Live Ventures Incorporated Announces Second Quarter Fiscal 2017 Results
May 11 2017 - 8:00AM
Live Ventures Incorporated (NASDAQ:LIVE) (“Live Ventures” or the
“Company”), a diversified holding company, today announced
financial results from its second fiscal quarter, which ended March
31, 2017.
Highlights include:
- Revenues up 94.2 percent to $38.5 million
- Gross profit up 193.9 percent to $16.5 million
- Operating Income up 339.8 percent to $5.3 million
- Pre-Tax Earnings Per Basic Common Share of $1.64
- Pre-Tax Income up 177.3 percent to $3.38 million
- Net Income after tax up 51.1 percent to $1.84 million
- YTD Cash flow from operations up 52.6 percent to $5.2
million
- Assets of over $121 million
- Total Cash and availability under revolving credit facilities
$13 million
All percentage changes are compared to the same period in the
previous year, where appropriate. Vintage Stock has been part
of Live Ventures since November 3, 2016 and the results of Vintage
Stock have only been consolidated with Live Ventures since that
date.
“Our performance in the second fiscal quarter of 2017 remains
strong, as our subsidiaries continue to execute on their business
plans, while we continue to look at strategically viable
acquisition targets,” said Jon Isaac, CEO of Live Ventures
Incorporated. “We are confident that Live Ventures will continue to
progress both in terms of our financial success, as well as our
development as a company as a whole, and we look forward to
reporting these successes to our stock holders.”
The Company will also be holding a conference call to discuss
the filing and answer investor questions today, May 11, 2017, at
4:30PM ET. Interested investors may participate in the
conference call by dialing (888) 632-3384 (US domestic) or (785)
424-1675 (international) and providing the operator with the
conference ID: LIVE VENTURES. In addition, details of the filing
can be found on the United States Securities and Exchange
Commission (SEC) website (www.sec.gov) or by visiting the investor
relations section of the company’s website at
www.live-ventures.com.
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. The Company operates 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, it maintains, through its subsidiary,
ModernEveryday, an online consumer products retailer and, through
its 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.
Most recently, the company acquired Vintage Stock, Inc., an
award-winning entertainment company featuring movies, classic and
new video games, music, collectible comics and toys, and the
ability to special order and ship product worldwide to the
customer’s doorstep. Vintage Stock is America’s largest
entertainment superstore chain.
Forward-Looking and Cautionary StatementsThis
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 stockholders, 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, 2016, 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
tmatula@live-ventures.com
http://www.live-ventures.com
Source: Live Ventures Incorporated
Live Ventures (NASDAQ:LIVE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Live Ventures (NASDAQ:LIVE)
Historical Stock Chart
From Apr 2023 to Apr 2024