Purple Biotech Ltd
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Health Care : Pharmaceuticals | Small Cap Value
Based in Israel
Company profile

Purple Biotech Ltd, formerly Kitov Pharma Ltd, is an Israel-based clinical-stage company that develops drugs that overcome tumor-immune evasion and drug resistancetreat pain. Main products of the Company is NT-219 i CM-24. CM-24 is a monoclonal antibody blockin and NT-219 is a small molecule bi-specific inhibitor of two key cancer resistance pathways. The Company is also the owner of Consensi, a fixed-dose combination of celecoxib and amlodipine besylate, for the simultaneous treatment of osteoarthritis pain and hypertension.

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BGSF, Inc. Reports Strong Second Quarter 2022 Financial Results and Declares 31st Consecutive Cash Dividend Quarterly Revenues of $74 million, up 29%

5:54 pm ET August 3, 2022 (BusinessWire) Print

BGSF, Inc. (NYSE: BGSF), a leading national provider of workforce solutions, today reported financial results for its second quarter ended June 26, 2022.

The Company further announced that its Board of Directors has declared a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on August 22, 2022 to all shareholders of record as of the close of business on August 15, 2022. This marks the 31st consecutive quarterly dividend and based on yesterday's closing price of the Company's common stock, the annualized yield is approximately 4.7%.

Q2 2022 Highlights from Continuing Operations:

Revenues were $74.1 million, an increase of 29.1% from 2021 Gross profit was $25.1 million, up 30.2% from 2021, while gross profit percent increased 0.3% to 33.8% in 2022 Selling, general and administrative expenses increased $3.6 million, or 22.3%, over 2021, primarily due to additional compensation generated from increased overall gross profit Net income from continuing operations was $3.2 million, or $0.30 per diluted share, vs. net income from continuing operations of $2.6 million, or $0.25 per diluted share in 2021 Adjusted EBITDA(1) from continuing operations was $5.4 million (7.3% of revenues), vs. $3.2 million (5.6% of revenues) in 2021 Adjusted EPS(1) from continuing operations was $0.34 in 2022, up from $0.21 in 2021

Six Month 2022 Highlights from Continuing Operations:

Revenues were $142.6 million, an increase of 33.1% from 2021 Gross profit was $48.5 million, up 36.7% from 2021, while gross profit percent increased 0.9% to 34.0% in 2022 Selling, general and administrative expenses increased $8.0 million, or 25.5%, over 2021, primarily due to additional compensation generated from increased overall gross profit Net income from continuing operations was $5.2 million, or $0.50 per diluted share, vs. net income from continuing operations of $2.3 million, or $0.23 per diluted share in 2021 Adjusted EBITDA(1) from continuing operations was $9.3 million (6.5% of revenues), vs. $4.5 million (4.2% of revenues) in 2021 Adjusted EPS(1) from continuing operations was $0.58 in 2022, up from $0.24 in 2021

(1)Non-GAAP financial measure. See reconciliation below for details.

Beth A. Garvey, Chair, President and CEO, said, "We are delighted to report continued momentum with second quarter results, which gives us confidence regarding the U.S. labor market and client demand. Revenues meaningfully improved quarter over quarter, as well as sequentially.

"Our longer-term strategy of building and buying higher margin businesses, coupled with identifying additional revenue streams within our segments, are gaining traction this year. Additionally, we remain focused on solving business challenges for our clients and growing our market share through our well-aligned teams.

"Due to our strong operational results, the Board has declared our 31st consecutive quarterly dividend of $0.15 per share. This reinforces a continuing level of confidence in the strength of our business and cash flow prospects. Looking ahead, we will continue to focus on our communities, training, culture, internal team, and clients, which we believe will further strengthen BGSF's positioning as a best-in-class workforce solutions company."

