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BGSF Inc (NYSE: BGSF) delivers workforce solutions through specialized staffing and consulting services across property management and technology sectors. This news hub provides investors and industry professionals with essential updates on corporate developments, financial performance, and strategic initiatives.
Access timely press releases covering earnings announcements, leadership changes, client partnerships, and operational expansions. Our curated collection serves as a definitive resource for understanding BGSF's market position in temporary talent placement and enterprise workforce management solutions.
Key updates include developments across BGSF's service brands such as BG Multifamily staffing solutions, Vision Technology Services IT consulting, and Donovan & Watkins professional placements. Track meaningful events impacting the company's dual-segment strategy in property services and high-skill technical staffing.
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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%.
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