SPAR Group Inc - SGRP STOCK NEWS

SPAR Group, Inc. (NASDAQ: SGRP) has announced key executive appointments aimed at enhancing its global expansion strategy. Ron Lutz has joined as Chief Global Commercial Officer, while William Linnane takes on the role of Chief Strategy and Growth Officer. Kori Belzer expands her role as Global Chief Operating Officer. These appointments aim to leverage their extensive industry experience to improve brand marketing and operational efficiencies across global markets, including Japan and Canada. The company anticipates accelerated growth and success in new and existing markets.

SPAR Group, Inc. (NASDAQ: SGRP) announced the resignation of three board members effective June 9, 2021. The departing directors, Arthur H. Baer, Igor Novgorodtsev, and Jeffrey A. Mayer, cited concerns over potential interference from major shareholders that could undermine board independence and the company's operations. This situation has led SPAR Group to inform Nasdaq that it may not comply with certain listing rules requiring a majority of independent directors. The company is actively seeking three new board members to restore compliance.

SPAR Group, Inc. (SGRP) reported a **208%** increase in net income for Q1 2021, the highest in over 15 years, totaling **$0.9 million**. **Operating income** surged **84%** to **$2.7 million**, with gross margin improving **90 basis points** to **20.1%**. Domestic revenue rose slightly to **$23.7 million**, while international revenue fell **1.7%**, though it would have increased **4.7%** without currency impact. The company maintains a cautious outlook amid pandemic uncertainties, focusing on growth and innovation.

SPAR Group, Inc. (NASDAQ: SGRP) announced an increase and extension of its line of credit, boosting the total amount available by $2 million to $18 million and extending the term by 18 months to October 2023. The amendment reduces the minimum interest rate by 150 basis points to 5.25% and lowers fees, enhancing financial flexibility to support growth initiatives. CEO Mike Matacunas expressed gratitude for lender support, highlighting the bolstered balance sheet and cash flow generation.

SPAR Group, Inc. (NASDAQ: SGRP) reported strong financial results for Q4 and FY 2020, with a net income increase of 39.2% to $3.4 million. Q4 earnings per share rose 425% to $0.10, despite a slight revenue decline of 2.8% to $59.4 million. Domestic revenue grew 11.9%, while international revenue decreased 8.7%. The company improved operational efficiency, lowering SG&A expenses to 13.6% of revenue. Despite the positive performance, SPAR Group is not issuing guidance for 2021 due to ongoing pandemic uncertainties. Management highlights growth in core business and international expansion.

SPAR Group, Inc. (Nasdaq: SGRP) announced the appointment of Mike Matacunas as President and CEO, effective immediately. His role includes setting global strategy and overseeing operations for the company, which employs over 25,000 merchandising specialists. Matacunas brings more than 30 years of experience, including leadership at Dollar Tree, where he played a key role in the acquisition of Family Dollar. He aims to leverage SPAR's robust international presence and enhance service quality across its operations in 10 countries.

SPAR Group (SGRP) announced a new share repurchase program authorizing the buyback of up to 500,000 shares by December 22, 2021. This initiative aims to enhance shareholder value, reflecting the Board's confidence in the company's long-term core value. With approximately 21.1 million shares outstanding, the buyback will be executed through open market or negotiated transactions, using cash on hand and internally generated funds. The program's enactment is flexible, allowing for suspension or discontinuation as deemed necessary by the company.

SPAR Group, Inc. (SGRP) reported Q3 2020 revenue of $58.9 million, down 11.4% year-over-year. Domestic revenue rose 2.1%, but international revenue fell 20.4%. For the nine-month period, revenue decreased 10.8% to $171.2 million. Operating income for Q3 grew 9.6% to $3.3 million, while nine-month operating income dropped 24.7% to $6.8 million. Net income for Q3 increased to $1.1 million ($0.05/share) but fell 56.1% to $1.3 million ($0.06/share) for nine months. Challenges included COVID-19 impacts and currency translation, although domestic revenue showed recovery and strong gross margins in specific international markets.

SPAR Group (Nasdaq: SGRP) announced the appointment of Fay DeVriese as the new chief financial officer, succeeding Jim Segreto, who is retiring after 23 years with the company. Fay brings over 25 years of financial experience, having previously served as CFO at Letica Corporation and held leadership roles at major companies like Eaton and Motorola. Additionally, Arthur H. Baer has been appointed as the chairman of the board, with Igor Novgorodtsev as vice chairman. The board transition indicates a strategic shift aimed at enhancing the company's financial operations and governance.