Business
SPAR Group Announces Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
AUBURN HILLS, Mich., Nov. 16, 2020 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (Nasdaq: SGRP), a leading supplier of retail merchandising, business technology and
About this update from Spar Group, Inc.
[{"type":"text","content":"AUBURN HILLS, Mich., Nov. 16, 2020 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (Nasdaq: SGRP), a leading supplier of retail merchandising, business technology and other marketing services in 10 countries throughout North America, Latin America, Asia Pacific and Africa, today announced financial results for the three- and nine-month periods ended September 30, 2020.\n Highlights for the three- and nine-month periods ended September 30, 2020, as compared to the same periods during the prior year are as follows: Revenue for the third quarter of 2020 decreased $7.6 million, or 11.4 percent, to $58.9 million versus the prior year’s third quarter. Revenues increased 2.1 percent for the domestic operations; however, international operations decreased 20.4 percent.Revenue for the nine-month period ending September 30, 2020 decreased $20.7 million, or 10.8 percent, to $171.2 million. Revenues decreased 0.9 percent and 16.8 percent for domestic and international operations, respectively.Operating income for the third quarter of 2020 increased $0.3 million, or 9.6 percent, to $3.3 million, compared to $3.0 million for the same period last year.Operating income for the nine-month period ending September 30, 2020 decreased $2.2 million to $6.8 million, compared to $9.0 million for the same period last year. Domestic operations decreased $2.7 million, while international increased $0.5 million.Net income attributable to SPAR Group for the third quarter of 2020 was $1.1 million, or $0.05 per diluted share, compared to $0.9 million, or $0.04 per diluted share, during the third quarter of 2019.Net income attributable to SPAR Group for the nine-month period ending September 30, 2020 was $1.3 million, or $0.06 per diluted share, compared to $3.0 million, or $0.15 per diluted share, during the same period last year. Domestic revenue during the third quarter recovered 22% sequentially from the second quarter, showing gradual improvements throughout each month of the quarter. Domestic revenue benefited from projects that were delayed earlier in the year, as well as increased demand for store reset and remodeling services in certain end markets. The improved domestic revenue performance was partially offset by the lower levels of customer activity in certain end markets related to COVID 19. The pandemic had a greater impact on international markets, with low...