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Bgsf, Inc. (BGSF) SEC Filing 10-Q Quarterly Report for the period ending Sunday, October 1, 2023

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Bg Staffing, Inc.

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CIK: 1474903 Ticker: BGSF

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BGSF, Inc. Reports Third Quarter 2023 Financial Results
Announces 36th Consecutive Quarterly Dividend
Quarterly Revenues Up 6%
Generated $15 Million of Operating Cash Flow Year-to-Date


PLANO, Texas – (November 8, 2023)
 – BGSF, Inc. (NYSE: BGSF), a growing provider of consulting, managed services, and professional workforce solutions, today reported financial results for the third quarter ended October 1, 2023.

Q3 2023 Highlights from Continuing Operations:
•Revenues were $83.5 million, up 6.3% from 2022. Property Management sales grew organically by 8.2% versus the prior year quarter. Professional revenues grew by 5.0%, including acquired revenues, partially offset by an organic contraction of 20.6%, compared to the prior year.

•Gross profit was $30.0 million, up 7.1% from 2022. Gross profit margins increased to 35.9% in 2023, from 35.7% in 2022.
•Net income from continuing operations was $2.6 million, or $0.24 per diluted share, compared to $4.7 million in 2022, primarily due to increased acquisition amortization and interest expense.

•Adjusted EBITDA1 from continuing operations was $7.9 million (9.4% of revenues), vs. $8.0 million in 2022.
•Adjusted EPS1 from continuing operations was $0.36 per diluted share, vs. $0.48 per diluted share in 2022.

Nine Month 2023 Highlights from Continuing Operations2:
•Revenues were $239.6 million, up 8.3% from 2022.
•Gross profit was $86.3 million, up 12.9% from 2022. Gross profit margins increased to 36.0% in 2023, from 34.6% in 2022.
•Operating income (loss) in 2023 includes a non-cash impairment of $22.5 million related to trade name intangible assets from the rebranding to BGSF for all entities. The after-tax impact was $17.1 million or $1.59 per diluted share, using the year-to-date effective tax rate.
•Net loss from continuing operations was $11.2 million, or $1.04 per diluted share, compared to net income of $9.8 million in 2022, primarily due to trade name impairment and increased acquisition amortization and interest expense.
•Adjusted EBITDA1 from continuing operations was $19.6 million (8.2% of revenues), vs. $17.4 million in 2022.
•Adjusted EPS1 from continuing operations was $0.93 per diluted share in 2023, vs. $1.05 per diluted share in 2022.
1Non-GAAP financial measure. See reconciliation below for details.
22023 operation results includes twenty-three weeks of Arroyo Consulting and thirty-nine weeks of Horn Solutions.

The following information was filed by Bg Staffing, Inc. (BGSF) on Thursday, November 9, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bg Staffing, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Balance Sheets - Parenthetical
Unaudited Consolidated Statement Of Stockholders' Equity
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Operations And Comprehensive Income
Accrued Payroll And Expenses, Other Long-Term Liabilities, And Contingent Consideration
Accrued Payroll And Expenses, Other Long-Term Liabilities, And Contingent Consideration (Tables)
Accrued Payroll And Expenses, Other Long-Term Liabilities, And Contingent Consideration - Accrued Payroll And Expenses (Details)
Accrued Payroll And Expenses, Other Long-Term Liabilities, And Contingent Consideration - Narrative (Details)
Accrued Payroll And Expenses, Other Long-Term Liabilities, And Contingent Consideration - Schedule Of Future Estimated Earn Out Payments (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Acquisitions (Details Textual)
Acquisitions - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details)
Business Segments
Business Segments (Reconciliation Of Revenue And Operating Income) (Details)
Business Segments (Tables)
Contingencies
Debt
Debt (Details Textual)
Debt (Tables)
Debt - Borrowing Under Term Loan (Details)
Debt - Borrowings Under Revolving Facility (Details)
Deferred Costs, Capitalized, Prepaid, And Other Assets (Details)
Deferred Costs, Capitalized, Prepaid, And Other Assets (Tables)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Financial Results Of Instaff (Details)
Discontinued Operations - Narrative (Details)
Equity
Equity (Details Textual)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Intangible Assets
Intangible Assets (Details Textual)
Intangible Assets (Schedule Of Intangible Assets) (Details)
Intangible Assets (Tables)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Leases - Undiscounted Annual Future Minimum Lease Payments (Details)
Nature Of Operations
Other Assets
Share-Based Compensation
Share-Based Compensation (Details Textual)
Share-Based Compensation (Tables)
Share-Based Compensation - Summary Of Stock Option And Restricted Stock Activity (Details)
Subsequent Event
Subsequent Event - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details Textual)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Changes In The Allowance For Credit Losses (Details)
Summary Of Significant Accounting Policies - Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Team Member Benefit Plan
Team Member Benefit Plan (Details Textual)

Material Contracts, Statements, Certifications & more

Bg Staffing, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: BGSF
CIK: 1474903
Form Type: 10-Q Quarterly Report
Accession Number: 0001474903-23-000124
Submitted to the SEC: Wed Nov 08 2023 6:40:24 PM EST
Accepted by the SEC: Thu Nov 09 2023
Period: Sunday, October 1, 2023
Industry: Help Supply Services

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