Live Ventures Extends Stock Buyback Program
May 19 2021 - 8:30AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, previously announced that its Board of Directors has
extended the stock buyback program (initiated in February, 2018)
until June 1, 2024. The program authorizes the company to buy up to
$10 million of its outstanding shares of common stock on the open
market at prevailing prices. Of that amount, approximately $6.7
million remains available as of today for this purpose.
“A part of our job is strategic deployment of
capital for optimum company growth and shareholder value,” said Jon
Isaac, Live Ventures’ President and Chief Executive Officer.
“Repurchasing stock can be a prudent and productive use of capital,
along with investing in our portfolio companies and paying down
debt. The stock buyback program has offered attractive returns on
cash generated by our profitable
businesses.”
Since inception of the stock buyback program in
2018, 418 thousand shares of LIVE stock have been repurchased at an
average price of $7.70 and, as of the last trading day prior to the
issuance of this press release, the company’s stock closed at
$41.75 per share. Repurchases under the buyback program are made in
accordance with the Securities Exchange Act of 1934, as amended,
which sets restrictions on the method, timing, price and volume of
open market repurchases.
“The Board and I believe that the purchase of
our common stock is an affirmation of the company’s business
prospects and financial health,” Isaac added. “We look forward to
making additional purchases, as strategically warranted, thereby
reaffirming our confidence in Live Ventures’ future growth.”
Repurchases under the program are funded by cash
on hand and cash generated by operations of the company’s core
businesses.
About Live VenturesOriginally
incorporated in 1968, 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. 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 Precision Industries, the company sells premium tool
steels and specialty alloys. 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
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