Bgsf Inc - BGSF STOCK NEWS

BGSF, Inc. (NYSE: BGSF) has announced the acquisition of substantially all assets of Arroyo Consulting LLC, a firm specializing in IT and software development. Arroyo reported approximate revenues of $16.2 million in 2022. This strategic acquisition enables BGSF to enhance its global delivery capabilities and expand its presence in Latin America and India, adding nearshore and offshore locations. The deal adds over 300 skilled professionals to BGSF's talent pool and enhances pricing flexibility, meeting increasing customer demand for nearshore and offshore solutions. BGSF aims to leverage Arroyo's expertise to diversify and strengthen its managed services and consulting offerings.

BGSF, Inc. has announced the appointment of Donna Carroll to its Board of Directors, effective April 14, 2023. With over 30 years in the professional services and staffing industry, Carroll brings leadership experience from her role as Chief Sales Officer at a $400 million healthcare staffing company. She has founded Human Factor Consulting, LLC and held key positions in notable organizations including Adecco and Randstad. This expansion increases BGSF's Board to seven members, six of whom are independent. Beth Garvey, Chair and CEO, expressed excitement for Carroll's insights which are expected to enhance the company's long-term growth strategy. BGSF specializes in consulting, managed services, and workforce solutions across various industries, ranking 94th among U.S. staffing companies.

BGSF, Inc. reported strong fiscal results for 2022, with full-year revenues reaching $298 million, marking a 24.8% increase from 2021, supported by 24.2% organic growth. The company achieved a net income of $11.3 million or $1.07 per diluted share, an improvement from $10.5 million in the prior year. Gross profit rose 27.9% to $103.5 million, with gross profit margins increasing to 34.7%. For Q4 2022, revenues were $77.3 million, a 14.2% increase, but net income decreased to $1.4 million from $4.3 million in Q4 2021 due to a prior year CARES Act credit. Adjusted EBITDA for the year was $22 million, up 45%.

BGSF, Inc. (NYSE: BGSF), a national provider of consulting and workforce solutions, announced that its executives, Beth Garvey and Dan Hollenbach, will meet with investors on March 13-14, 2023, at the 35th Annual Roth Conference in Laguna Niguel, California. These 1-on-1 meetings aim to engage the investment community. Interested parties can schedule meetings through Roth representatives or by contacting Three Part Advisors via email at ir@bgstaffing.com. The company also provides an investor presentation available on its website, emphasizing its growth in the consulting and staffing industry.

BGSF, Inc. has announced the appointment of John Barnett as its new Chief Financial Officer, effective March 20, 2023. Barnett succeeds Dan Hollenbach, who held the position since August 2015 and will assist in the transition until April 30, 2024. Beth Garvey, CEO, expressed confidence in Barnett's expertise in finance and his collaborative leadership style. The company continues to provide consulting and workforce solutions to various industries and is recognized among the largest staffing firms in the U.S. Barnett, who has extensive experience in finance and strategy, previously served as CFO for Protective Insurance (NASDAQ: PTVC) and First Acceptance (NYSE: FAC).

BGSF, Inc. will hold a conference call on March 9, 2023, at 9:00 a.m. ET to discuss its fourth quarter and full year 2022 financial results. The call will feature CEO Beth Garvey and CFO Dan Hollenbach, with the press release issued after market close on March 8, 2023. Interested participants can join via phone or access the live webcast at www.bgsf.com. BGSF has been recognized as the 94th largest U.S. staffing company and the 49th largest IT staffing firm in 2022, showcasing its growth and leadership in workforce solutions.