By Stephen Nakrosis
BGSF said it has undertaken a cost-restructuring plan in the fourth quarter as part of its strategic-review process.
The restructuring plan was implemented to cut costs, improve operating performance, and position the organization for profitable growth, the company said.
The plan is expected to reduce annual compensation and benefit expenses by about $5 million, the company said.
BGSF said it identified additional expense reductions that could save it between $2 million and $4 million next year. The company also said it expects to reduce annual cash capital expenditures by about $800,000 next year by shifting development support to a recently acquired near-shore operation.
Last month, the company reported a third-quarter loss per share of 7 cents on revenue of $71.2 million. In the year-ago period, the company reported earnings of 24 cents a share on revenue of $83.4 million.
BGSF provides consulting, managed services and professional workforce solutions.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 23, 2024 16:45 ET (21:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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