Professionals & Multifamily divisions boosts BG Staffing GP
BG Staffing has today reported its financial results for its second quarterly period and six months ended 26th June 2016.
The US provider of temporary staffing reported that its revenue in Q2 2016 exceeded Q2 2015 by $12.8m, an increase of 25.8%. During the quarter gross profit increased in each of its three business divisions.
Multifamily increased 48.4%, Professional increased 52.7% and Commercial increased 8.8%. The company’s operating income exceeded Q2 2015 by $1.3m, an increase of 48.8%, but its net income was less than Q2 2015 by approximately $65,000, a decrease of 4.4%
During the six-month period to 26th June revenue exceeded the first six months of 2015 by $31.5m, an increase of 34.7%. Gross profit also increased in each of the company’s three business divisions. Multifamily increased 47.2%, Professional increased 74.4% and Commercial increased 13.6%.
Operating income exceeded the first six months 2015 by $3.1m, an increase of 87.8%. Net income exceeded the first six months 2015 by approximately $604,000, an increase of 37.2%
Q2 2016 Pro forma revenue exceeded Q2 2015 by $4.3m, an increase of 7.3%. Pro forma adjusted EBITDA in Q2 2016 exceeded Q2 2015 by $0.6M, an increase of 11.5%. For the six-months to 26th June 2016 Pro forma revenue exceeded the first six months of 2015 by $11.7m, an increase of 10.6%. For the six months to 26th June 2016 Pro forma adjusted EBITDA exceeded the first six months of 2015 by $1.6m, an increase of 18.4%.
L. Allen Baker, Jr., president and chief executive, stated, "As evidenced by the continued strong growth in each of our three business segments, we continue to build upon our foundation combining organic growth and disciplined, accretive acquisitions.
"While net income and EPS were negatively impacted as the result of a $404,000 ($0.05 per diluted share) one-time debt extinguishment expense, this early elimination of high interest debt will result in less interest expense going forward. We continue our geographic and industry expansion plans and expect to finish 2016 as our strongest.”