Live Ventures Reports Better-Than-Expected Net Profit of 30 Cents Per Share, or $5M for its Fiscal Fourth Quarter; To Announc...
November 21 2016 - 9:30AM
Live Ventures Incorporated (Nasdaq:LIVE) (“Live Ventures” or the
“Company”), a diversified holding company, today announced
preliminary financial results for its better-than-expected fourth
fiscal quarter, which ended September 30, 2016.
Earnings per Share (EPS) in the fourth fiscal quarter were
approximately $0.30, representing net income of approximately $5.1
million and revenues of approximately $19 million.
Fiscal Fourth Quarter 2016 Financial Highlights vs.
Year-Ago Quarter:
- The Company’s total assets increased by approximately 29%, from
$41 million to $53 million.
- Total liabilities decreased by 18%, from approximately $32.4
million to approximately $26.5 million.
- Stockholders’ equity increased 314% from approximately $6.3
million to approximately $26.1 million, or $1.56 per share.
“We anticipate that our financials will improve even further as
a result of the aggressive measures we take to pay down debt, our
recent growth capital expenditures at Marquis Industries, Inc., and
our recently announced acquisition of Vintage Stock, Inc.,” said
Jon Isaac, CEO of Live Ventures Incorporated. “In the meantime, we
anticipate that our year-end financial results will be a record for
the Company, and will announce them toward the end of
December.”
The Company’s full-year financial statements will be reported in
its Annual Report on Form 10-K and will be subject to standard,
year-end audit adjustments. In connection with the finalization of
the fourth quarter financial statements and their integration into
the full-year financial statements, certain one-time adjustments
may occur, which could affect the quarterly and annual EPS, Net
Income, and Stockholders’ Equity.
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.
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://live-ventures.com
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