Delaware | 001-36704 | 26-0656684 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
¨ | 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)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit No. | Description | ||
99.1 | Earnings release dated | March 7, 2016 |
BG STAFFING, INC. | |||
Date: | March 7, 2016 | /s/ Dan Hollenbach | |
Name: Title: | Dan Hollenbach Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) |
Exhibit No. | Description | ||
99.1 | Earnings release dated | March 7, 2016 |
• | Quarterly revenue exceeded Q4 2014 by $23.8 million, an increase of 55.3% |
• | Quarterly net income exceeded Q4 2014 by $1.0 million, an increase of 207.7% |
• | Quarterly gross profit increased in each of our three business segments over Q4 2014 - |
◦ | Multifamily increased 45.9% |
◦ | Professional increased 173.0% |
◦ | Commercial increased 25.2% |
• | Quarterly Adjusted EBITDA1 was $5.5 million in 2015, an increase of 100.7% over 2014 |
• | Fiscal revenue exceeded Fiscal 2014 by $44.7 million, an increase of 25.9% |
• | Fiscal net income exceeded Fiscal 2014 by $5.8 million, an increase of 1,346.9% |
• | Fiscal gross profit increased in each of our three business segments over Fiscal 2014 - |
◦ | Multifamily increased 33.4% |
◦ | Professional increased 64.4% |
◦ | Commercial increased 15.7% |
• | Fiscal Adjusted EBITDA1 was $17.9 million in 2015, an increase of 53.6% over 2014 |
• | Pro forma* revenues were $245.8 million in 2015, an increase of 9.9% over 2014 |
• | Pro forma* Adjusted EBITDA1 was $21.3 million in 2015, an increase of 17.7% over 2014 |
Fourth Quarter | Year-to-Date | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues | $ | 66,697 | $ | 42,935 | $ | 217,534 | $ | 172,811 | ||||||||
Gross profit | $ | 14,844 | $ | 8,365 | $ | 47,907 | $ | 34,527 | ||||||||
Sales, general and administrative | $ | 9,461 | $ | 5,697 | $ | 30,390 | $ | 24,084 | ||||||||
Operating income | $ | 3,574 | $ | 1,612 | $ | 11,973 | $ | 5,801 | ||||||||
Income before income tax | $ | 2,440 | $ | 991 | $ | 8,715 | $ | 945 | ||||||||
Net income (loss) | $ | 1,506 | $ | 490 | $ | 5,347 | $ | (429 | ) | |||||||
Net income (loss) per diluted share | $ | 0.20 | $ | 0.08 | $ | 0.73 | $ | (0.08 | ) | |||||||
Weighted average dilutive shares | 7,646 | 6,098 | 7,289 | 5,649 |
Thirteen Weeks Ended | ||||||||
December 27, 2015 | December 28, 2014 | |||||||
(dollars in thousands) | ||||||||
Net income | $ | 1,506 | $ | 490 | ||||
Interest expense and related party interest, net | 1,245 | 617 | ||||||
Income tax expense | 933 | 502 | ||||||
Depreciation and amortization | 1,809 | 1,055 | ||||||
Loss on extinguishment of debt and related party debt | — | — | ||||||
Share-based compensation | 121 | 75 | ||||||
Change in fair value of put option | (110 | ) | 4 | |||||
Adjusted EBITDA | $ | 5,504 | $ | 2,743 |
(dollars in millions) | ||||||||||||||||||||||||||||||||
December 27, 2015 | December 28, 2014 | |||||||||||||||||||||||||||||||
BG | DW | VTS | Pro Forma | BG | DW | VTS | Pro Forma | |||||||||||||||||||||||||
Net income (loss) | $ | 5.3 | $ | 0.5 | $ | 2.8 | $ | 8.6 | $ | (0.4 | ) | $ | 2.7 | $ | 3.7 | $ | 6.0 | |||||||||||||||
Interest expense and related party interest, net | 3.0 | — | — | 3.0 | 2.7 | — | — | 2.7 | ||||||||||||||||||||||||
Income tax expense | 3.4 | — | — | 3.4 | 1.4 | — | — | 1.4 | ||||||||||||||||||||||||
Depreciation and amortization | 5.5 | — | 0.1 | 5.6 | 4.6 | — | 0.1 | 4.7 | ||||||||||||||||||||||||
Loss on extinguishment of debt and related party debt | 0.4 | — | — | 0.4 | 1.0 | — | — | 1.0 | ||||||||||||||||||||||||
Share-based compensation | 0.4 | — | — | 0.4 | 1.2 | — | — | 1.2 | ||||||||||||||||||||||||
Change in fair value of put option | (0.1 | ) | — | — | (0.1 | ) | 1.1 | — | — | 1.1 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 17.9 | $ | 0.5 | $ | 2.9 | $ | 21.3 | $ | 11.6 | $ | 2.7 | $ | 3.8 | $ | 18.1 |
December 27, 2015 | December 28, 2014 | |||||||
(dollars in millions) | ||||||||
Revenues | $ | 217.5 | $ | 172.8 | ||||
D&W Talent, LLC | 3.1 | 17.7 | ||||||
Vision Technology Services | 25.2 | 33.2 | ||||||
Pro forma revenues | $ | 245.8 | $ | 223.7 |
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