PLANO, Texas - BGSF, Inc., a provider of workforce solutions, announced the results of its annual stockholders meeting held last Tuesday. During the meeting, shareholders voted on several key proposals, including the election of directors and ratification of the company's independent auditor.
The first proposal was the election of Class I directors to serve until the third annual meeting following this one. Beth Garvey and Donna Carroll were re-elected as Class I directors with 3,939,648 and 3,796,505 votes for, respectively. Votes withheld were 1,259,415 for Garvey and 1,402,558 for Carroll, with 1,754,540 broker non-votes for each.
The second proposal concerned the ratification of Whitley Penn LLP as BGSF's independent registered public accounting firm for the fiscal year ending December 29, 2024. It passed with a significant majority of 6,186,123 votes for, 762,470 against, and 5,008 abstentions.
Additionally, the non-binding advisory vote on the compensation of the company's named executive officers was approved. The proposal received 4,494,150 votes for, 188,204 against, and 516,708 abstentions, with 1,754,541 broker non-votes.
In other recent news, BGSF, Inc., a workforce solutions company, disclosed its fiscal 2024 second quarter financial results, revealing total revenues of $68 million. The revenues were divided between Property Management and the Professional segment, which brought in $26 million and $42 million respectively. The company also declared its strategic review aimed at maximizing shareholder value.
BGSF is expecting a stronger performance in the upcoming half of the year, driven by an increase in revenues and project wins. The company's adjusted EBITDA was at $2.6 million, with earnings per diluted share at $0.07. BGSF has also secured a significant international deal, suggesting potential for future expansion.
Despite a sequential decline in the Professional segment revenues, the Property Management segment reported a sequential revenue growth of 4.8%. BGSF's management expressed confidence in the company's capital availability and its focus on optimizing accounts receivable to improve cash flow. The company anticipates an increase in demand for permanent placement services and expects growth driven by strategic partnerships with Workday (NASDAQ:WDAY) and SAP.
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