Delaware
(State or Other Jurisdiction
of Incorporation)
|
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) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Exhibits: | |
99.1 | Press Release of the Registrant dated August 2, 2011, as attached hereto. | |
99.2 | Press Release of the Registrant dated August 3, 2011, as attached hereto |
SPAR Group, Inc. | |||
Date: August 3, 2011
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By:
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/s/ James R. Segreto | |
James R. Segreto, Chief Financial Officer |
Exhibit
Number
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Description
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99.1
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Press Release of the Registrant dated August 2, 2011, as attached hereto.
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99.2
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Press Release of the Registrant dated August 3, 2011, as attached hereto.
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·
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Signed new Joint Venture in India that will expand annual revenue and profitability in this important growth market.
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·
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Revenue for the first six months 2011 increased 13% to $32.4 million compared to $28.7 million in 2010.
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·
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Gross profit for the first six months 2011 increased 8% to $10.2 million compared to $9.5 million in 2010.
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·
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Operating income for the first six months 2011 increased 17% to $954,000 compared to $814,000 in 2010.
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·
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Net income for the first six months 2011 increased 18% to $762,000 or $0.04 per share compared to $648,000 or $0.03 per share for the same period in 2010.
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Three Months Ended June 30,
(in thousands)
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|||||||||||||||||
2011
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2010
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Change
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|||||||||||||||
Net Revenue:
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$ | % | |||||||||||||||
Domestic
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$ | 9,367 | $ | 9,915 | $ | (548 | ) | (6) | % | ||||||||
International
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6,577 | 5,699 | 878 | 15 | % | ||||||||||||
Total
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$ | 15,944 | $ | 15,614 | $ | 330 | 2 | % | |||||||||
Gross Profit:
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|||||||||||||||||
Domestic
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$ | 2,930 | $ | 3,413 | $ | (483 | ) | (14) | % | ||||||||
International
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2,027 | 1,798 | 229 | 13 | % | ||||||||||||
Total
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$ | 4,957 | $ | 5,211 | $ | (254 | ) | (5) | % | ||||||||
Net Income (loss):
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|||||||||||||||||
Domestic
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$ | 560 | $ | 841 | $ | (281 | ) | (33) | % | ||||||||
International
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(51 | ) | (229 | ) | 178 | 78 | % | ||||||||||
Total
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$ | 509 | $ | 612 | $ | (103 | ) | (17) | % |
Six Months Ended June 30,
(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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$ | 18,889 | $ | 17,461 | $ | 1,428 | 8 | % | |||||||||
International
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13,474 | 11,281 | 2,193 | 19 | % | ||||||||||||
Total
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$ | 32,363 | $ | 28,742 | $ | 3,621 | 13 | % | |||||||||
Gross Profit:
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|||||||||||||||||
Domestic
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$ | 6,208 | $ | 6,168 | $ | 40 | 1 | % | |||||||||
International
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3,985 | 3,313 | 672 | 20 | % | ||||||||||||
Total
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$ | 10,193 | $ | 9,481 | $ | 712 | 8 | % | |||||||||
Net Income (loss):
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|||||||||||||||||
Domestic
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$ | 1,059 | $ | 979 | $ | 80 | 8 | % | |||||||||
International
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(297 | ) | (331 | ) | 34 | 10 | % | ||||||||||
Total
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$ | 762 | $ | 648 | $ | 114 | 18 | % |
Three Months Ended June 30,
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Six Months Ended June 30,
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|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Net revenues
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$ | 15,944 | $ | 15,614 | $ | 32,363 | $ | 28,742 | ||||||||
Cost of revenues
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10,987 | 10,403 | 22,170 | 19,261 | ||||||||||||
Gross profit
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4,957 | 5,211 | 10,193 | 9,481 | ||||||||||||
Selling, general, and administrative expenses
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4,137 | 4,199 | 8,711 | 8,171 | ||||||||||||
Depreciation and amortization
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265 | 237 | 528 | 496 | ||||||||||||
Operating income
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555 | 775 | 954 | 814 | ||||||||||||
Interest expense
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24 | 67 | 106 | 102 | ||||||||||||
Other (income) expense
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(2 | ) | 88 | 7 | 91 | |||||||||||
Income before provision for income taxes
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533 | 620 | 841 | 621 | ||||||||||||
Provision for income taxes
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29 | 17 | 53 | 34 | ||||||||||||
Net income
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504 | 603 | 788 | 587 | ||||||||||||
Net (income) loss attributable to the non-controlling interest
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(5 | ) | (9 | ) | 26 | (61 | ) | |||||||||
Net income attributable to SPAR Group, Inc.
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$ | 509 | $ | 612 | $ | 762 | $ | 648 | ||||||||
Basic/diluted net income per common share:
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||||||||||||||||
Net income - basic
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$ | 0.03 | $ | 0.03 | $ | 0.04 | $ | 0.03 | ||||||||
Net income - diluted
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$ | 0.02 | $ | 0.03 | $ | 0.04 | $ | 0.03 | ||||||||
Weighted average common shares - basic
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20,012 | 19,139 | 19,826 | 19,139 | ||||||||||||
Weighted average common shares - diluted
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21,656 | 20,411 | 21,387 | 20,359 |
June 30,
2011 |
December 31,
2010 |
|||||||
(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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$ | 1,264 | $ | 923 | ||||
Accounts receivable, net
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11,985 | 13,999 | ||||||
Prepaid expenses and other current assets
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928 | 1,283 | ||||||
Total current assets
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14,177 | 16,205 | ||||||
Property and equipment, net
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1,489 | 1,452 | ||||||
Goodwill
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848 | 848 | ||||||
Intangibles
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333 | 362 | ||||||
Other assets
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164 | 226 | ||||||
Total assets
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$ | 17,011 | $ | 19,093 | ||||
Liabilities and equity
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 1,779 | $ | 1,804 | ||||
Accrued expenses and other current liabilities
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1,713 | 2,733 | ||||||
Accrued expense due to affiliates
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1,306 | 1,575 | ||||||
Customer deposits
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294 | 471 | ||||||
Lines of credit and other debt
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3,196 | 5,263 | ||||||
Total current liabilities
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8,288 | 11,846 | ||||||
Other long-term liabilities
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413 | - | ||||||
Total liabilities
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8,701 | 11,846 | ||||||
Equity:
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||||||||
SPAR Group, Inc. equity
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||||||||
Preferred stock, $.01 par value: Authorized and available shares – 2,445,598 Issued and outstanding shares – None - June 30, 2011 554,402 - December 31, 2010
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- | 6 | ||||||
Common stock, $.01 par value: Authorized shares - 47,000,000 Issued and outstanding shares – 20,062,033 – June 30, 2011 and 19,314,306 - December 31, 2010
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201 | 193 | ||||||
Treasury stock
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- | (1 | ) | |||||
Additional paid-in capital
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13,796 | 13,549 | ||||||
Accumulated other comprehensive loss
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(117 | ) | (142 | ) | ||||
Accumulated deficit
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(6,046 | ) | (6,808 | ) | ||||
Total SPAR Group, Inc. equity
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7,834 | 6,797 | ||||||
Non-controlling interest
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476 | 450 | ||||||
Total liabilities and equity
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$ | 17,011 | $ | 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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