BG Staffing reports Q3 adjusted EPS 8c vs. 1c last quarter

Reports Q3 revenue $26.9M vs. $29.8M last year. Interim Co-Chief Executive Officer and Chief Financial Officer, Keith Schroeder, said, “The sale of BGSF‘s Professional division to INSPYR closed as planned following the shareholder vote on September 4th. Following the closing, the Board of Directors determined that a return to capital to the shareholders was appropriate and we announced and delivered a $2 per share special dividend which was paid on September 30. As part of the Board’s continuing evaluation of the best use of BGSF’s excess capital, today we are announcing a stock buyback plan of up to $5M. The Board believes that purchasing stock at current prices is a good investment for the company and reflects our confidence in BGSF’s long-term strategy. We are now executing the Transition Service Agreement, which is progressing smoothly and will continue for up to six months or longer to support INSPYR in integrating the business into their operating environment. These services are compensated, and we remain focused on reducing overhead to align with our streamlined, Property Management-focused structure. As expected, our financial results post-close will be somewhat noisy for the next couple of quarters as we transition.”