BGSF, Inc. (BGSF) Q3 2024 Earnings Call Transcript
Total Revenues $71.2 million, down from $83.5 million year-over-year (down 14.0%), but up 4.5% sequentially. The decline year-over-year was attributed to softness in the Professional segment, particularly in Finance and Accounting.
Property Management Revenues $30 million, reflecting a seasonal increase of 15.9% sequentially from the second quarter of 2024. The increase was due to typical seasonality and strategic initiatives.
Professional Segment Revenues $41 million, down 12.9% year-over-year, remaining soft compared to the second quarter due to declines in the Finance and Accounting division.
Gross Profit $24.3 million, down from $30 million year-over-year. The margin was 34.2%, down from 35.9% in the prior year, primarily due to cost pressures and lower perm placement.
SG&A Expenses $22 million, compared to $22.7 million in the prior year's quarter, showing a slight decrease year-over-year. Included $526,000 in nonrecurring fees related to strategic alternatives.
Adjusted EBITDA $3.2 million (4.5% of revenue), up from $2.6 million (3.8% of revenue) in the second quarter, indicating a sequential improvement.
Adjusted Earnings per Share $0.10 per diluted share, an improvement from $0.07 per share in the second quarter, but down from $0.36 per share in the third quarter of 2023.
Cash from Operating Activities $21.2 million for the first nine months of the fiscal year.
Capital Spend $1.4 million for the first nine months, primarily for IT investments.
Debt-to-EBITDA Leverage Ratio 3.8x, compliant with new credit facility amendment terms.
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BGSF: Overview of Q3 Earnings
Company Financial Performance: BGSF, Inc. reported a loss of $5.8 million in its third quarter, translating to a loss of 52 cents per share, with adjusted losses of 28 cents per share when accounting for discontinued operations.
Revenue and Stock Performance: The staffing company generated revenue of $26.9 million during the quarter, while its stock price has significantly declined from $7.70 a year ago to $3.27.

BG Staffing announces a special dividend of $2.00
Special Dividend Announcement: BG Staffing (BGSF) has declared a special dividend of $2.00 per share.
Payment Details: The dividend is payable on September 30, with shareholders of record on September 23, and the ex-dividend date is October 1.






