
|
|
(72,417
|
)
|
|
(325,480
|
)
|
||
|
|
|
Accrued interest
|
|
108,349
|
|
|
(207,343
|
)
|
||
|
|
|
Accounts payable
|
|
(272,290
|
)
|
|
7,902
|
|
||
|
|
|
Accrued payroll and expenses
|
|
1,100,437
|
|
|
748,466
|
|
||
|
|
|
Accrued workers’ compensation
|
|
(351,609
|
)
|
|
(79,436
|
)
|
||
|
|
|
Other current liabilities
|
|
(16,565
|
)
|
|
—
|
|
||
|
|
|
Income taxes receivable and payable
|
|
344,488
|
|
|
128,812
|
|
||
|
|
|
Operating leases
|
|
5,298
|
|
|
(22,891
|
)
|
||
|
|
Net cash provided by operating activities
|
|
6,648,222
|
|
|
5,381,542
|
|
|||
|
|
|
|
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
|||||
|
Business acquired, net of cash received
|
|
(21,680,455
|
)
|
|
—
|
|
||||
|
Capital expenditures
|
|
(1,049,673
|
)
|
|
(341,464
|
)
|
||||
|
|
Net cash used in investing activities
|
|
(22,730,128
|
)
|
|
(341,464
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|||||
|
Net borrowings (payments) under line of credit
|
|
674,677
|
|
|
(133,731
|
)
|
||||
|
Proceeds from issuance of long-term debt
|
|
18,500,000
|
|
|
—
|
|
||||
|
Principal payments on long-term debt
|
|
—
|
|
|
(1,837,500
|
)
|
||||
|
Payments of dividends
|
|
(3,092,771
|
)
|
|
(3,068,847
|
)
|
||||
|
|
Net cash provided by (used in) financing activities
|
|
16,081,906
|
|
|
(5,040,078
|
)
|
|||
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
|
|
$
|
235,493
|
|
|
$
|
510,280
|
|
||
|
Cash paid for taxes, net of refunds
|
|
$
|
30,624
|
|
|
$
|
54,201
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
March 29,
2020 |
|
March 31,
2019 |
||
Maryland
|
|
11
|
%
|
|
11
|
%
|
Massachusetts
|
|
10
|
%
|
|
1
|
%
|
Tennessee
|
|
16
|
%
|
|
16
|
%
|
Texas
|
|
24
|
%
|
|
29
|
%
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 29, 2020
|
|
March 31, 2019
|
||||
Beginning balance
|
|
$
|
468,233
|
|
|
$
|
468,233
|
|
EdgeRock Technology Holdings, Inc. (“EdgeRock”) acquisition
|
|
47,498
|
|
|
—
|
|
||
Provision for (recovery of) credit losses, net
|
|
31,658
|
|
|
(53,457
|
)
|
||
Amounts (written off) collected, net
|
|
(28,908
|
)
|
|
53,457
|
|
||
Ending balance
|
|
$
|
518,481
|
|
|
$
|
468,233
|
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
|
March 29,
2020 |
|
March 31,
2019 |
||
Weighted-average number of common shares outstanding:
|
|
10,308,445
|
|
|
10,229,462
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|||
|
Stock options and restricted stock
|
|
61,859
|
|
|
127,104
|
|
|
Warrants
|
|
12,695
|
|
|
47,789
|
|
Weighted-average number of diluted common shares outstanding
|
|
10,382,999
|
|
|
10,404,355
|
|
|
|
|
|
|
|
|
||
|
Stock options and restricted stock
|
|
423,150
|
|
|
243,750
|
|
Antidilutive shares
|
|
423,150
|
|
|
243,750
|
|
Accounts receivable
|
|
$
|
6,731,260
|
|
Prepaid expenses and other assets
|
|
520,587
|
|
|
Property and equipment, net
|
|
296,309
|
|
|
Right-of-use asset - operating leases
|
|
1,714,984
|
|
|
Intangible assets
|
|
11,274,000
|
|
|
Goodwill (non-deductible for tax purposes)
|
|
6,178,351
|
|
|
Current liabilities assumed
|
|
(2,409,551
|
)
|
|
Deferred income taxes, net
|
|
(910,501
|
)
|
|
Lease liability - operating leases
