Live Ventures Incorporated Announces Third Quarter Fiscal 2017 Results
August 10 2017 - 8:30AM
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, 2017.
Highlights include:
- Record sales of $41.37 million, up 107 percent
- Gross profit up 233 percent to $16.9 million
- Operating Income up 409 percent to $5.3 million
- Year-to-date cash flow from operations of $8.8 million
- Assets of over $125 million
- 79,000 shares repurchased since inception of Company’s share
repurchase program through July 2017, reducing outstanding common
shares to 2,010,413 as of June 30, 2017
- Shareholders’ equity grew by 5.49 percent during the quarter,
to $16.22 per basic common share
All percentage changes are compared to the same period in the
previous year, where appropriate.
“We could not be more pleased with our performance in this third
fiscal quarter, as two of our subsidiaries each achieved a record
month in June. Vintage Stock achieved record high EBITDA for any
month of June since its inception. In addition, Marquis Industries
set an overall sales record for that month,” said Jon Isaac, CEO of
Live Ventures Incorporated. “As we continue to seek out additional
acquisition targets, we continue to track significant progress in
terms of our financial success, which we believe translates to
shareholder value.”
The Company will also be holding a conference call to discuss
the filing and answer investor questions today, August 10, 2017, at
4:30PM ET. Interested investors may participate in the
conference call by dialing (877) 888-4291 (US domestic) or (785)
424-1878 (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 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 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
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