Live Ventures Announces First Quarter Fiscal 2021 Financial Results
February 16 2021 - 8:30AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, today announced financial results for its first fiscal
quarter ended December 31, 2020. The company reported record
revenues of $62.5 million, and basic EPS of $3.45, which represents
an increase of 49% and 1,050%, respectively, over the same quarter
last year. The company also reported net income attributable to
Live Ventures’ stockholders of $5.4 million1, and operating income
of $7.3 million, representing an increase of 889% and 109%,
respectively, over the same period last year. During the quarter,
the company repurchased 33,926 shares of its common stock at an
average price of $10.97 per share.
At December 31, 2020, the company reported total
assets of $190.6 million, total liabilities of $142.0 million and
total cash and availability under its various lines of credit $40.2
million. Stockholders’ equity stood at $48.6 million, or $31.24 per
basic common share2.
“I am very pleased with our start to fiscal
2021, with meaningful, and significant improvements in quarterly
financial results” said Jon Isaac, Live Ventures’ President and
CEO.
______________1 Net income includes one-time
gains of $0.7 million related to the settlement of historical
payables in the company’s legacy businesses and a lease liability
at ApplianceSmart.2 For a reconciliation of stockholders’ equity
per basic common share, see the Non-GAAP Measure Reconciliation at
the end of this press release.
Highlights of fiscal 2021, compared to
the same period last year include:
- Revenues of $62.5 million; up
49%;
- Gross profit of $22.3 million; up
34%;
- Operating income of $7.3 million,
up 109%;
- Earnings per basic share of $3.45;
up 1,050%;
- Repurchase of 33,926 shares of
common stock at an average price of $10.97 per share; and
- Net cash provided by operating
activities of $7.7 million.
Non-GAAP Financial
Information
Live Ventures believes that stockholders’ equity
per basic common share provides an additional tool for investors to
use in evaluating the company’s operating results and trends, and
therefore we are providing in this press release stockholders’
equity per basic common share, which is not a measure of our
financial performance or position under United States Generally
Accepted Accounting Principles (“GAAP”). Accordingly, stockholders’
equity per basic common share should not be considered in isolation
or as a substitute for measures prepared in accordance with
GAAP. This measure should be read in conjunction with our net
earnings, operating income, basic and diluted earnings per share
data, and other financial data prepared in accordance with
GAAP.
The Company defines stockholders’ equity per
basic common shares as total stockholders’ equity divided by basic
weighted average common shares outstanding for the period. A
reconciliation of the Company’s net income per basic common share
per GAAP to stockholders’ equity per common share is included in
the Non-GAAP Measure Reconciliation provided at the end of this
press release.
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
Precision Marshall, the company manufactures and sells steel in
four product categories: Deluxe Alloy Plate, Deluxe Tool Steel
Plate, Precision Ground Flat Stock, and Drill Rod. 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 company-owned retail store in Columbus, Ohio operating
under the name ApplianceSmart®. All Live Ventures companies are
rooted in their local communities where they contribute to the
local economy and serve as responsible corporate neighbors.
Contact:Live Ventures IncorporatedTim Matula, Investor
Relations(425)
836-9035tmatula@liveventures.comhttp://liveventures.com Source:
Live Ventures Incorporated
LIVE VENTURES INCORPORATEDUNAUDITED
NON-GAAP MEASURE RECONCILIATION(dollars in thousands,
except per share)
For the Quarter Ended
December 31, 2020 |
|
|
Net income applicable to Live stockholders |
$ |
5,413 |
|
Basic weighted average common
shares outstanding |
|
1,568,213 |
|
Basic earnings per share |
$ |
3.45 |
|
|
|
|
As of December 31,
2020 |
|
|
Net income applicable to Live
Ventures’ stockholders |
$ |
5,413 |
|
Common Stock |
|
2 |
|
Paid in capital |
|
64,489 |
|
Treasury stock common |
|
(4,481 |
) |
Treasury stock Series E |
|
(7 |
) |
Accumulated deficit as of
September 30, 2020 |
|
(16,429 |
) |
Total stockholders’ equity
attributable to Live Ventures’ stockholders |
$ |
48,987 |
|
Weighted average common shares
outstanding |
|
1,568,213 |
|
Stockholders’ equity per basic
common share |
$ |
31.24 |
|
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