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BGSF Inc. (BGSF+0.38%) has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $71,186,000 from $83,484,000 in the same quarter the previous year. The decrease is attributed to reduced customer demand in both the Property Management and Professional segments.
Cost of services for the quarter was $46,857,000, representing 65.8% of revenues, compared to 64.1% in the same quarter of the previous year. This increase in cost ratio is due to a margin decline in the Property Management segment.
The company reported a gross profit of $24,329,000 for the quarter, compared to $29,979,000 in the previous year, with the decline attributed to reduced customer demand.
Selling, general, and administrative expenses decreased to $21,966,000 from $22,679,000, primarily due to expense reduction and cost control efforts.
Net loss for the quarter was $804,000, down from a net income of $2,640,000 in the previous year. After preferred dividends, net loss attributable to common stockholders was $804,000, compared to net income of $2,640,000 in the previous year.
Cash provided by operating activities was $21,246,000, while cash used in investing and financing activities was $1,370,000 and $19,614,000, respectively.
BGSF had a working capital of $22,037,000 as of September 29, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including an amended and restated credit agreement with BMO Bank, N.A. (BMO-0.16%), and a convertible note related to the Horn Solutions acquisition.
BGSF does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
BGSF continues to focus on providing consulting, managed services, and professional workforce solutions across various industries, with operations primarily in the United States.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BGSF Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.