PLANO, Texas, March 12,
2019 /PRNewswire/ -- BG Staffing, Inc. (NYSE American: BGSF), a
rapidly growing national provider of professional temporary
staffing services, today reported financial results for its fourth
quarter and fiscal year-ended December 30, 2018.
|
Quarter Four 2018
Results
|
|
|
2018
|
|
2017
|
|
Change
|
|
%
Change
|
|
(amounts in
thousands, except per-share amounts)
|
Revenues
|
$
|
72,000
|
|
|
$
|
75,701
|
|
|
$
|
(3,701)
|
|
|
(4.9)
|
%
|
Gross
profit
|
$
|
18,720
|
|
|
$
|
19,255
|
|
|
$
|
(535)
|
|
|
(2.8)
|
%
|
Gross profit
percentage
|
26.0
|
%
|
|
25.4
|
%
|
|
0.6
|
%
|
|
2.4
|
%
|
Net income
(loss)
|
$
|
4,853
|
|
|
$
|
(875)
|
|
|
$
|
5,728
|
|
|
654.6
|
%
|
Net income per
diluted share
|
$
|
0.47
|
|
|
$
|
(0.10)
|
|
|
$
|
0.57
|
|
|
570.0
|
%
|
Weighted average
diluted shares
|
10,365
|
|
|
8,759
|
|
|
1,606
|
|
|
18.3
|
%
|
Adjusted EBITDA
(1)
|
$
|
6,416
|
|
|
$
|
6,468
|
|
|
$
|
(52)
|
|
|
(0.8)
|
%
|
Adjusted EBITDA
percentage (2)
|
8.9
|
%
|
|
8.5
|
%
|
|
0.4
|
%
|
|
4.7
|
%
|
|
|
Year-Ended
2018 Results
|
|
|
2018
|
|
2017
|
|
Change
|
|
%
Change
|
|
(amounts in
thousands, except per-share amounts)
|
Revenues
|
$
|
286,863
|
|
|
$
|
272,600
|
|
|
$
|
14,263
|
|
|
5.2
|
%
|
Gross
profit
|
$
|
76,595
|
|
|
$
|
68,402
|
|
|
$
|
8,193
|
|
|
12.0
|
%
|
Gross profit
percentage
|
26.7
|
%
|
|
25.1
|
%
|
|
1.6
|
%
|
|
6.4
|
%
|
Net income
|
$
|
17,550
|
|
|
$
|
5,848
|
|
|
$
|
11,702
|
|
|
200.1
|
%
|
Net income per
diluted share
|
$
|
1.79
|
|
|
$
|
0.65
|
|
|
$
|
1.14
|
|
|
175.4
|
%
|
Weighted average
diluted shares
|
9,808
|
|
|
9,038
|
|
|
770
|
|
|
8.5
|
%
|
Adjusted EBITDA
(1)
|
$
|
27,106
|
|
|
$
|
24,737
|
|
|
$
|
2,369
|
|
|
9.6
|
%
|
Adjusted EBITDA
percentage (2)
|
9.4
|
%
|
|
9.1
|
%
|
|
0.3
|
%
|
|
3.3
|
%
|
The fiscal year financial results are for the 52 weeks ended
December 30, 2018 and the 53 weeks
ended December 31, 2017. The quarter
four financial results are for the 13 weeks ended December 30, 2018 and the 14 weeks ended
December 31, 2017.
Fourth quarter 2018 Same Day Revenue (1), Same Day
Gross Profit (1) and Same Day EBITDA (1) grew
4%, 6% and 9%, respectively.
Fiscal 2018 Same Day Revenue (1), Same Day Gross
Profit (1) and Same Day EBITDA (1) grew 7%,
14%, and 12%, respectively.
(1)
|
Non-GAAP financial
measure. See reconciliation at end for details.
|
(2)
|
Adjusted EBITDA as a
percentage of revenue.
|
Beth A. Garvey, President and
CEO, stated, "We continue to see strong demand across all our
segments despite discussions about the waning strength of the U.S.
economy and the current stage of economic expansion. We are
especially pleased with the continued increase in our gross profit
percent, driven by increases across all our business lines."
