SPAR Group Inc., a global supplier of retail merchandising and other marketing services, today announced its 2011 fourth quarter and year-end financial results.
For the three months ended December 31, 2011, SPAR reported revenues of $23.6 million, a 26 percent increase compared to $18.7 million reported for the comparable period of 2010. International revenues for the quarter increased 55 percent to $13.4 million compared to $8.7 million for the same quarter of 2010.
Fourth-quarter gross profit increased 11 percent to $7.3 million in 2011, compared to $6.6 million in the same period of 2010. Domestic gross profit margin was 36.5 percent for the fourth quarter 2011 compared to 39 percent in 2010. International gross profit margin was 26.4 percent for the fourth quarter of 2011 compared to 30.4 percent for the same period in 2010.
Net income for the fourth quarter of 2011 was $1.2 million, or $0.06 per share, compared to $1.2 million, or $0.06 per share, reported for the same period of 2010. Domestic net income for the fourth quarter was $991,000 compared to net income of $1.1 million for the same period in 2010. International net income for the fourth quarter of 2011 totaled $213,000 compared to a net income of $52,000 for the same period in 2010.
“Having exceeded our revenue guidance for FY2011, SPAR Group is extremely pleased with the Company’s significant growth during both the fourth quarter and fiscal year for 2011,” Gary Raymond, CEO of SPAR stated in the press release. “Due to our strategic business model for global expansion, our international division now accounts for nearly half of SPAR Group’s total revenue. Through the use of our proprietary technology, our ability to enter new markets and quickly operate in a profitable manner provides us with a strong competitive advantage. We are currently evaluating several additional expansion opportunities which will be accretive to our earnings and provide increased market opportunities for future growth.”
Revenue for the fiscal year 2011 increased 16 percent to $73.5 million compared to $63.1 million in 2010. Domestic revenue for 2011 was $37.8 million compared to $36.6 million during the same period in 2010. International revenue for full year 2011 was $35.7 million compared to $26.6 million during the same period 2010.
Gross profit for the fiscal year 2011 increased 7 percent to $22.5 million compared to $21.0 million for the same period in 2010. Domestic margins for the fiscal year 2011 were 33.3 percent compared to 35.9 percent during the same period 2010. International gross profit margins for 2011 were 27.7 percent compared to 29.6 percent in the previous year.
SPAR reported net income for the fiscal year 2011 at $2.2 million, or $0.10 per share, compared to net income of $2.2 million, or $0.11 per share, for the fiscal year 2010. Domestic 2011 net income totaled $2.3 million compared to net income of $2.7 million for the same period in 2010. The company reported international net loss for the fiscal year 2011 at $119,000 compared to a net loss of $506,000 for the same period in 2010.
As of December 31, 2011, SPAR’s working capital improved to $7.2 million; current ratio increased to 1.7 to 1; total current assets and total assets were $18.0 million and $21.5 million, respectively; and cash and cash equivalents totaled $1.7 million at December 31, 2011. The company reported total current liabilities and total liabilities at $10.8 million and $11.1 million, respectively, and total equity was $9.3 million at December 31, 2011.
Raymond said the company anticipates continued growth in both domestic and international operations.
“In addition to the strong growth in our international division, we are pleased with continued consistent success in our domestic business. In both divisions we expect additional contract awards that will lead to consistent growth throughout 2012 and beyond,” Raymond stated. “With numerous profitable opportunities available to us, and expectations for additional domestic and international acquisitions in the coming year, 2012 looks to be one of our strongest growth years ever.”
For more information visit www.sparinc.com
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