Business
SPAR Group, Inc. Reports Fiscal 2021 Fourth Quarter and Year-End Results
Full Year 2021 Record Sales of $256 million, Up 11% AUBURN HILLS, Mich., March 29, 2022 /PRNewswire/ -- SPAR Group, Inc. (NASDAQ: SGRP) ("SPAR", "SPAR Group"
About this update from Spar Group, Inc.
[{"type":"text","content":"Full Year 2021 Record Sales of $256 million, Up 11%\nAUBURN HILLS, Mich., March 29, 2022 /PRNewswire/ -- SPAR Group, Inc. (NASDAQ: SGRP) (\"SPAR\", \"SPAR Group\" or the \"Company\"), a leading global provider of merchandising, marketing, and distribution services with over 25,000+ team members deployed across nine countries, today reports financial and operating results for the fiscal quarter and year ended December 31, 2021.\n\n \n \n \n \n \n \n\n \nMike Matacunas, the Company's President and Chief Executive Officer, commented, \"Fiscal year 2021 was an important and transformational year for SPAR. While delivering the highest revenue in the company's history, we continued to take market share from competitors, built more unique software capabilities, introduced new services, engaged new clients and developed a compelling, long-term global strategy for the business. In addition, after nearly four years of challenges, we resolved all outstanding claims and disputes with our founding shareholders and set the company up for an exciting future. I believe we have the most talented executive team in the marketplace, and we have momentum.\"\n\"Notwithstanding the non-recurring charges related to the agreement with our founding shareholders, we reported 11% revenue growth for fiscal 2021. Adjusted Net Income attributable to SPAR was $2.6 million, an increase of 53% from the fiscal 2020 Adjusted Net income attributable to SPAR of $1.7 million,\" Matacunas concluded.\nFourth Quarter 2021 Financial Results\nFourth quarter net revenue was $60 million, comprised of $21 million from the Domestic segment and $39 million from the International segment. Compared to the prior year, total net revenue increased by 1.1%, the Domestic segment increased over the prior year by 5.3%, and the International segment declined by 0.9% from the prior year. Despite normal lower seasonal revenue in the fourth quarter due to the holidays each year, the Domestic segment grew primarily due to year-over-year increases in the remodeling business.\nGross profit was $10.6 million, or 17.7% of sales, compared to $11.5 million, or 19.4% of sales, in the prior year quarter. The gross profit decrease was primarily due to fourth quarter one-time field travel expense items, faster growth of the remodel business than planned and an increase in labor expense costs related ...