SPAR Group, Inc. |
(Exact Name of Registrant as Specified in Charter)
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Delaware
(State or Other Jurisdiction
of Incorporation)
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0-27824
(Commission
File No.)
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33-0684451
(IRS Employer
Identification No.)
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560 White Plains Road, Suite 210, Tarrytown, New York | 10591 |
(Address of Principal Executive Offices) | (Zip Code) |
(Former Name or Former Address, if Changed Since Last Report) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(a)
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Exhibits:
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99.1
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Press Release of the Registrant dated May 9, 2011, as attached hereto.
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99.2
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Press Release of the Registrant dated May 6, 2011, as attached hereto
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SPAR Group, Inc.
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Date: May 9, 2011
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By:
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/s/ James R. Segreto | |
James R. Segreto, Chief Financial Officer
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Exhibit
Number
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Description
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·
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Net revenue increased 25% to $16.4 million compared to $13.1 million in 2010;
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·
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Gross profit increased 23% to $5.2 million compared to $4.3 million in 2010;
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·
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Operating income increased more than ninefold to $397,000 compared to $39,000 in 2010:
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·
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Net income increased sixfold to $253,000 or $0.01 per share compared to $36,000 or $0.00 per share in 2010.
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Three Months Ended March 31,
(in thousands)
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2011
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2010
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Change
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Net Revenue:
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$ | % | ||||||||||||||
Domestic
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$ | 9,521 | $ | 7,545 | $ | 1,976 | 26 | % | ||||||||
International
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6,897 | 5,583 | 1,314 | 24 | % | |||||||||||
Total
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$ | 16,418 | $ | 13,128 | $ | 3,290 | 25 | % | ||||||||
Gross Profit:
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Domestic
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$ | 3,274 | $ | 2,756 | $ | 518 | 19 | % | ||||||||
International
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1,958 | 1,515 | 443 | 29 | % | |||||||||||
Total
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$ | 5,232 | $ | 4,271 | $ | 961 | 23 | % | ||||||||
Operating Income (loss):
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Domestic
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$ | 591 | $ | 171 | $ | 420 | 250 | % | ||||||||
International
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(194 | ) | (132 | ) | (62 | ) | (47 | )% | ||||||||
Total
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$ | 397 | $ | 39 | $ | 358 | 920 | % | ||||||||
Net Income (loss):
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Domestic
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$ | 500 | $ | 139 | $ | 361 | 260 | % | ||||||||
International
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(247 | ) | (103 | ) | (144 | ) | (140 | )% | ||||||||
Total
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$ | 253 | $ | 36 | $ | 217 | 600 | % |
SPAR Group, Inc.
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Consolidated Statements of Income
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(unaudited)
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(in thousands, except per share data)
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Three Months Ended March 31,
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2011
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2010
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Net revenues
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$ | 16,418 | $ | 13,128 | ||||
Cost of revenues
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11,186 | 8,857 | ||||||
Gross profit
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5,232 | 4,271 | ||||||
Selling, general, and administrative expenses
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4,573 | 3,973 | ||||||
Depreciation and amortization
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262 | 259 | ||||||
Operating income
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397 | 39 | ||||||
Interest expense
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81 | 35 | ||||||
Other expense
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9 | 3 | ||||||
Income before provision for income taxes
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307 | 1 | ||||||
Provision for income taxes
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24 | 17 | ||||||
Net income (loss)
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283 | (16 | ) | |||||
Net (income) loss attributable to the non-controlling interest
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(30 | ) | 52 | |||||
Net income attributable to SPAR Group, Inc.
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$ | 253 | $ | 36 | ||||
Basic/diluted net income per common share:
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Net income - basic/diluted
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$ | 0.01 | $ | 0.00 | ||||
Weighted average common shares - basic
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19,639 | 19,139 | ||||||
Weighted average common shares - diluted
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21,347 | 20,269 | ||||||
SPAR Group, Inc.
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Consolidated Balance Sheets
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(in thousands, except share and per share data)
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March 31,
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December 31,
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2011
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2010
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(unaudited)
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(note)
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 1,473 | $ | 923 | ||||
Accounts receivable, net
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12,240 | 13,999 | ||||||
Prepaid expenses and other current assets
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814 | 1,283 | ||||||
Total current assets
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14,527 | 16,205 | ||||||
Property and equipment, net
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1,400 | 1,452 | ||||||
Goodwill
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848 | 848 | ||||||
Intangibles
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351 | 362 | ||||||
Other assets
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205 | 226 | ||||||
Total assets
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$ | 17,331 | $ | 19,093 | ||||
Liabilities and equity
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Current liabilities:
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Accounts payable
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$ | 1,538 | $ | 1,804 | ||||
Accrued expenses and other current liabilities
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2,333 | 2,733 | ||||||
Accrued expense due to affiliates
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1,477 | 1,575 | ||||||
Customer Deposits
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614 | 471 | ||||||
Lines of credit and other debt
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3,408 | 5,263 | ||||||
Total current liabilities
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9,370 | 11,846 | ||||||
Other long-term liabilities
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337 | - | ||||||
Total liabilities
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9,707 | 11,846 | ||||||
Equity:
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SPAR Group, Inc. equity
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Preferred stock, $.01 par value:
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Authorized shares - 3,000,000
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Issued and outstanding shares –
None - March 31, 2011
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554,402 - December 31, 2010
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- | 6 | ||||||
Common stock, $.01 par value:
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Authorized shares - 47,000,000
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Issued and outstanding shares –
19,962,832 - March 31, 2011 and
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19,314,306 - December 31, 2010
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200 | 193 | ||||||
Treasury stock
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(1 | ) | (1 | ) | ||||
Additional paid-in capital
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13,619 | 13,549 | ||||||
Accumulated other comprehensive loss
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(119 | ) | (142 | ) | ||||
Accumulated deficit
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(6,555 | ) | (6,808 | ) | ||||
Total SPAR Group, Inc. equity
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7,144 | 6,797 | ||||||
Non-controlling interest
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480 | 450 | ||||||
Total liabilities and equity
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$ | 17,331 | $ | 19,093 |
The Balance Sheet at December 31, 2010, is excerpted from the consolidated audited financial statements as of that date but does not include certain information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
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