SPAR Group, Inc. Reports Second Quarter 2024 Results

About this update from Spar Group, Inc.

[{"type":"text","content":"Strategic Transformation to Simplify Business Delivering Strong Results\nAUBURN HILLS, Mich., Aug. 14, 2024 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (NASDAQ: SGRP) (“SPAR,” “SPAR Group” or the “Company”), a leading provider of merchandising, marketing, and distribution services today reported financial and operating results for the three and six months ended June 30, 2024. Mike Matacunas, the Company’s President and Chief Executive Officer, commented, “Our second quarter results reflect a focus on simplification and driving growth in the Americas, specifically the U.S. and Canada. Our revenues in the second quarter were up 37% in the ongoing U.S. business and 14% in Canada. In addition, we continued to divest in underperforming assets in the second quarter resulting in a one-time $4.9 million capital gain and increasing our cash to $22 million. Our financials are stronger than they have ever been in the history of the company and demand for our services is growing. “The last three years have seen a transformation of this business from a complex, joint-venture based, legally mired, trapped cash, hard to understand company to a focused, simplified, financially solid, cash-rich, growing enterprise. At the same time, we have delivered value to our shareholders, expanded our client base and energized the organization. In effect, we changed two wheels of the car at the same time and I couldn’t be prouder of this team,” said Mike Matacunas, Chief Executive Officer. “Lastly, we do not have an update on our ‘go private’ announcement from June 5th other than to confirm this process remains underway and we will communicate when appropriate,” concluded Matacunas. Second Quarter 2024 Highlights Net revenues of $57.3 million, primarily comprised of $54.0 million from the Americas segmentClosed divestitures of China and BrazilGross profit was $11.0 million, or 19.2% of revenues.Gain on selling businesses of $4.9 millionNet income attributable to SPAR Group, Inc. of $3.6 million, or $0.15 per diluted share, up 467%.Repurchased 1 million shares under our Board-approved share buyback program. Six Months 2024 Highlights Net revenues of $126.0 million, primarily comprised of $108.7 million from the Americas segment (86%).Gross profit was $23.5 million, or 18.7% of revenues.Net gains on selling businesses of $12.1 million.$11 million increase in cash si...

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