Business
SPAR Group, Inc. Reports Fiscal 2022 First Quarter Results
Solid Performance and Return to Profitability AUBURN HILLS, Mich., May 16, 2022 /PRNewswire/ -- SPAR Group, Inc. (NASDAQ: SGRP) ("SPAR", "SPAR Group" or the
About this update from Spar Group, Inc.
[{"type":"text","content":"Solid Performance and Return to Profitability\nAUBURN HILLS, Mich., May 16, 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 ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nMike Matacunas, the Company's President and Chief Executive Officer, commented, \"We performed well against our plan, and delivered $.03 earnings per share in the first quarter. While revenue comparisons were difficult due to pent up demand from re-openings in early 2021, we improved profitability as planned, announced exciting new partnerships, and continued making progress on our transformation to a next-generation global software and services business.\n\"Our team is laser focused on our strategic initiatives and are continuing to build productive global partnerships and programs. While we continue to watch industry competitors, we have elevated the SPAR model. We have created a progressive leadership position in the market to serve our customers with best-in-class merchandising, marketing, and distribution services,\" concluded Matacunas.\nFirst Quarter 2022 Financial Results\nThe Company historically operated under two divisions: Domestic and International. The Domestic division was comprised of all operations within the United States, and the International division was a consolidation of all operations and joint ventures outside of the United States. To better align the business structure with the Company's global growth strategy and leveraging regional footprint, the Company effective January 1, 2022, operates under three (3) divisions: Americas, Asia-Pacific (\"APAC\") and Europe, Middle East and Africa (\"EMEA\"). The Americas division is comprised of the United States, Canada, Mexico, and Brazil, APAC is comprised of China, Japan, Australia, and India, and EMEA is comprised of South Africa.\nNet revenues were $59 million, comprised of $43 million from Americas and $9 million from EMEA, and $7 million from APAC. Compared to the prior year quarter, total net revenue decreased by 3.4%, Americas decreased over the prior year by 4.9%, EMEA increased by 19.5%, and APAC decreased by 18.1% from the...