Live Ventures Announces First Quarter Fiscal 2020 Financial Results
April 13 2020 - 2:30PM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, announced financial results for its first quarter of
fiscal year 2020, which ended December 31, 2019. The company
reported quarterly revenue of $42.0 million and basic EPS (earnings
per share) of $0.30. The company also reported an increase in
operating income of 67% year-over-year of $3.5 million and
repurchased 41,699 shares of its common stock during the first
fiscal quarter.
The company reported total assets and
liabilities of $136.2 million and $101.6 million, respectively, as
of December 31, 2019. The increase in total assets and liabilities
of approximately $13.7 million and $13.2 million, respectively,
since the beginning of the company’s current fiscal year is
primarily related to the adoption of the new lease accounting
standard which requires the fair value of leased assets and
liabilities to be recorded on the company’s balance sheet. The
company recorded an impairment charge of $1.2 million for lease
right-of-use asset. Stockholders’ equity stood at $34.6 million, or
$19.16 per basic common share.
Key highlights of Q1 of fiscal 2020 include:
- Revenues of $42.0 million;
- Gross profit of $16.6 million;
- Operating income of $3.5 million, up 67% over the same period
in the prior fiscal year;
- Decrease in interest expense of 17.9% compared to the same
period in the prior fiscal year;
- Earnings per basic share of $0.30;
- The Company repurchased 41,699 shares of its common stock
during the quarter and a total of 187,826 shares since the current
repurchase program’s inception in February 2018;
- Inventory balance of $36.8 million; and
- Net cash from operating activities for the three months of
fiscal 2020 totaled $3.0 million.
As of December 31, 2019, cash availability,
representing cash on hand and available credit on the company’s
consolidated revolving lines of credit, was $18.4 million.
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 manufactures and sells residential and commercial carpets
primarily in North America. Marquis Industries also designs,
sources and sells hard-surface flooring. Through its subsidiary
Vintage Stock, an award-winning entertainment retailer, the company
sells new and pre-owned 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 company-owned retail stores operating under the name
ApplianceSmart®.
Contact:Live Ventures IncorporatedTim Matula,
Investor Relations(425)
836-9035tmatula@liveventures.comhttp://liveventures.com
Source: Live Ventures Incorporated
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