BG Staffing, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended July 1, 2018; Provides Tax Rate Guidance for the Third and Fourth Quarters of 2018; Plans to Open 4 More Offices in the Year 2018
July 26, 2018
Share
BG Staffing, Inc. reported earnings results for the second quarter and six months ended July 1, 2018. For the quarter, the company reported net income of $5,170,000 or $0.54 per diluted share compared to net income of $2,285,000 or $0.25 per diluted share reported in the same period last year. Revenues were $70,945,000 against $68,774,000 reported last year. Adjusted EBITDA was $7,883,000 against $6,634,000 reported last year. Revenues were impacted positively by an 8.6% increase in volume of double borrowers over second quarter of 2017, partially offset by a 5.3% decrease in company's average bill rate.
For the six months, the company reported net income of $7,635,000 or $0.82 per diluted share compared to net income of $3,586,000 or $0.40 per diluted share reported in the same period last year. Revenues were $137,801,000 against $125,618,000 reported last year. Adjusted EBITDA was $13,281,000 against $10,776,000 reported last year.
The company expects to open 4 more offices in the year 2018 in its real estate segment.
The current estimate of the effective income tax rate for the third and fourth quarters of 2018 is approximately 25.3%.
BGSF, Inc. is a provider of consulting, managed services, and professional workforce solutions. The Company operates through two segments: Property Management and Professional. The Property Management segment is a provider of office and maintenance talent. It operates in 38 states and D.C. The Professional segment provides specialized talent and business consultants for information technology (IT), managed services, finance, accounting, legal and human resources. The segment operates across the United States in three divisions: IT, Managed Solutions, and Finance & Accounting, with the IT division providing additional nearshore and offshore solutions in Colombia and India. Its client partners include Fortune 500 companies, medium and small companies, as well as consulting firms engaged in systems integration projects. Its workforce services consist of on-demand or short-term assignments, consulting services, managed services and on-site management administration.
BG Staffing, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended July 1, 2018; Provides Tax Rate Guidance for the Third and Fourth Quarters of 2018; Plans to Open 4 More Offices in the Year 2018