|
|
(1,714,984
|
)
|
|
Total net assets acquired
|
|
$
|
21,680,455
|
|
|
|
|
||
Cash
|
|
$
|
21,680,455
|
|
Total fair value of consideration transferred for acquired business
|
|
$
|
21,680,455
|
|
|
|
Estimated Fair
Value
|
|
Estimated
Useful Lives
|
||
Covenants not to compete
|
|
$
|
302,000
|
|
|
5 years
|
Trade name
|
|
7,000,000
|
|
|
Indefinite
|
|
Client partner list
|
|
3,972,000
|
|
|
5 years
|
|
Total
|
|
$
|
11,274,000
|
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 29,
2020 |
|
March 31,
2019 |
||||
Revenues
|
|
$
|
77,176
|
|
|
$
|
79,890
|
|
Gross profit
|
|
$
|
21,184
|
|
|
$
|
22,590
|
|
Net income
|
|
$
|
1,277
|
|
|
$
|
3,041
|
|
Income per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.12
|
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.12
|
|
|
$
|
0.29
|
|
|
|
March 29,
2020 |
||
2020
|
|
$
|
1,892,473
|
|
2021
|
|
1,925,177
|
|
|
2022
|
|
1,745,463
|
|
|
2023
|
|
1,136,654
|
|
|
2024
|
|
590,910
|
|
|
Thereafter
|
|
142,601
|
|
|
Total lease payments
|
|
7,433,278
|
|
|
Interest
|
|
(730,108
|
)
|
|
Present value of lease liabilities
|
|
$
|
6,703,170
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 29,
2020 |
|
March 31,
2019 |
||||
Client partner lists
|
|
$
|
1,050,616
|
|
|
$
|
908,099
|
|
Covenant not to compete
|
|
69,689
|
|
|
42,250
|
|
||
Acquisition intangibles
|
|
1,120,305
|
|
|
950,349
|
|
||
Computer software - amortization expense
|
|
67,137
|
|
|
78,734
|
|
||
Amortization expense
|
|
1,187,442
|
|
|
1,029,083
|
|
||
Computer software - selling, general and administrative expense
|
|
18,822
|
|
|
5,806
|
|
||
Total expense
|
|
$
|
1,206,264
|
|
|
$
|
1,034,889
|
|
|
|
March 29,
2020 |
|
December 29,
2019 |
||||
Field talent payroll
|
|
$
|
6,952,089
|
|
|
$
|
4,505,264
|
|
Field talent payroll related
|
|
1,503,458
|
|
|
1,246,353
|
|
||
Accrued bonuses and commissions
|
|
1,682,872
|
|
|
1,585,681
|
|
||
Other
|
|
3,534,423
|
|
|
2,742,534
|
|
||
Accrued payroll and expenses
|
|
$
|
13,672,842
|
|
|
$
|
10,079,832
|
|
|
Estimated Cash Payment
|
|
Discount
|
|
Net
|
||||||
Due in:
|
|
|
|
|
|
||||||
Less than one year
|
$
|
1,250,000
|
|
|
$
|
(90,044
|
)
|
|
$
|
1,159,956
|
|
One to two years
|
1,250,000
|
|
|
(186,217
|
)
|
|
1,063,783
|
|
|||
Contingent consideration
|
$
|
2,500,000
|
|
|
$
|
(276,261
|
)
|
|
$
|
2,223,739
|
|
|
|
March 29,
2020 |
|
December 29,
2019 |
||||||||
Base Rate
|
|
$
|
1,011,394
|
|
3.75
|
%
|
|
$
|
2,844,957
|
|
5.25
|
%
|
LIBOR
|
|
10,000,000
|
|
3.13
|
%
|
|
17,500,000
|
|
3.26
|
%
|
||
LIBOR
|
|
10,000,000
|
|
3.18
|
%
|
|
—
|
|
—
|
%
|
||
Total
|
|
$
|
21,011,394
|
|
|
|
$
|
20,344,957
|
|
|
|
|
March 29,
2020 |
|
December 29,
2019 |
||||||||
Base Rate
|
|
$
|
18,500,000
|
|
3.75
|
%
|
|
$
|
7,500,000
|
|
5.25
|
%
|
LIBOR
|
|
7,500,000
|
|
3.18
|
%
|
|
—
|
|
—
|
%
|
||
Long-term debt
|
|
$
|
26,000,000
|
|
|
|
$
|
7,500,000
|
|
|
Amounts Recorded at Fair Value
|
|
Financial Statement Classification
|
|
Fair Value
Hierarchy
|
|
March 29,
2020 |
|
December 29,
2019 |
||||
Contingent consideration, net
|
|
Contingent consideration, net - current and long-term
|
|
Level 3
|
|
$
|
2,223,739
