SPAR Group, Inc. (SGRP) today announced its financial results for the second quarter 2012. Company revenues were $24.3 million, with gross profit of $6.7 million and net income attributable to SPAR Group, Inc. of $718,000.
For the six months of 2012 SPAR achieved revenue of $45.4 million, gross profit of $12.5 million and diluted earnings per share of $0.05.
Gary Raymond, Chief Executive Officer of SPAR Group, stated:
We are pleased by the 35% growth in our net income for the first six months of 2012, based on the success we experienced in our domestic operations. We are currently in discussions with several Fortune 500 companies and expect to secure additional contracts that will augment our rapidly escalating revenue base and net income. The Company is confident that we have successfully implemented our long-term plan to reposition the Company for sustained, profitable growth for the foreseeable future. Our first six months results provide us with confidence in meeting our 2012 guidance of $90 million in revenue.
Our international division’s net revenue grew by 105% in the second quarter based on strong growth from recent acquisitions in Mexico, Romania and Turkey. These additions provide proof of efficacy in our acquisition model. We have identified several potential acquisition candidates that could provide immediate earnings to our bottom-line. Our financial growth is typically the strongest during the second half of the year, and we fully expect that trend to persist in 2012.
Highlights
- Second quarter 2012 domestic net income increased 66% to $928,000.
- Second quarter consolidated net income attributable to SPAR Group, Inc. increased 41% to $0.03 per diluted share.
- Consolidated revenue for the first six months of 2012 increased 40% to $45.4 million.
- Consolidated net income attributable to SPAR Group, Inc. for the first six months of 2012 increased 35% to $1.0 million.
- Working capital continued to improve.
Spar Group Inc.
560 White Plains Road
Suite 210
Tarrytown, NY 10591
Phone: 914-332-4100
Fax: 914-332-0741
SPAR Group is the world’s foremost international in-store merchandising firm. SPAR has locations in more than ten countries and has built a team of clients worth several billion dollars. The company provides merchandising services to grocery, drug store, and other retail outlets. Our 5,000+ specialized merchandisers in the United States are ready to increase your sales and profits by providing all the important hands-on work for your business.