Business
SPAR Group Reports Results for the Third Quarter Ended September 30, 2021
~ 3Q Revenue Increased 15% Over Prior Year ~ Year-to-date Operating Income Increased 7% ~ Year-to-date Net Income Increased 95% AUBURN HILLS, Mich., Nov. 16,
About this update from Spar Group, Inc.
[{"type":"text","content":"~ 3Q Revenue Increased 15% Over Prior Year ~ Year-to-date Operating Income Increased 7% ~ Year-to-date Net Income Increased 95% AUBURN HILLS, Mich., Nov. 16, 2021 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (NASDAQ: SGRP), a leading global provider of merchandising and marketing services, today reported financial results for its third quarter ended September 30, 2021. “With another quarter of double-digit revenue growth, we are building momentum. I am pleased with the progress we are making and the response from our clients, some of the most exciting companies in the world. Despite the continued labor market pressures and slow pace of economic recovery in select international markets, we are driving top and bottom line results,” stated Mike Matacunas, President and Chief Executive Officer. “I continue to be bullish on our future and appreciative of the work and passion our people demonstrate every day that makes a difference for our clients. We are uniquely positioned in the market and the future is bright.” Third Quarter Results Consolidated net revenue was $67.4 million, compared to $58.9 million in the prior year’s third quarter. Domestic net revenue was $28.7 million, a 6.1% increase from the prior year, while international net revenue increased by 21.7%. Gross Profit was $12.6 million compared to $12.0 million during the third quarter a year ago. Gross margin decreased to 18.7% versus 20.4% in the prior year’s quarter. The primary factors driving the decrease in gross margin were related to continued labor cost pressures globally. Selling, General and Administrative expenses were 14.0% of revenue versus 13.8% during the prior year’s third quarter. Operating Income decreased 19.9% to $2.7 million compared to $3.3 million in the prior year’s third quarter, and operating margin was 4.0% compared to 5.7% in the prior year’s third quarter. Net Income attributable to SPAR Group increased by 3.1% to $1.2 million compared to the prior year’s third quarter. Earnings per diluted share was $0.06, compared to $0.05 in the prior year’s quarter. Balance Sheet as of September 30, 2021 At September 30, 2021, cash and cash equivalents totaled $15.3 million. Working capital was $25.4 million and current ratio was 1.5 to 1. Total current assets and total assets were $79.9 million and $97.7 million, respectively. Total liabilities were $56.5 million ...