BGSF(US:BGSF)2024-11-06 23:16Financial Performance - Revenues for Q3 2024 were $71.2 million, a 4.5% increase from Q2 2024's $68.1 million, driven by a 15.9% increase in the Property Management segment[3][6] - Gross profit rose to $24.3 million in Q3 2024, up from $23.6 million in Q2 2024, primarily due to higher sales in Property Management[4] - Adjusted EBITDA for Q3 2024 was $3.2 million, representing 4.5% of revenues, compared to $2.6 million (3.8% of revenues) in Q2 2024[4][5] - Adjusted EPS increased to $0.10 in Q3 2024 from $0.07 in Q2 2024[4][5] - Revenues for the thirteen weeks ended September 29, 2024, were $71,186, a decrease of 14.7% compared to $83,484 for the same period in 2023[14] - Gross profit for the thirty-nine weeks ended September 29, 2024, was $71,397, down 17.3% from $86,337 in the prior year[14] - Operating income for the thirteen weeks ended September 29, 2024, was $470, a significant decline from $5,267 in the same period last year[14] - Net loss for the thirty-nine weeks ended September 29, 2024, was $(2,357), compared to a net loss of $(11,222) for the same period in 2023[14] - Adjusted EBITDA for the thirteen weeks ended September 29, 2024, was $3,208, representing a margin of 4.5% of revenue[22] - Adjusted EPS for the thirteen weeks ended September 29, 2024, is $0.10, compared to $0.36 for the same period last year[23] - Net (loss) income per diluted share for the thirteen weeks ended September 29, 2024, is $(0.07), a decrease from $0.24 in the prior year[23] - The adjusted EPS for the thirty-nine weeks ended September 29, 2024, is $0.24, down from $0.93 in the previous year[23] - The company reported a net (loss) income per diluted share of $(0.22) for the thirty-nine weeks ended September 29, 2024[23] Segment Performance - The Professional segment experienced a 2.5% revenue decline from Q2 2024, attributed to a decrease in billed hours in the Finance & Accounting division[4][6] - Property Management segment revenue for the thirteen weeks ended September 29, 2024, was $29,824, accounting for 42% of total revenue[15] - Professional segment revenue for the same period was $41,362, making up 58% of total revenue[15] Expenses and Liabilities - Total current assets decreased to $51.5 million in Q3 2024 from $66.9 million in Q2 2024[12] - Total liabilities were reported at $74.4 million, down from $92.9 million in the previous quarter[12] - Selling, general and administrative expenses for the thirty-nine weeks ended September 29, 2024, were $64,549, down from $68,475 in the previous year[14] - The company reported interest expense, net, of $(1,222) for the thirteen weeks ended September 29, 2024, compared to $(1,672) in the same period last year[14] Strategic Initiatives - The company launched an advanced lead generation technology in Q3 2024, improving lead acquisition and conversion rates[4][7] - The company is focused on expanding consulting efforts and has plans for further technology enhancements in Q4 2024[6][7] Company Rankings - BGSF was ranked as the 97th largest U.S. staffing company and the 49th largest IT staffing firm in 2024[9] Other Financial Metrics - Cash dividends declared per common share were $0.15 for the thirty-nine weeks ended October 1, 2023, unchanged from the previous year[14] - Acquisition amortization for the thirteen weeks ended September 29, 2024, is $0.13, compared to $0.15 for the same period last year[23] - Impairment losses (pre-tax) for the thirty-nine weeks ended September 29, 2024, are $0, while the previous year recorded $2.10[23] - Strategic alternatives review contributed $0.05 to adjusted EPS for the thirteen weeks ended September 29, 2024[23] - Transaction fees for the thirteen weeks ended October 1, 2023, were $0.01, compared to $0.08 in the previous year[23] - Income tax expense adjustment for the thirteen weeks ended September 29, 2024, is $(0.01), compared to $(0.04) in the prior year[23]