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BG Staffing reports Q4 revenue down 2%

March 02, 2015

BG Staffing Inc. (NYSE MKT: BGSF) reported revenue fell 2.0% year over year in the fourth quarter to $42.9 million, according to a filing with the US Securities and Exchange Commission. However fourth-quarter gross margin improved at the Plano, Texas-based staffing provider.

The company provides staffing in light industrial, IT and multi-family (front office and maintenance personnel to the multi-family housing industry). Recently, it acquired the assets of D&W, a provider of accounting, finance, clerical and administrative resources, for an aggregate of $8.5 million.

(US$ thousands) Q4 2014  Q4 2013  % growth
Revenue $42,935 $43,796 -2.0%
Gross profit $8,365 $8,435 -0.8%
Gross margin 19.5% 19.3%  
Net income   $490 $7,202 -93.2%

Quote

“We are extremely pleased with 2014, our first full year as a public company. We have seen our strategy of integrating recent acquisitions produce successful results in the form of higher sales and margins. As a result of these efforts, we expect to continue to increase revenues and to improve our profitability,” said President and CEO said L. Allen Baker Jr. “Now that we have finalized the successful integration of our InStaff acquisition, which was completed in 2013, we look forward to continuing to build on our five-year track record of accretive acquisitions.”

Full-year results

(US$ thousands) 2014  2013  % growth
Revenue $172,811 $151,678 13.9%
Gross profit $34,527 $29,063 18.8%
Gross margin  20.0% 19.2%  
Net loss/net income -$429 $8,298 -105.2%

Share price and market cap

Shares of BG Staffing were unchanged $12.50, and the company has a market cap of $70.14 million, according to Google.