secwatch.observer — SEC 8-K summary
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Issuer:     BGSF, INC. (BGSF)
CIK:        0001474903
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001474903-23-000066
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BGSF Q1 2023 revenue up 9.9% to $75.3M, net loss $(16.5)M on $22.5M impairment charge
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- Revenues $75.3M (+9.9% YoY); gross profit $26.8M (+14.3%); gross margin 35.6% (+140 bps).
- Net loss from continuing ops $(16.5)M ($1.54 diluted EPS) includes $22.5M non-cash impairment of trade names.
- Adjusted EBITDA $4.3M (up from $3.9M); adjusted EPS $0.16 (vs $0.23 in 2022), impacted by Horn acquisition debt and higher rates.
- Company cites Horn Solutions acquisition driving Professional segment growth; recently acquired Arroyo Consulting for nearshore/offshore IT.
- Rebranding to single BGSF name underway; management cautiously optimistic despite uncertain economy.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1474903/000147490323000066/0001474903-23-000066-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1474903/000147490323000066/bgsf-20230510.htm
  HTML page:      https://secwatch.observer/filing/0001474903-23-000066

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