BGSF (NYSE: BGSF) reported first-quarter revenue fell 8.7% year over year to $68.8 million, but the company reported some promising signs going forward.

“Our first-quarter results aligned with expectations, and we are encouraged by recent activity in higher-end consulting,” President and CEO Beth Garvey said in a press statement. “The professional division has experienced meaningful progress each month this year with IT consulting and other IT-related tool deployments, and we are benefiting from BGSF’s enhanced Workday strategic partnership.”

BGSF’s professional division includes IT and finance/accounting staffing. The Plano, Texas-based company’s property management division includes real estate staffing for apartment buildings and commercial buildings.

Garvey said the company is using technology in its property management division to penetrate existing markets.

“Although property management is facing industry competition for the first time, we believe that our strategic transition of the sales organization using stronger results-oriented compensation plans, will drive meaningfully improved sales performance starting in 2024,” she said.

The first quarter of 2023 had a noncash impairment loss of $22.5 million as the company eliminated some trade names in favor of the BGSF brand.

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Share price

Shares in BGSF were down 18.07% to $7.48 as of 12:02 p.m. Eastern time today. They set a new 52-week low today when they hit $6.65.