LAS VEGAS, Aug. 15, 2016
/PRNewswire/ - Live Ventures Incorporated (Nasdaq:LIVE) ("Live
Ventures" or the "Company"), a diversified holding company, today
announced financial results from its third fiscal quarter, which
ended June 30, 2016.
During the quarter, net income was $13.7
million and Earnings per Share (EPS) was $0.79.
The Company reported sales of approximately $20 million, which was approximately $17 million, or, 580 percent higher over the same
quarter last year. Gross profit was $5.1
million, which was approximately $4.0
million, or 346 percent higher than last year.
Stockholders' Equity as of June 30,
2016 was $21.2 million or
$1.26 per share and total assets were
$52.1 million.
The Company repurchased 180,731 shares since the inception of
its share repurchase program on January 21,
2016.
Excluding a one-time charge of $0.8
million for Modern Everyday Inc. inventory write-down and
one-time gain of $12.2 million in
income tax benefit relating to the Company's deferred tax asset,
net income for the third fiscal quarter was $0.11 per share.
"We are thrilled with the results from our third quarter.
We increased sales,and focus on our search for additional
acquisitions and managing our core business," said Jon Isaac, CEO of Live Ventures Incorporated.
"In addition, the repurchase of our shares continues to add
additional value to our stock holders by minimizing dilution and
allowing us to continue to focus on our core businesses."
Details of the company's filings can be found by accessing:
http://www.sec.gov/cgi-bin/browse-edgar?CIK=LIVE&Find=Search&owner=exclude&action=getcompany.
About Live Ventures Incorporated
Live Ventures
Incorporated is a diversified holding company with several
wholly-owned subsidiaries and a strategic focus on acquiring
profitable companies that have demonstrated a strong history of
earnings power. Live Ventures Incorporated provides, among
other businesses, marketing solutions that boost customer awareness
and merchant visibility on the Internet. We operate a deal engine,
which is a service that connects merchants and consumers via an
innovative platform that uses geo-location, enabling businesses to
communicate real-time and instant offers to nearby
consumers. In addition, we maintain, through our subsidiary,
ModernEveryday, an online consumer products retailer and, through
our subsidiary, Marquis Industries, a specialty, high-performance
yarns manufacturer, hard-surfaces re-seller, which is a top-10
high-end residential carpet manufacturer in the United
States. Marquis Industries, through its A-O Division, utilizes
its state-of-the-art yarn extrusion capacity to market monofilament
textured yarn products to the artificial turf industry.
Marquis is the only manufacturer in the world that can produce
certain types of yarn prized by the industry.
Forward-Looking and Cautionary Statements
This press
release may contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of
1995. In accordance with the safe harbor provisions of
this Act, statements contained herein that look forward in time
that include everything other than historical information, involve
risks and uncertainties that may affect the company's actual
results. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar
statements. Live Ventures Incorporated may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q
and 8-K, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. There can be no
assurance that such statements will prove to be accurate and there
are a number of important factors that could cause actual results
to differ materially from those expressed in any forward-looking
statements made by the company, including, but not limited
to, plans and objectives of management for future operations
or products, the market acceptance or future success of our
products, and our future financial performance. The
company cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the company's Form 10-K for the fiscal year ended
September 30, 2014, most recent Form
10-Q, and other filings with the U S. Securities and Exchange
Commission (available at http://www.sec.gov). The company
undertakes no obligation to publicly update or revise any
statements in this release, whether as a result of new information,
future events, or otherwise.
Contact:
Live Ventures Incorporated
Tim Matula, investor relations
425-836-9035
press@livedeal.com
http://live-ventures.com/
SOURCE Live Ventures Incorporated