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BG Staffing Q3 profit increase driven by professional staffing

Quarterly revenue exceeded Q3 2014 by $12.2m, an increase of 25.3%. Quarterly net income exceeded Q3 2014 by $1.8m, an increase of 506.5%. Quarterly gross profit increased in each of its three business segments over Q3 2014. The commercial segment increased 24.8%, the multifamily segment increased 26.4% and the professional staffing segment increased 65.3%.

"Our momentum is building as we continued to make important progress in executing our business plan on all fronts during the third quarter of 2015," said L. Allen Baker, Jr., president and CEO.

He added, "The recent acquisition of Vision Technology Services (closed in Q4) continues our momentum in building a diversified staffing solution company and we look forward to continuing execution of our business plan in the fourth quarter of 2015 and throughout 2016.

"Our results were bolstered by the March acquisition of D&W Talent in the attractive staffing niche of finance and accounting, and strong growth in all of our segments. We are very pleased with the results of the third quarter, our best ever, and look forward to finishing 2015 as our strongest year on record."

Q3 2015 Results
Revenues for the third quarter 2015 were $60.2 million, an increase of 25.3% when compared with revenues from the third quarter 2014 of $48.0 million. The Company reported net income of $2.2 million, or $0.29 per diluted share for the third quarter 2015 compared with net income of $0.4 million, or $0.06 per diluted share for the third quarter 2014. Gross profit percent was 23.0% for the third quarter 2015 compared with 20.8% for the third quarter 2014.

Adjusted EBITDA(1) was $6.2 million, or 10.3% of revenues, in the third quarter of 2015, compared with $3.9 million, or 8.0% of revenues for the same period in the prior year.  

Nine-Month 2015 Results

Revenues for the first nine months of 2015 were $150.8 million, an increase of 16.1% when compared with revenues from the first nine months of 2014 of $129.9 million. The Company reported net income of $3.8 million, or $0.53 per diluted share for the first nine months of 2015 compared with a net loss of $0.9 million, or $(0.16) per diluted share for the first nine months of 2014. Gross profit percent was 21.9% for the first nine months of 2015 compared with 20.1% for the first nine months of 2014.

Adjusted EBITDA(1) was $12.4 million, or 8.2% of revenues, for the first nine months of 2015, compared with $8.9 million, or 6.8% of revenues for the first nine months of 2014.

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