|
|
|
$
|
2,174,378
|
|
|
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 29, 2019
|
582,845
|
|
|
$
|
18.32
|
|
|
7.5
|
|
$
|
2,793
|
|
Awards outstanding at March 29, 2020
|
582,845
|
|
|
$
|
18.32
|
|
|
7.3
|
|
$
|
241
|
|
|
|
|
|
|
|
|
|
|||||
Awards exercisable at December 29, 2019
|
313,645
|
|
|
$
|
16.05
|
|
|
6.8
|
|
$
|
1,991
|
|
Awards exercisable at March 29, 2020
|
326,395
|
|
|
$
|
16.45
|
|
|
6.7
|
|
$
|
85
|
|
|
|
Number of
Shares |
|
Weighted Average Grant Date Fair Value
|
|||
Nonvested outstanding at December 29, 2019
|
|
269,200
|
|
|
$
|
20.96
|
|
Nonvested outstanding at March 29, 2020
|
|
256,450
|
|
|
$
|
20.69
|
|
|
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 29, 2019
|
64,482
|
|
|
$
|
13.84
|
|
|
0.8
|
|
$
|
473
|
|
Warrants outstanding at March 29, 2020
|
64,482
|
|
|
$
|
13.84
|
|
|
0.5
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|||||
Warrants exercisable at December 29, 2019
|
64,482
|
|
|
$
|
13.84
|
|
|
0.8
|
|
$
|
473
|
|
Warrants exercisable at March 29, 2020
|
64,482
|
|
|
$
|
13.84
|
|
|
0.5
|
|
$
|
—
|
|
Amortization:
|
|
|
|
|
|
|
||
Professional
|
|
$
|
1,180,834
|
|
|
$
|
1,022,805
|
|
Home office
|
|
6,608
|
|
|
6,278
|
|
||
Total
|
|
$
|
1,187,442
|
|
|
$
|
1,029,083
|
|
|
|
|
|
|
||||
Operating income (expense):
|
|
|
|
|
||||
Real Estate
|
|
$
|
3,039,274
|
|
|
$
|
2,819,711
|
|
Professional
|
|
1,839,783
|
|
|
1,833,559
|
|
||
Light Industrial
|
|
1,097,098
|
|
|
1,202,991
|
|
||
Home office - selling
|
|
(92,662
|
)
|
|
(132,428
|
)
|
||
Home office - general and administrative
|
|
(3,226,099
|
)
|
|
(2,137,125
|
)
|
||
Total
|
|
$
|
2,657,394
|
|
|
$
|
3,586,708
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 29, 2020
|
|
March 31, 2019
|
||||
Capital expenditures:
|
|
|
|
|
||||
Real Estate
|
|
$
|
25,724
|
|
|
$
|
10,661
|
|
Professional
|
|
40,972
|
|
|
328,648
|
|
||
Light Industrial
|
|
—
|
|
|
2,155
|
|
||
Home office
|
|
982,977
|
|
|
—
|
|
||
Total
|
|
$
|
1,049,673
|
|
|
$
|
341,464
|
|
|
|
March 29,
2020 |
|
December 29,
2019 |
||||
Total Assets:
|
|
|
|
|
|
|
||
Real Estate
|
|
$
|
15,024,352
|
|
|
$
|
16,785,163
|
|
Professional
|
|
96,523,696
|
|
|
72,623,242
|
|
||
Light Industrial
|
|
13,423,703
|
|
|
15,223,581
|
|
||
Home office
|
|
13,163,527
|
|
|
10,954,058
|
|
||
Total
|
|
$
|
138,135,278
|
|
|
$
|
115,586,044
|
|
•
|
Implemented a hiring freeze;
|
•
|
Laid off lower performing team members;
|
•
|
Delaying non-essential capital expenditures; and
|
•
|
Delaying the start of any new IT Roadmap initiatives.
|
•
|
Borrowed $4 million on Term Loan and reduced Revolving Facility balance, providing more short-term liquidity;
|
•
|
Increased emphasis on liquidity forecasting;
|
•
|
Strict compliance with vendor payment terms;
|
•
|
Election to delay the payment of the employer's share of Social Security under the CARES Act; and
|
•
|
Reduced our dividend for Q1 2020.
|
•
|
Eliminating all travel, client partner visits, meals and entertainment, as well as any conferences and association events; and
|
•
|
Implemented a Company-wide work-from-home program (only essential office visits are allowed).
