Live Ventures Announces Record Breaking First Quarter in Fiscal 2018
February 14 2018 - 4:01PM
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding
company, today announces financial results for its first fiscal
quarter 2018, which ended December 31, 2017. The company
reported record quarterly revenue of $40.3 million, representing an
increase of 25.4 percent over the same period last year. Despite a
one-time, non-cash charge of $2.3 million associated with the
enactment of U.S. tax reform, the company reported quarterly basic
earnings per share of $0.95, an increase of 33.8 percent over last
year.
Cash availability, representing cash on hand and available
credit on the company’s revolving lines of credit, reached a record
$19.6 million.
Key highlights of the first fiscal quarter 2018 compared to 2017
include:
- Revenues of $40.3 million, up 25.4 percent
- Gross profit of $16.4 million, up 29.6 percent
- Net Income of $1.8 million, up 31.4 percent
- Basic earnings per share of $0.95, up 33.8 percent
- Total assets of $132 million
- Net cash flow from operating activities totaled $6.3 million,
up 98 percent
“Our first fiscal quarter of 2018 was outstanding.
Double-digit growth for both top and bottom line were driven by
both of our core businesses, Vintage Stock and Marquis
Industries. The company’s performance continues to
accelerate, and we are expecting further organic growth from
Vintage Stock and Marquis, and our new acquisition,
ApplianceSmart,” said Virland Johnson, CFO of Live Ventures.
The company recorded a one-time, non-cash bargain purchase gain
related to its acquisition of ApplianceSmart of $3.7 million.
This bargain purchase gain is preliminary and subject to change,
based on the company finalizing the purchase price allocation with
respect to the acquisition of ApplianceSmart.
Live Ventures will be holding its first quarter conference call
at 4:30 p.m. Eastern Standard Time on February 14, 2018. Management
will take live questions following the prepared remarks. Interested
investors may participate in the conference call by dialing (866)
831-8713 (for U.S.-based callers) or (203) 518-9713 (for
international callers) and providing the operator with the
conference ID: LIVE VENTURES.
About Live Ventures
Live Ventures Incorporated, originally incorporated in 1968, 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. Through its subsidiary, Marquis Industries, the company
operates as a specialty, high-performance yarns manufacturer and
hard-surfaces re-seller. Marquis Industries, which is a top-10
high-end residential carpet manufacturer in the United States,
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. Through its
subsidiary Vintage Stock, an award-winning entertainment retailer,
the company sells new and preowned movies, classic and current
generation video games and systems, music on CD & LP,
collectible comics, books, toys, and more. Vintage Stock, through
its stores and website, ships product worldwide directly to the
customer’s doorstep. Through its subsidiary ApplianceSmart, the
company sells new major household appliances in the United States
through a chain of 17 company-owned retail stores operating under
the name ApplianceSmart®.
Forward-Looking and Cautionary Statements This
press release contains "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 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 Annual Report on
Form 10-K, as amended, for the fiscal year ended September 30, 2017
(available at http://www.sec.gov). Live Ventures 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://live-ventures.com Source: Live Ventures
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