Conference Call

BGSF call at 9:00 a.m. ET on August 4, 2022. Interested participants may dial 844-200-6205 (U.S. callers) or 929-526-1599 (all other locations) and provide access code 464896. A replay of the call will be available until August 11, 2022. To access the replay, please dial 929-458-6194 (U.S. Callers), 866-813-9403 (US Toll Free callers), or +44 204-525-0658 (all other locations) and enter access code 400404. The live webcast and archived replay are accessible at the investor relations section of the Company's website at www.bgsf.com.

About BGSF

With its home office in Plano, Texas, BGSF provides workforce solutions to a variety of industries through its various divisions in IT, Cyber, Finance & Accounting, Creative, and Real Estate (apartment communities and commercial buildings). BGSF has integrated several regional and national brands achieving scalable growth. The Company was ranked by Staffing Industry Analysts as the 79th largest U.S. staffing company and the 48th largest IT staffing firm in 2021. The Company's disciplined acquisition philosophy, which builds value through both financial growth and the retention of unique and dedicated talent within BGSF's family of companies, has resulted in a seasoned management team with strong tenure and the ability to offer exceptional service to our field talent and client partners while building value for investors. For more information on the Company and its services, please visit its website at www.bgsf.com.

Forward-Looking Statements

The forward-looking statements in this press release are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding our future financial performance and the expectations and objectives of our board or management. The Company's actual results could differ materially from those indicated by the forward-looking statements because of various other risks and uncertainties, including those listed in Item 1A of the Company's Annual Report on Form 10-K and in the Company's other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words "allows," "believes," "plans," "expects," "estimates," "should," "would," "may," "might," "forward," "will," "intends," "continue," "outlook," "temporarily," "progressing," "prospects," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

                                                                                                                                                                                                         BGSF, Inc.
                                                                                                                                                                                                   GAAP Financial Measures
                                                                                                                                                                            
The following tables have been derived from our unaudited consolidated financial statements and summarize key components of our statements of operations results from continuing operations for the periods indicated, as well as a reconciliation of revenue and income from continuing operations by reportable segment to consolidated results for the periods indicated.
                                                                                                                                                                            
                                                                                                                                                                                                    Results of Operations
                                                                                                                                                                            
                                                                                                        Thirteen Weeks Ended                                                                                                                                Twenty-six Weeks Ended
                                                                                                  --------------------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------------------
                                                                    June 26,                                                         June 27,                                                         June 26,                                                         June 27,
                                                                                                                               2022                                                                                2021                                                                                2022                                                                                2021
                                                                                                  ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------
                                                                                                                                                                                           (dollars in thousands)
Revenues                                                                                          $               74,089                        $               57,398                        $              142,631                        $              107,148  
Cost of services                                                                               49,030                     38,151                     94,141                     71,686  
                                                                                                  -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
    Gross profit                                                            25,059                     19,247                     48,490                     35,462  
Selling, general and administrative expenses                                                   19,898                     16,269                     39,614                     31,572  
Gain on contingent consideration                                                       --                     (1,195 )                              --                     (1,195 )
Depreciation and amortization                                                                     922                        866                      1,821                      1,702  
                                                                                                  -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
    Operating income                                                         4,239                      3,307                      7,055                      3,383  
Interest expense, net                                                                             (69 )                                        (218 )                                        (343 )                                        (595 )
                                                                                                  -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
    Income from continuing operations before income taxes                    4,170                      3,089                      6,712                      2,788  
Income tax expense from continuing operations                                                    (986 )                                        (493 )                                      (1,521 )                                        (451 )
                                                                                                  -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
    Income from continuing operations                                        3,184                      2,596                      5,191                      2,337  
Income from discontinued operations:                                                                                                                                                                                                                                
    Income                                                          --                      1,011                      1,235                      2,167  
    Gain (Loss) on sale                                                         (8 )                              --                     17,266             --  
    Income tax expense                                              --                       (164 )                                      (4,716 )                                        (349 )
                                                                                                  -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
    Net income                                                                 $                3,176                        $                3,443                        $               18,976                        $                4,155  
                                                                                                  ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                    
Net income per share - diluted                                                                                                                                                                                            
    Net income from continuing operations                                      $                 0.30                        $                 0.25                        $                 0.50                        $                 0.23  
    Net income from discontinued operations:                                                                                                                                                                                                     
    Income                                                          --                       0.10                       0.12                       0.20  
    Gain on sale                                                    --             --                       1.65             --  
    Income tax expense                                              --                      (0.02 )                                       (0.45 )                                       (0.03 )
                                                                                                  -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------                      -------------------- -------------------- --------------------
                                                                                                                                                                                                                                     Business Segments
                                                                                                                                                                                                                
