Live Ventures Announces Fiscal 2017 Results and 988 Percent Increase in Earnings Per Share
January 18 2018 - 6:00AM
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding
company, today announced financial results from its fiscal year
ended September 30, 2017.
Reporting its most successful year in the company’s history,
Live Ventures reported a record $152.0 million in revenues, an
increase of 92.6 percent over the previous fiscal year.
Stockholders’ equity, management’s preferred measurement for
performance, increased by 39 percent year-over-year. Since present
management took over six years ago, stockholders’ equity has grown
at a rate of 88.6 percent compounded annually.
Key highlights from 2017 include:
- Record revenues of $152.0 million, up 92.6 percent over the
last fiscal year
- Gross profit up 213.2 percent to $62.5 million
- Operating Income up 680.7 percent to $18.1 million
- Total assets of $129 million
- Earnings per Share (EPS) up 988 percent when excluding
one-time, non-cash gains from deferred tax asset and bargain
purchase gain booked in the 2016 fiscal year, to $2.94 per basic
common share
- Earnings before interest, taxes, depreciation and amortization
(EBITDA) of $23.21 million
- Completed the acquisition of Vintage Stock Inc., a 57-store
retail chain
- Reduced total outstanding basic shares to 1,991,879
- Repurchased 66,185 shares during the fiscal year
- Obtained dismissal of class action and derivative lawsuits
(December 2017)
“We expect our numbers to further improve in fiscal year 2018 as
a result of additional capital expenditures at Marquis Industries,
operational improvements and new store openings at Vintage
Stock. We also believe that the financial results from
ApplianceSmart, which we recently entered into an agreement to
acquire, will aid in improving our fiscal year 2017 results in
2018,” said Jon Isaac. “I personally thank Mr. Rodney Spriggs
of Vintage Stock, Mr. Tim Bailey of Marquis Industries and all
1,400 company employees nationwide for these terrific results.”
About Live Ventures Incorporated 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, Inc., 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.
Presentation of Non-GAAP Measure
In addition to the results provided in accordance with U.S.
generally accepted accounting principles (GAAP) throughout this
press release, Live Ventures has provided a non-GAAP measurement of
EBITDA. We have included EBITDA because it is a key measure used by
our management and board of directors to understand and evaluate
our core operating performance and trends, to prepare and approve
our annual budget and to develop short- and long-term operational
plans. Accordingly, we believe that EBITDA provides useful
information to investors and others in understanding and evaluating
our operating results in the same manner as our management and
board of directors. EBITDA is reconciled from the respective
measure under GAAP in the attached table “Non-GAAP
Reconciliation.”
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 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, 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.
EBITDA Non-GAAP Reconciliation
|
For the fiscal year ended September 30, 2017 |
|
|
|
Net
Income |
$ |
6,501,780 |
Plus: |
|
|
Interest Expense |
|
7,596,985 |
Provision for Income
Taxes |
|
4,081,819 |
Depreciation and
Amortization |
|
5,025,548 |
EBITDA |
$ |
23,206,132 |
Earnings Per Share Non-GAAP Reconciliation
|
For the fiscal year ended September 30, 2016 |
|
|
|
Net
Income |
$ |
17,829,857 |
Less: |
|
|
Benefit from Income Tax
(Restated) |
|
15,567,844 |
Bargain Purchase Gain
(Restated) |
|
1,499,345 |
Adjusted Earnings |
|
762,668 |
|
|
|
Number of Weighted
Basic Common Shares |
|
2,815,072 |
|
|
Adjusted Earnings per
Basic Share |
$ |
0.27 |
|
For the fiscal year ended September 30, 2017 |
|
|
|
Net
Income |
$ |
6,501,780 |
|
|
|
Number of Weighted
Basic Common Shares* |
|
2,210,104 |
|
|
Earnings per Basic
Share |
$ |
2.94 |
*As of the date of this press release, the total number of basic
common shares outstanding is 1,991,879.Contact: Live Ventures
Incorporated Tim Matula, investor relations 425-836-9035
tmatula@live-ventures.com http://www.live-ventures.com
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