Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, today announced financial results for its third fiscal
quarter ended June 30, 2021. The company reported revenues of
$69.1 million, and basic earnings per share (“EPS”) of $6.35, which
represents an increase of 63% and 191%, respectively, over the same
quarter last year. The company also reported net income
attributable to Live Ventures’ stockholders of $9.9 million, and
operating income of $8.2 million, representing an increase of 177%
and 37%, respectively, over the same period last year.
|
|
During the three months ended June 30, |
|
|
|
2021 |
|
2020 |
|
% Change |
|
Revenues |
|
$ |
69,095 |
|
$ |
42,472 |
|
63 |
% |
Operating Income |
|
$ |
8,232 |
|
$ |
5,990 |
|
37 |
% |
Net income applicable to
common stock |
|
$ |
9,938 |
|
$ |
3,585 |
|
177 |
% |
Basic earnings per share |
|
$ |
6.35 |
|
$ |
2.18 |
|
191 |
% |
Net income applicable to common stock for the
three months ended June 30, 2021 includes the benefit of a gain on
Payroll Protection Program loan forgiveness of $4.8 million and a
gain from a settlement in the ApplianceSmart Chapter 11 proceeding
of $650 thousand. At June 30, 2021, the company reported total
assets of $198.7 million, and record total cash and cash
availability under its various lines of credit of $48.3 million.
Stockholders’ equity attributable to Live Ventures’ stockholders’
stood at $68.0 million at quarter end, or $43.44 per basic common
share..
Each of the company’s three main reporting
segments continued to demonstrate significant growth on a topline
and operating income basis for the quarter over the same period
last year. The Retail segment contributed revenues of $21.7 million
and operating income of $3.9 million, an increase of 52% and 69%,
respectively, over the same period last year. The Flooring
Manufacturing segment contributed revenues of $34.2 million and
operating income of $4.0 million, an increase of 22% and a decrease
of 7%, 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 $13.0 million and
operating income of $1.9 million for the quarter ended June 30,
2021.
|
|
During the three months ended June 30, |
|
|
|
2021 |
|
2020 |
|
% Change |
|
Revenues |
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
21,719 |
|
$ |
14,259 |
|
52 |
% |
Flooring Manufacturing |
|
$ |
34,234 |
|
$ |
28,079 |
|
23 |
% |
Steel Manufacturing |
|
$ |
13,018 |
|
$ |
— |
|
N/A |
|
Corporate & other |
|
$ |
124 |
|
$ |
134 |
|
-7 |
% |
|
|
$ |
69,095 |
|
$ |
42,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the three months ended June 30, |
|
|
|
2021 |
|
2020 |
|
% Change |
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
3,860 |
|
$ |
2,285 |
|
69 |
% |
Flooring Manufacturing |
|
$ |
3,997 |
|
$ |
4,280 |
|
-7 |
% |
Steel Manufacturing |
|
$ |
1,928 |
|
$ |
— |
|
N/A |
|
Corporate & other |
|
$ |
(1,553 |
) |
$ |
(575 |
) |
170 |
% |
|
|
$ |
8,232 |
|
$ |
5,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
“I continue to be thrilled with the strong and
consistent performance across our portfolio in the third fiscal
quarter of 2021,” said Jon Isaac, Live Ventures’ President and CEO.
“Each of our major operating subsidiaries built upon our record
second quarter performance and continued to demonstrate meaningful
and significant improvement over the prior year’s quarterly
performance and contributed to our overall record setting financial
results,” Isaac continued. “Furthermore, we continued to execute
upon our strategy to acquire new platforms with our initial
investment in Salomon Whitney Financial in June, as well as our
strategy to manage our overall balance sheet and build shareholder
value through deleveraging. We continued our track-record of
deleveraging 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 third quarter of
fiscal 2021, compared to the same period last year
include:
- Revenues of $69.1 million; up
63%;
- Gross profit of $25.1 million; up
50%;
- Operating income of $8.2 million,
up 37%;
- Earnings per basic share of $6.35;
up 191%;
- Total cash and cash availability
under its various lines of credit of $48.3 million; and
- Net cash provided by operating
activities for the nine months ended June 30, 2021 of $32.2
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 (Nasdaq: LIVE) (“Live
Ventures” or the “Company”) is a rapidly growing, diversified
holding company with a strategic focus on value-oriented
acquisitions of domestic middle-market companies. Live Venture’s
acquisition strategy is sector agnostic, and focuses on well-run,
closely held businesses with a demonstrated track record of
earnings growth and cash flow generation. The Company looks for
opportunities to partner with management to build increased
shareholder value through a disciplined buy-build-hold long-term
focused strategy. Live Ventures was founded in 1968 and refocused
in 2011 under our CEO and strategic investor, Jon Isaac. The
Company’s current portfolio of diversified operating subsidiaries
includes companies in the textile, flooring, tools, steel,
entertainment, and financial services industries.
About Our Main Operating
Subsidiaries
Marquis Industries
Based in Chatsworth, GA, and acquired by Live
Ventures in 2015, Marquis Industries (“Marquis”) is a leading
manufacturer of residential and commercial carpets sold primarily
in North America and focused on residential, niche commercial, and
hospitality end-markets. In addition to a diverse offering of
carpeting products, Marquis Industries also designs, sources, and
sells hard-surface flooring products.
Vintage Stock
Based in Joplin, MO and acquired by Live
Ventures in 2016, Vintage Stock Inc. (“Vintage Stock”) is an
award-winning entertainment retailer that sells new and pre-owned
movies, classic and current generation video games and systems,
music on CD & LP, collectible comics, books, toys, and more
through a unique buy-sell-trade model. Vintage Stock sells through
its 60+ retail stores and its website, allowing the company to ship
product worldwide directly to the customer’s doorstep.
Precision Marshall
Based in Washington, PA and acquired by Live
Ventures in 2020, Precision Industries, Inc. (“Precision Marshall”)
is a leading manufacturer of premium steel tools and specialty
alloys. Precision Marshall manufactures pre-finished decarb-free
tool and die steel. For over 70 years, Precision Marshall has been
known by steel distributors for its quick and accurate service and
has led the industry with exemplary availability and value-added
processing.
Salomon Whitney
Based in Melville, NY, and acquired by Live
Ventures in 2021, Salomon Whitney LLC (“SW”) is a licensed
broker-dealer and investment bank that offers clients a broad range
of products and services, including broker retailing of corporate
equity and debt securities, private placement of securities,
corporate finance consulting regarding mergers and acquisition and
broker retailing of U.S. government and municipal securities.
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 June 30, 2021 |
|
|
|
Net income applicable to Live Ventures’ stockholders |
|
$ |
9,938 |
|
Basic
weighted average common shares outstanding |
|
|
1,566,064 |
|
Basic
earnings per share |
|
$ |
6.35 |
|
|
|
|
|
As
of June 30, 2021 |
|
|
|
Net income
applicable to Live Ventures’ stockholders |
|
$ |
9,938 |
|
Common
Stock |
|
|
2 |
|
Paid in
capital |
|
|
64,883 |
|
Treasury
stock common |
|
|
(4,507 |
) |
Treasury
stock Series E |
|
|
(7 |
) |
Accumulated
deficit as of March 31, 2021 |
|
|
(2,282 |
) |
Total
stockholders’ equity attributable to Live Ventures’
stockholders |
|
$ |
68,027 |
|
Weighted
average common shares outstanding |
|
|
1,566,064 |
|
Stockholders’ equity per basic common share |
|
$ |
43.44 |
|
|
|
|
|
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