WHITE PLAINS, N.Y., April 2, 2013 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (Nasdaq:SGRP) (the "Company" or "SPAR Group"), a leading supplier of retail merchandising and other marketing services throughout the United States and internationally, today announced the financial results for the year and fourth quarter ending December 31, 2012. Revenue totaled $102.8 million and $31.0 million for the 2012 year and fourth quarter, an increase of 40% and 31%, respectively. Additionally, earnings per share for the 2012 fiscal year and fourth quarter were $0.14 and $0.06 per diluted share, respectively, compared to $0.10 and $0.06 per diluted share for the same periods in 2011.
Financial Highlights for the Year Ending December 31, 2012
- Revenue increased by 40% to $102.8 million, exceeding our initial annual guidance of $90 million;
- Domestic revenue increased 14% or $5.3 million to $43.1 million;
- Organic and acquisition growth rates were 10% and 4% respectively;
- International revenue increased 67% or $24.0 million to $59.7 million;
- Organic and acquisition growth rates were 13% and 54% respectively;
- Gross profit increased $4.7 million or 21% to $27.2 million;
- Net Income increased 32% to $2.9 million, or $0.14 per diluted share;
- Cash and cash equivalents totaled $1.8 million;
- Working capital improved to $9.7 million.
"SPAR Group is pleased to have surpassed our revenue guidance by reporting $102.8 million in 2012, strongly increasing our earnings per share while further improving our balance sheet," stated Gary Raymond, Chief Executive Officer of SPAR Group. "Our ability to identify, acquire and integrate profitable businesses in underserved markets, has allowed us to expand our international business by nearly 70% and our domestic business by nearly 15%, establishing SPAR as a market leader throughout the world. Management is currently evaluating several additional expansion opportunities that we believe would be accretive and provide increased market opportunities in 2013 and beyond."