BG Staffing’s Q1 revenue up 18%, increases in professional and multifamily apartment staffing

Revenue at BG Staffing Inc. (NYSE MKT: BGSF) rose 17.6% in the first quarter and gross margin improved at the Plano, Texas-based staffing provider.

(US$ thousands) Q1 2018 Q1 2017 % change Revenue $66,855 $56,844 17.6% Gross profit $17,310 $13,671 26.6% Gross margin 25.9% 24.1% Net income $2,466 $1,302 89.4%

BG Staffing provides office/clerical, light industrial, finance/accounting, IT and multifamily apartment staffing.

First-quarter revenue in multifamily apartment staffing — which includes managers, assistant managers, leasing agents and bilingual leasing agents — revenue rose 37.8% year over year to $18.0 million.

Professional revenue rose 20.4% to $31.1 million. However, commercial staffing revenue fell 1.0% to $17.7 million.

Quote

“I’m very pleased with our first-quarter 2018 financial results – they are a reflection of BG Staffing’s unique value proposition, the solid performance from our recent acquisitions, and our disciplined approach to cost control,” said President and CEO L. Allen Baker Jr. “We met or exceeded our goals in every significant category. I want to thank our team and customers.”

Share price and market cap

Shares in BG Staffing rose 6.45% to $20.30 as of 12:35 p.m. Eastern time today. The company had a market cap of $177.91 million.

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