BGSF (NYSE: BGSF), a Plano, Texas-based staffing provider, on March 12 reported fourth-quarter revenue fell 13.0% to $64.4 million. The biggest decrease was in the company’s property management segment, where revenue fell 18.0% year over year in the fourth quarter. Revenue also fell by 8.7% in the Plano, Texas-based staffing provider’s professional segment.

“Late in 2024, we implemented a significant cost restructuring plan to streamline operations and lower overhead with expense savings estimated to be between $7 to $9 million on an annual basis,” Beth Garvey, chair, president and CEO, said in a press release. “We saw revenues stabilize as the year progressed and have seen similar trends in early 2025.”

Garvey added, “While we have progressed with the company’s strategic review process, uncertainties in the demand environment persist, and we continue to expect this to be a 12- to 18-month process from our original May 2024 announcement.”

Sequentially, revenue in its property management segment fell 18.5% from the third quarter, primarily driven by seasonal demand. Professional segment revenue also declined from the third quarter, down 3.0% primarily due to a decline in billing days of approximately 5%.

Contingent placements in the fourth quarter totaled 399 for property management and 1,182 for professional; this compares with 656 and 1,029 respectively in the year-ago fourth quarter.

New CFO

BGSF also announced that Keith Schroeder will take over as finance leader and CFO, effective after the company’s annual report on Form 10-K is filed for fiscal year 2024. Schroeder succeeds John Barnett, who served as the company’s CFO since 2023.

“Keith brings a wealth of strategic, operational and financial leadership to our organization,” Garvey said in a press release. “His background demonstrates a successful history of collaborating and implementing strategic initiatives. Keith is skilled at approaching his role with straightforward, practical solutions resulting in repeatable processes at the lowest possible cost to the organization.”

Schroeder previously was president and chief executive of Novipax Buyer in a carve-out transaction from December 2020 through 2024; before this role, he was CFO of Novipax from February 2019 to November 2020. Prior to that, Schroeder served as CFO and then president and CEO of Xcaliber International from 2016 to 2018. Between 2002 and 2016, Schroeder was CFO for Orchids Paper Products.

BGSF – Q4 2024

Revenue by Segment

Full-Year Results

Share Price

Shares in BGSF were down 2.06% to $3.80 as of 10:19 a.m. Eastern time on March 13. The price set a new 52-week low during the day’s trading session when it reached $3.76.