Live Ventures Announces Second Quarter Fiscal 2021 Financial Results
May 17 2021 - 8:30AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, today announced financial results for its second fiscal
quarter ended March 31, 2021. The company reported record
revenues of $70.9 million, and basic earnings per share (“EPS”) of
$5.62, which represents an increase of 53% and 425%, respectively,
over the same quarter last year. The company also reported net
income attributable to Live Ventures’ stockholders of $8.7
million1, and operating income of $11.1 million, representing an
increase of 364% and 263%, respectively, over the same period last
year.
|
During the three months ended March 31, |
|
|
2021 |
|
2020 |
|
% Change |
|
Revenues |
$ |
70,890 |
|
$ |
46,431 |
|
|
53 |
% |
Operating Income |
$ |
11,125 |
|
$ |
3,068 |
|
|
263 |
% |
Net income applicable to
common stock |
$ |
8,734 |
|
$ |
1,881 |
|
|
364 |
% |
Basic earnings per share |
$ |
5.62 |
|
$ |
1.07 |
|
|
425 |
% |
At March 31, 2021, the company reported total
assets of $196.3 million, and record total cash and cash
availability under its various lines of credit of $50.3 million.
Stockholders’ equity attributable to Live Ventures’ stockholders’
stood at $58.0 million at quarter end, or $37.29 per basic common
share..
Each of the company’s three main reporting
segments demonstrated significant growth on a topline and operating
income basis for the quarter. The Retail segment contributed
revenues of $24.0 million and operating income $5.1 million, an
increase of 26% and 281%, respectively, over the same period last
year. The Flooring Manufacturing segment contributed revenues of
$33.0 million and operating income of $6.0 million, an increase of
21% and 122%, respectively compared to the same period last year.
The Steel Manufacturing segment, which was acquired in July 2020,
our fourth fiscal quarter, contributed revenues and $13.8 million
and operating income of $1.7 million for the quarter ended March
31, 2021.
|
During the three months ended March 31, |
|
|
2021 |
|
2020 |
|
% Change |
|
Revenues |
|
|
|
|
|
|
|
|
Retail |
$ |
24,003 |
|
$ |
18,986 |
|
26 |
% |
Flooring Manufacturing |
$ |
32,972 |
|
$ |
27,301 |
|
21 |
% |
Steel Manufacturing |
$ |
13,793 |
|
$ |
— |
|
N/A |
|
Corporate & other |
$ |
122 |
|
$ |
144 |
|
-15 |
% |
|
$ |
70,890 |
|
$ |
46,431 |
|
|
|
|
During the three months ended March 31, |
|
|
2021 |
|
2020 |
|
% Change |
|
Operating income (loss) |
|
|
|
|
|
|
|
|
Retail |
$ |
5,071 |
|
$ |
1,331 |
|
281 |
% |
Flooring Manufacturing |
$ |
6,011 |
|
$ |
2,703 |
|
122 |
% |
Steel Manufacturing |
$ |
1,742 |
|
$ |
— |
|
N/A |
|
Corporate & other |
$ |
(1,699 |
) |
$ |
(966 |
) |
-76 |
% |
|
$ |
11,125 |
|
$ |
3,068 |
|
|
|
“I am thrilled with the performance across our
portfolio in the second fiscal quarter of 2021,” said Jon Isaac,
Live Ventures’ President and CEO. “Each of our major operating
subsidiaries demonstrated meaningful and significant improvement
over the prior year’s quarterly performance and contributed to our
overall record setting financial results,” Isaac continued.
“Furthermore, our demonstrated track-record of deleveraging
continued this quarter, and, combined with the significant addition
of net cash provided by our operating activities, has provided the
company with record cash and cash availability to continue our
long-term buy, build and hold investment strategy.”
Highlights of the second quarter of
fiscal 2021, compared to the same period last year
include:
- Revenues of $70.9 million; up
53%;
- Gross profit of $26.5 million; up
49%;
- Operating income of $11.1 million,
up 263%;
- Earnings per basic share of $5.62;
up 425%;
- Total cash and cash availability
under its various lines of credit of $50.3 million; and
- Net cash provided by operating
activities for the six months ended March 31, 2021 of $20.9
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 March 31, 2021 |
|
|
|
Net income applicable to Live
Ventures’ stockholders |
$ |
8,734 |
|
Basic weighted average common
shares outstanding |
|
1,555,175 |
|
Basic earnings per share |
$ |
5.62 |
|
|
|
|
|
As of March 31,
2021 |
|
|
|
Net income applicable to Live
Ventures’ stockholders |
$ |
8,734 |
|
Common Stock |
|
2 |
|
Paid in capital |
|
64,759 |
|
Treasury stock common |
|
(4,481 |
) |
Treasury stock Series E |
|
(7 |
) |
Accumulated deficit as of
December 31, 2020 |
|
(11,016 |
) |
Total stockholders’ equity
attributable to Live Ventures’ stockholders |
$ |
57,991 |
|
Weighted average common shares
outstanding |
|
1,555,175 |
|
Stockholders’ equity per basic
common share |
$ |
37.29 |
|
1 Net income includes one-time gains of $1.1
million related to the settlement of historical payables in the
company’s legacy businesses and a gain on the Payroll Protection
Program loan forgiveness of $1.4 million.
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