                                                                                                                       Thirteen Weeks Ended                                                                                                                                                                          Twenty-six Weeks Ended
                                                                                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         June 26,                                                                              June 27,                                                                              June 26,                                                                              June 27,
                                                                                                                                    2022                                                                                                     2021                                                                                                     2022                                                                                                     2021
                                                                                            -------------------------------------------------------------------------------                          -------------------------------------------------------------------------------                          -------------------------------------------------------------------------------                          -------------------------------------------------------------------------------
                                                                                                                                                                                                                               (dollars in thousands)
Revenue:                                                                                                                                                                                                                                                              
  Real Estate                                                            $               29,980           40 %                              $               21,212           37 %                              $               55,896           39 %                              $               39,825           37 %
  Professional                                                        44,109           60 %                           36,186           63 %                           86,735           61 %                           67,323           63 %
                                                                                            -------------------- -------------------- -------------------- ---------- ---------                      -------------------- -------------------- -------------------- ---------- ---------                      -------------------- -------------------- -------------------- ---------- ---------                      -------------------- -------------------- -------------------- ---------- ---------
  Total                                                                  $               74,089          100 %                              $               57,398          100 %                              $              142,631          100 %                              $              107,148          100 %
                                                                                            ==================== ==================== ==================== ========== =========                      ==================== ==================== ==================== ========== =========                      ==================== ==================== ==================== ========== =========                      ==================== ==================== ==================== ========== =========
                                                                                                                                                                                                                                
Gross profit:                                                                                                                                                                                                                                                         
  Real Estate                                                            $               11,574           46 %                              $                7,855           41 %                              $               21,545           44 %                              $               14,720           42 %
  Professional                                                        13,485           54 %                           11,392           59 %                           26,945           56 %                           20,742           58 %
                                                                                            -------------------- -------------------- -------------------- ---------- ---------                      -------------------- -------------------- -------------------- ---------- ---------                      -------------------- -------------------- -------------------- ---------- ---------                      -------------------- -------------------- -------------------- ---------- ---------
  Total                                                                  $               25,059          100 %                              $               19,247          100 %                              $               48,490          100 %                              $               35,462          100 %
                                                                                            ==================== ==================== ==================== ========== =========                      ==================== ==================== ==================== ========== =========                      ==================== ==================== ==================== ========== =========                      ==================== ==================== ==================== ========== =========
                                                                                                                                                                                                                                
Selling(2):                                                                                                                                                                                                                                                           
  Real Estate                                                            $                6,696                          $                4,817                          $               12,573                          $                9,165    
  Professional                                                         9,023                        8,085                       18,347                       15,217    
                                                                                            -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------
  Total                                                                  $               15,719                          $               12,902                          $               30,920                          $               24,382    
                                                                                            ==================== ==================== ====================                                           ==================== ==================== ====================                                           ==================== ==================== ====================                                           ==================== ==================== ====================
                                                                                                                                                                                                                                
