BGSF, Inc. reported its fourth fiscal quarter 2024 revenues of $64.411 million, a decrease from $73.567 million in Q4 2023. For the full fiscal year 2024, total revenues were $272.499 million, down 13% from $313.167 million in fiscal year 2023.
The company posted a net loss of $981,000, or $0.10 per diluted share, for Q4 2024, compared to a net income of $999,000, or $0.11 per diluted share, in Q4 2023. Despite this, BGSF generated record operating cash flow of $24 million for the full year 2024.
BGSF also announced a finance leadership transition, with Mr. Keith Schroeder appointed as the company's Chief Financial Officer, effective after the Annual Report on Form 10-K is filed for fiscal year 2024. Mr. Schroeder succeeds Mr. John Barnett and brings over 40 years of experience in accounting, corporate control, and finance.
Management noted that the cost restructuring plan implemented late in 2024 is expected to result in $7 million to $9 million in annual expense savings. Revenues stabilized as the year progressed, with similar trends observed in early 2025, and the strategic review process is expected to continue for 12 to 18 months from its May 2024 announcement.
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