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
|
March 29,
2020 |
|
March 31,
2019 |
||||
|
|
|
(dollars in thousands)
|
||||||
Revenues
|
|
$
|
74,067
|
|
|
$
|
68,776
|
|
|
Cost of services
|
|
53,792
|
|
|
50,337
|
|
|||
|
Gross profit
|
|
20,275
|
|
|
18,439
|
|
||
Selling, general and administrative expenses
|
|
16,203
|
|
|
13,621
|
|
|||
Depreciation and amortization
|
|
1,415
|
|
|
1,232
|
|
|||
|
Operating income
|
|
2,657
|
|
|
3,586
|
|
||
Interest expense, net
|
|
456
|
|
|
353
|
|
|||
|
Income before income tax
|
|
2,201
|
|
|
3,233
|
|
||
Income tax expense
|
|
703
|
|
|
737
|
|
|||
|
Net income
|
|
$
|
1,499
|
|
|
$
|
2,496
|
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
|
March 29,
2020 |
|
March 31,
2019 |
||
|
|
|
|
|
|
||
Revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Cost of services
|
|
72.6
|
%
|
|
73.2
|
%
|
|
|
Gross profit
|
|
27.4
|
%
|
|
26.8
|
%
|
Selling, general and administrative expenses
|
|
21.9
|
%
|
|
19.8
|
%
|
|
Depreciation and amortization
|
|
1.9
|
%
|
|
1.8
|
%
|
|
|
Operating income
|
|
3.6
|
%
|
|
5.2
|
%
|
Interest expense, net
|
|
0.6
|
%
|
|
0.5
|
%
|
|
|
Income before income tax
|
|
3.0
|
%
|
|
4.7
|
%
|
Income tax expense
|
|
0.9
|
%
|
|
1.1
|
%
|
|
|
Net income
|
|
2.0
|
%
|
|
3.6
|
%
|
Revenues:
|
|
Thirteen Weeks Ended
|
|||||||||||||
|
|
|
March 29,
2020 |
|
March 31,
2019 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Revenues by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
20,028
|
|
|
27.0
|
%
|
|
$
|
19,176
|
|
|
27.9
|
%
|
|
Professional
|
|
36,344
|
|
|
49.1
|
%
|
|
30,594
|
|
|
44.5
|
%
|
||
|
Light Industrial
|
|
17,695
|
|
|
23.9
|
%
|
|
19,006
|
|
|
27.6
|
%
|
||
|
Total Revenues
|
|
$
|
74,067
|
|
|
100.0
|
%
|
|
$
|
68,776
|
|
|
100.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
||||||||||||
|
|
|
March 29,
2020 |
|
March 31,
2019 |
||||||||||
|
|
|
(dollars in thousands)
|
||||||||||||
Gross Profit by segment:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Real Estate
|
|
$
|
7,628
|
|
|
37.6
|
%
|
|
$
|
7,387
|
|
|
40.1
|
%
|
|
Professional
|
|
10,108
|
|
|
49.9
|
%
|
|
8,283
|
|
|
44.9
|
%
|
||
|
Light Industrial
|
|
2,539
|
|
|
12.5
|
%
|
|
2,769
|
|
|
15.0
|
%
|
||
|
Total Gross Profit
|
|
$
|
20,275
|
|
|
100.0
|
%
|
|
$
|
18,439
|
|
|
100.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
||||
|
|
|
March 29,
2020 |
|
March 31,
2019 |
||
Gross Profit Percentage by segment:
|
|
|
|
|
|
|
|
|
Real Estate
|
|
38.1
|
%
|
|
38.5
|
%
|
|
Professional
|
|
27.8
|
%
|
|
27.1
|
%
|
|
Light Industrial
|
|
14.3
|
%
|
|
14.6
|
%
|
|
Company Gross Profit
|
|
27.4
|
%
|
|
26.8
|
%
|
|
|
Thirteen Weeks Ended
|
|||||||||||||||||||
|
|
March 29,
2020 |
|