Operating income (expense):                                                                                                                                                                                                                                           
  Real Estate                                                            $                4,817                          $                2,973                          $                8,852                          $                5,426    
  Professional                                                         3,817                        2,584                        7,286                        4,077    
  Home office - Selling, general and administrative                   (4,395 )                                        (3,445 )                                        (9,083 )                                        (7,315 )                     
  Home - gain on contingent consideration                     --                        1,195               --                        1,195    
                                                                                            -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------
  Total                                                                  $                4,239                          $                3,307                          $                7,055                          $                3,383    
                                                                                            ==================== ==================== ====================                                           ==================== ==================== ====================                                           ==================== ==================== ====================                                           ==================== ==================== ====================
                                                                        

The following tables have been derived from our unaudited consolidated financial statements and summarize key components of our balance sheet and statements of cash flows for the periods indicated.

                                                                   Condensed Balance Sheets
                                
                          June 26,                          December 26,
                                                                                     2022                                                   2021
                                                                     ----------------------------------                       ------------------------------
                     Assets                                                        (dollars in thousands)
Current assets                                                       $         56,718                      $     60,170
Property and equipment, net                                  6,344          4,331
Intangible assets, net                                      32,411         33,585
Goodwill                                                    29,142         29,142
Other                                                       11,351          6,655
Assets of discontinued operations                   --         14,411
                                                                     -------------------- --------------                      -------------------- ----------
  Total assets                                    $        135,966                      $    148,294
                                                                     ==================== ==============                      ==================== ==========
      Liabilities and stockholders' equity                            
Long-term debt, current portion                                      $ --                      $      3,563
Other current                                               23,139         24,821
Line of credit                                              17,661         12,588
Long-term debt, less current portion                --         23,300
Other long-term                                              1,882          5,978
Liabilities of discontinued operations              --          1,452
                                                                     -------------------- --------------                      -------------------- ----------
  Total liabilities                      42,682         71,702
                                                                     -------------------- --------------                      -------------------- ----------
  Total stockholders' equity             93,284         76,592
                                                                     -------------------- --------------                      -------------------- ----------
                                                                                            Working Capital
                                                 June 26,                                         December 26,
                                                                                                            2022                                                                  2021
                                                                                     -----------------------------------------------                        ----------------------------------------------
                                                                             (dollars in thousands)
Working capital from continuing operations                                           $  33,578                        $ 25,851  
Working capital ratio                                                  2.45         1.95  
                                                              
                                                                                     Condensed Statements of Cash Flows
                                                                             Twenty-six Weeks Ended
                                                                                     -----------------------------------------------------------------------------------------------------------------
                                                 June 26,                                           June 27,
                                                                                                            2022                                                                  2021
                                                                                     -----------------------------------------------                        ----------------------------------------------
                                                                             (dollars in thousands)
Net cash provided by (used in) continuing operations:                                               
             Operating activities                                 $   1,217                        $ (2,366 )
             Investing activities                 26,775       (4,856 )
             Financing activities                (25,760 )                         3,145  
Net change in cash and cash equivalents discontinued operations      (2,300 )                         4,077  
                                                                                     -------------------- ------- --------------------                      -------------------- ------ --------------------

BGSF, Inc.

Non-GAAP Financial Measures

The financial results of BGSF, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission. To help the readers understand the Company's financial performance, the Company supplements its GAAP financial results with Adjusted EBITDA and Adjusted EPS.

A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA and Adjusted EPS are not measurements of financial performance under GAAP and should not be considered as alternatives to net income, net income per diluted share, operating income, or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities or measures of our liquidity. We believe that Adjusted EBITDA and Adjusted EPS are useful performance measures and are used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. In addition, the financial covenants in our credit agreement are based on EBITDA as defined in the credit agreement.

We define "Adjusted EBITDA" as earnings before interest expense, income taxes, depreciation and amortization expense, transaction fees and certain non-cash expenses such as contingent consideration gains and share-based compensation expense, as well as certain specific events that management does not consider in assessing our on-going operating performance.

