Business
CORRECTION: SPAR Group, Inc. Reports Fourth Quarter and Fiscal 2022 Results, Achieves Record Full Year Sales of $261 million, Up 2.2%, Up 3.5% Constant Currency
Momentum Continues in Fourth Quarter with Revenues of $64.6 million, Up 7.7% and Up 11.8% Constant Currency AUBURN HILLS, Mich., April 25, 2023 (GLOBE
About this update from Spar Group, Inc.
[{"type":"text","content":"Momentum Continues in Fourth Quarter with Revenues of $64.6 million, Up 7.7% and Up 11.8% Constant Currency\nAUBURN HILLS, Mich., April 25, 2023 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Monday, April 17th by SPAR Group, Inc. (NASDAQ: SGRP), please note that in the Condensed Consolidated Statement of Operations for the three months ended December 31, 2022, did not properly compute Income (loss) before income taxes. The corrected release follows: SPAR Group, Inc. (NASDAQ: SGRP) (“SPAR”, “SPAR Group” or the “Company”), a leading global provider of merchandising, marketing, and distribution services today reported financial and operating results for the fourth quarter and twelve-month period ended December 31, 2022. Mike Matacunas, the Company’s President and Chief Executive Officer, commented, “Fiscal 2022 was a strategically transformative year for the Company. We successfully grew merchandising, remodeling and distribution services across the platform and especially in the U.S., resulting in record high revenues, and we also acquired or built new analytical tools and capabilities, as well as improved recruitment and candidate technology. I want to thank our entire SPAR team for their tremendous performance during a globally challenging labor and macro-economic environment in 2022. “As we discussed last fall, the Company and Board are exploring strategic alternatives for SPAR with the goal of maximizing shareholder value. With a strong balance sheet, 90%+ revenue growth over the last 5 years, expanding gross profit margins, diversified services, and long-term relationships with some of the most important consumer goods and retail companies in the world, we continue to believe that the Company is valued below our nearest competitors. Although we have nothing to report publicly on this process, we remain committed to the execution of our work of growing the business, serving our clients and supporting our employees and joint venture partners,” concluded Matacunas. Fourth Quarter 2022 Financial Results Net revenues were $64.6 million, comprised of $48.6 million from Americas (75.2%) and $9.4 million from EMEA (14.5%), and $6.7 million from APAC (10.3%). Total net revenue increased by 7.7% (up 11.8% on a constant currency basis), Americas increased over the prior year by 20.8% (up 21.2% on a constant currency...