SPAR Group Q2 2024: Revenue $4.9M, Net Income $288K

TL;DR

SPAR Group Q2 revenue $4.9M, net income $288K. Assets $39.9M, Liabilities $16.3M.

AI Summary

SPAR Group, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenue of $4,919,000 for the quarter. Net income attributable to the company was $288,000. Total assets stood at $39,859,000, with total liabilities at $16,303,000.

Why It Matters

This filing provides a snapshot of SPAR Group's financial health and operational performance for the second quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — The filing details financial performance and balance sheet items, which are crucial for assessing the company's stability and future prospects.

Key Numbers

• $4.9M — Revenue (Q2 2024 revenue reported by SPAR Group.)
• $0.3M — Net Income (Q2 2024 net income attributable to the company.)
• $39.9M — Total Assets (Total assets as of the end of Q2 2024.)
• $16.3M — Total Liabilities (Total liabilities as of the end of Q2 2024.)

Key Players & Entities

• SPAR Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• $4,919,000 (dollar_amount) — Revenue for the quarter
• $288,000 (dollar_amount) — Net income for the quarter
• $39,859,000 (dollar_amount) — Total assets as of June 30, 2024
• $16,303,000 (dollar_amount) — Total liabilities as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share SGRP The NASDAQ Stock Mar
• $2.0 million — Canada Revolving Credit Facility to CDN$2.0 million. In addition, the Sixth Modification Ag
• $1.0 million — y fee of $ 15,000 for every incremental $1.0 million of loan balance in excess of $21.0 mill
• $21.0 m — .0 million of loan balance in excess of $21.0 million, and (ii) for the year commencing
• $21.0 million — .0 million of loan balance in excess of $21.0 million. For the Sixth Modification Agreement,
• $310 — Ltd. N/A - 11.75% 310 $ 1,711 $310 4. Commitments and Contingencies

Filing Documents

• sgrp20240630_10q.htm (10-Q) — 1332KB
• ex_686094.htm (EX-31.1) — 9KB
• ex_686095.htm (EX-31.2) — 9KB
• ex_686096.htm (EX-32.1) — 4KB
• ex_686097.htm (EX-32.2) — 5KB
• 0001437749-24-026818.txt ( ) — 6633KB
• sgrp-20240630.xsd (EX-101.SCH) — 47KB
• sgrp-20240630_cal.xml (EX-101.CAL) — 40KB
• sgrp-20240630_def.xml (EX-101.DEF) — 337KB
• sgrp-20240630_lab.xml (EX-101.LAB) — 291KB
• sgrp-20240630_pre.xml (EX-101.PRE) — 364KB
• sgrp20240630_10q_htm.xml (XML) — 1315KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4

Controls and Procedures

Controls and Procedures 24 PART II: OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 25 Item 1A

Risk Factors

Risk Factors 25 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3 Defaults Upon Senior Securities 25 Item 4 Mine Safety Disclosures 25 Item 5 Other Information 25 Item 6 Exhibits 26

SIGNATURES

SIGNATURES 27 1 Table of Contents PART I: FINANCIAL INFORMATION Item 1 . Condensed Consolidated Financial Statements (Unaudited) SPAR Group, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net revenues $ 57,290 $ 65,936 $ 125,984 $ 130,316 Related party - cost of revenues - 1,682 - 3,179 Cost of revenues 46,297 51,158 102,448 99,903 Gross profit 10,993 13,096 23,536 27,234 Selling, general and administrative expense 9,541 10,605 19,158 21,061 Gain on sale of business (4,919) - (12,076) - Depreciation and amortization 478 494 989 1,026 Operating income 5,893 1,997 15,465 5,147 Interest expense 567 478 1,097 868 Other income, net (296) (125) (288) (183 ) Income before income tax expense 5,622 1,644 14,656 4,462 Income tax expense 1,547 538 3,401 1,579 Net income 4,075 1,106 11,255 2,883 Net income attributable to non-controlling interest (448) (467) (1,002) (1,378 ) Net income attributable to SPAR Group, Inc. $ 3,627 $ 639 $ 10,253 $ 1,505 Basic income per common share attributable to SPAR Group, Inc. $ 0.15 $ 0.03 $ 0.43 $ 0.06 Diluted income per common share attributable to SPAR Group, Inc. $ 0.15 $ 0.03 $ 0.43 $ 0.06 Weighted-average common shares outstanding – basic 23,786 23,250 23,670 23,182 Weighted-average common shares outstanding – diluted 24,010 23,392 23,873 23,337 Net income $ 4,075 $ 1,106 $ 11,255 $ 2,883 Other comprehensive income Foreign currency translation adjustments 1,372 (39) (1,148) 138 Comprehensive income 5,447 1,067 10,107 3,021 Comprehensive (income) loss attributable to non-controlling interest (393) (97) 97

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View this 10-Q filing on SEC EDGAR