                                                                                                                                                                              Reconciliation of Income from Continuing Operations to Adjusted EBITDA
                                                                                                                                                                                                                                                                
                                                                                                            Thirteen Weeks Ended                                                                                               Twenty-six Weeks Ended                                                                    Trailing
                                                                                                                                                                                                                                                                                                                                                                                                      Twelve
                                                                                                                                                                                                                                                                                                                                                                                                      Months
                                                                                                                                                                                                                                                                                                                                                                                                       Ended
                                                                                                   ------------------------------------------------------------------------------------------------------------                           ------------------------------------------------------------------------------------------------------------                           ----------------------------------------------
                                                                           June 26,                                        June 27,                                         June 26,                                        June 27,                                               June 26,
                                                                                                                   2022                                                               2021                                                                2022                                                               2021                                                                      2022
                                                                                                   ----------------------------------                       ------------------------------------------------------                        ----------------------------------                       ------------------------------------------------------                        ----------------------------------------------
                                                                                                                                                                                                                 (dollars in thousands)
Income from continuing operations                                                                  $          3,184                      $          2,596                        $          5,191                      $          2,337                        $ 13,225  
Income tax expense from continuing operations                                                986                493                1,520                451        3,795  
Interest expense, net                                                                         69                218                  344                595        1,181  
                                                                                                   -------------------- --------------                      -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------                      -------------------- ------ --------------------
Operating income                                                                           4,239              3,307                7,055              3,383       18,201  
CARES Act credit                                                                  --     --       --     --       (2,084 )
Depreciation and amortization                                                                922                866                1,820              1,702        3,816  
Gain on contingent consideration                                                  --             (1,195 )                        --             (1,195 )                        (1,208 )
Share-based compensation                                                                     242                215                  454                435        1,077  
Transaction fees                                                                  --                 19       --                155           16  
                                                                                                   -------------------- --------------                      -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------                      -------------------- ------ --------------------
Adjusted EBITDA from continuing operations                                                 5,403              3,212                9,329              4,480       19,818  
Adjusted EBITDA from discontinued operations, net of gain on sale, net of tax     --              1,046                  986              2,241        3,459  
                                                                                                   -------------------- --------------                      -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------                      -------------------- ------ --------------------

We define "Adjusted EPS" as diluted earnings per share eliminating amortization expense of intangible assets from acquisitions, transaction fees, and certain non-cash expenses such as contingent consideration gains, as well as certain specific events that management does not consider in assessing our on-going operating performance, net of the respective income tax effect.

                                                                                                                                                                                                      Reconciliation of Adjusted EPS
                                                                                                                                                                                                                        
                                                                                                                                                          Thirteen Weeks Ended                                                                                                                    Twenty-six Weeks Ended
                                                                                                                                       --------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------
                                                                                                                         June 26,                                                   June 27,                                                   June 26,                                                   June 27,
                                                                                                                                                                 2022                                                                          2021                                                                          2022                                                                          2021
                                                                                                                                       ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                                                                                                                                                                          
Net income (loss) from continuing operations per diluted share, excluding gain on sale of discontinued operations                      $           0.30                        $           0.25                        $           0.50                        $           0.23  
Acquisition amortization                                                                                                        0.05                 0.06                 0.10                 0.12  
Gain on contingent consideration                                                                                      --                (0.11 )                        --                (0.12 )
Transaction fees                                                                                                      --       --       --                 0.01  
Income tax expense adjustment                                                                                                  (0.01 )                                  0.01                (0.02 )                        --  
                                                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Adjusted EPS from continuing operations                                                                                         0.34                 0.21                 0.58                 0.24  
Adjusted EPS from discontinued operations                                                                             --                 0.08                 0.09                 0.17  
                                                                                                                                       -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803006009/en/

SOURCE: BGSF, Inc.

Steven Hooser or Sandy Martin
Three Part Advisors
ir@bgstaffing.com 214.442.0016
comtex tracking

COMTEX_411527204/1006/2022-08-03T17:54:00

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