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BGSF Inc. (BGSF+0.28%) has filed its Form 10-K annual report for the fiscal year ended December 29, 2024. filing
The company reported total revenues of $272.5 million, a decrease from $313.2 million in the previous year. The decline in revenue was attributed to reduced demand in both the Property Management and Professional segments.
The Property Management segment reported revenues of $104.4 million, down from $125.1 million the previous year. This was primarily due to a reduction in billed hours and increased competition.
The Professional segment's revenues decreased to $168.1 million from $188.1 million in the prior year. The decline was mainly due to fewer hours billed in the Finance and Accounting division and delayed projects in the IT division.
BGSF's gross profit for the year was $92.9 million, down from $111.8 million in the previous year. The gross profit margin decreased to 34.1% from 35.7%, primarily due to a decline in the Property Management segment.
Selling, general, and administrative expenses decreased by $3.3 million to $85.3 million, reflecting cost control efforts in response to the revenue decline.
The company recognized a gain of $1.5 million on contingent consideration related to the 2023 Arroyo Consulting acquisition.
BGSF reported a net loss of $3.3 million for the fiscal year, compared to a net loss of $10.2 million in the previous year. The decrease in net loss was primarily due to the absence of impairment losses recorded in the prior year.
The company's cash flow from operating activities increased to $24.4 million, up from $20.4 million in the previous year, primarily due to improved accounts receivable collections.
BGSF's total assets as of December 29, 2024, were $150.1 million, a decrease from $178.5 million at the end of the previous year, primarily due to a reduction in accounts receivable and cash.
The company announced that it is evaluating potential strategic alternatives to maximize shareholder value, with no definitive course of action approved at this time.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BGSF Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.