Garvey added, "We anticipate that the tight labor market with
low unemployment will continue this year and fuel the need for our
services. Our dedicated and hardworking team members continue to
provide outstanding service to our client partners and field
talent."
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 March 12, 2019.
The call can also be accessed "live" online at
http://public.viavid.com/index.php?id=133103. 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 March 12, 2019, at
7:30pm ET through March 19, 2019
at 11:59 pm ET. Please use PIN Number
10006158.
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 59th largest U.S. staffing
company and the 45th largest IT staffing firm in 2018 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
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," 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, Same Day EBITDA, Same Day Revenue, and Same
Day Gross Profit.
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, Same Day EBITDA, Same Day Revenue,
and Same Day Gross Profit are not measurements of financial
performance under GAAP and should not be considered as alternatives
to net income, net income per diluted share, operating income,
revenue, gross profit, or any other performance measure derived in
accordance with GAAP, or as alternatives to cash flow from
operating activities or measures of our liquidity. We believe
that Adjusted EBITDA, Same Day EBITDA, Same Day Revenue, and Same
Day Gross Profit are useful performance measures and are used by us
to facilitate comparisons 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. We define "Same Day
EBITDA" as Adjusted EBITDA on a fifty-two-week fiscal year ended.
We define "Same Day Revenue" and "Same Day Gross Profit" as revenue
and gross profit on a fifty-two-week fiscal year ended.
|
|
Reconciliation of
Net Income to Adjusted and Same Day
EBITDA
|
|
|
Thirteen
Weeks Ended
|
|
Fourteen
Weeks Ended
|
|
Fifty-two
Weeks Ended
|
|
Fifty-three
Weeks Ended
|
|
December 30,
2018
|
|
December 31,
2017
|
|
December 30,
2018
|
|
December 31,
2017
|
|
(dollars in thousands)
|
Net income
(loss)
|
$
|
4,853
|
|
|
$
|
(875)
|
|
|
$
|
17,550
|
|
|
$
|
5,848
|
|
Interest expense,
net
|
576
|
|
|
973
|
|
|
2,850
|
|
|
3,253
|
|
Income tax
expense
|
1,127
|
|
|
4,751
|
|
|
3,860
|
|
|
8,659
|
|
Depreciation and
amortization
|
1,243
|
|
|
1,619
|
|
|
5,044
|
|
|
6,292
|
|
Contingent
consideration
|
(1,615)
|
|
|
(226)
|
|
|
(3,775)
|
|
|
(226)
|
|
Share-based
compensation
|
196
|
|
|
90
|
|
|
1,069
|
|
|
447
|
|
Transaction
fees
|
36
|
|
|
136
|
|
|
508
|
|
|
464
|
|
Adjusted
EBITDA
|
6,416
|
|
|
6,468
|
|
|
27,106
|
|
|
24,737
|
|
Same day
adjustment
|
—
|
|
|
(569)
|
|
|
—
|
|
|
(521)
|
|
Same Day
EBITDA
|
$
|
6,416
|
|
|
$
|
5,899
|
|
|
$
|
27,106
|
|
|
$
|
24,216
|
|
|
|
Reconciliation of
Same Day Revenues and Same Day Gross Profit
|
|
|
December 31,
2017
|
|
Revenues
|
|
Gross
Profit
|
|
(dollars in thousands)
|
Fourteen Weeks (60
revenue days) - GAAP
|
$
|
75,701
|
|
|
$
|
19,255
|
|
Six Days
|
(6,659)
|
|
|
(1,647)
|
|
Thirteen Weeks (54
revenue days) - Same Day
|
$
|
69,042
|
|
|
$
|
17,608
|
|
|
|
|
|
Fifty-three Weeks
(256.5 revenue days) - GAAP
|
$
|
272,600
|
|
|
$
|
68,402
|
|
Five Days
|
(5,741)
|
|
|
(1,438)
|
|
Fifty-two Weeks
(251.5 revenue days) - Same Day
|
$
|
266,859
|
|
|
$
|
66,964
|
|
|
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/bg-staffing-inc-announces-q4-and-fiscal-year-end-2018-financial-results-300810664.html
SOURCE BG Staffing, Inc.