March 31,
2019 |
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
$
Change
|
|
%
Change
|
|||||||||
|
|
(dollars in thousands)
|
|||||||||||||||||||
Compensation and related
|
|
$
|
11,698
|
|
|
16
|
%
|
|
$
|
10,280
|
|
|
15
|
%
|
|
$
|
1,418
|
|
|
14
|
%
|
Advertising and recruitment
|
|
407
|
|
|
1
|
%
|
|
473
|
|
|
1
|
%
|
|
(66
|
)
|
|
(14
|
)%
|
|||
Occupancy and office operations
|
|
1,062
|
|
|
1
|
%
|
|
968
|
|
|
1
|
%
|
|
94
|
|
|
10
|
%
|
|||
Client engagement
|
|
273
|
|
|
—
|
%
|
|
366
|
|
|
1
|
%
|
|
(93
|
)
|
|
(25
|
)%
|
|||
Software
|
|
480
|
|
|
1
|
%
|
|
513
|
|
|
1
|
%
|
|
(33
|
)
|
|
(6
|
)%
|
|||
Professional fees
|
|
457
|
|
|
1
|
%
|
|
421
|
|
|
1
|
%
|
|
36
|
|
|
9
|
%
|
|||
Public company related costs
|
|
132
|
|
|
—
|
%
|
|
165
|
|
|
—
|
%
|
|
(33
|
)
|
|
(20
|
)%
|
|||
Bad debt
|
|
32
|
|
|
—
|
%
|
|
(53
|
)
|
|
—
|
%
|
|
85
|
|
|
(160
|
)%
|
|||
Share-based compensation
|
|
193
|
|
|
—
|
%
|
|
320
|
|
|
—
|
%
|
|
(127
|
)
|
|
(40
|
)%
|
|||
Transaction fees
|
|
541
|
|
|
1
|
%
|
|
21
|
|
|
—
|
%
|
|
520
|
|
|
2,476
|
%
|
|||
IT roadmap
|
|
459
|
|
|
1
|
%
|
|
—
|
|
|
—
|
%
|
|
459
|
|
|
—
|
%
|
|||
Workers compensation loss retention return
|
|
—
|
|
|
—
|
%
|
|
(258
|
)
|
|
—
|
%
|
|
258
|
|
|
(100
|
)%
|
|||
Other
|
|
469
|
|
|
1
|
%
|
|
405
|
|
|
1
|
%
|
|
64
|
|
|
16
|
%
|
|||
|
|
$
|
16,203
|
|
|
22
|
%
|
|
$
|
13,621
|
|
|
20
|
%
|
|
$
|
2,582
|
|
|
19
|
%
|
|
|
Thirteen Weeks Ended
|
|
Trailing Twelve Months Ended
|
||||||||
|
|
March 29,
2020 |
|
March 31,
2019 |
|
March 29,
2020 |
||||||
|
|
(dollars in thousands)
|
|
|
||||||||
Net income
|
|
$
|
1,499
|
|
|
$
|
2,496
|
|
|
$
|
12,250
|
|
Interest expense, net
|
|
456
|
|
|
353
|
|
|
1,672
|
|
|||
Income tax expense
|
|
703
|
|
|
737
|
|
|
4,271
|
|
|||
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
541
|
|
|||
Operating income
|
|
2,658
|
|
|
3,586
|
|
|
18,734
|
|
|||
Depreciation and amortization
|
|
1,415
|
|
|
1,232
|
|
|
5,004
|
|
|||
Share-based compensation
|
|
193
|
|
|
320
|
|
|
826
|
|
|||
Transaction fees
|
|
541
|
|
|
21
|
|
|
954
|
|
|||
IT roadmap
|
|
459
|
|
|
—
|
|
|
1,180
|
|
|||
Adjusted EBITDA
|
|
$
|
5,266
|
|
|
$
|
5,159
|
|
|
$
|
26,698
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
March 29,
2020 |
|
March 31,
2019 |
||||
|
|
(dollars in thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
6,648
|
|
|
$
|
5,382
|
|
Net cash used in investing activities
|
|
(22,730
|
)
|
|
(341
|
)
|
||
Net cash provided by (used in) financing activities
|
|
16,082
|
|
|
(5,041
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
Exhibit
Number
|
|
Description
|
|
|
|
2.1
|
|
|
2.2
|
|
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions