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SPAR Group Announces Second Quarter 2013 Financial Results

Stocks in this article: SGRP

WHITE PLAINS, N.Y., Aug. 13, 2013 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (Nasdaq:SGRP) ("we", the "Company" or "SPAR Group"), a leading supplier of retail merchandising and other marketing services throughout the United States and internationally, today announced financial results for the second quarter and six months ending June 30, 2013.

Company Highlights

  • Second quarter 2013:
  • Revenue increased 18% to $28.7 million;
  • International revenue increased 29% to $17.3 million;
  • Domestic revenue increased 5% to $11.4 million;
  • Reported a net loss of $130,000 or $(0.01) per diluted share compared to a net profit of $718,000 or $0.03 per diluted share last year;
  • Successfully integrated the acquisition of merchandising and in-store audit business from Market Force Information.
  • Six months of 2013:
  • Revenue increased 21% to $54.9 million;
  • International revenue increased 34% to $33.8 million;
  • Domestic revenue increased $900,000 to $21.1 million;
  • Reported a net loss of $87,000 or $0.00 per diluted share compared to a net profit of $1.0 million or $0.05 per diluted share last year.

Gary Raymond, Chief Executive Officer of SPAR Group, commented, "While we achieved double-digit revenue growth and continued to gain strong momentum in our international business, our overall performance resulted in a quarterly loss for the first time in over four years. Although we enjoyed an incremental revenue increase from the MFI transaction, consolidation has taken longer than expected and thus incurred additional operational costs in the period. Additionally, the mixture of project work versus syndicated business in our domestic operations adversely affected our gross profit margins. Going forward we believe that this margin pressure will improve in the second half of the year as we begin the back to school and holiday seasons, traditionally our strong earnings period. We expect to reach profitability once again for the remainder of 2013."

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