Live Ventures Announces First Quarter Fiscal 2019 Financial Results
February 13 2019 - 8:00AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, today announced financial results for its first quarter of
fiscal year 2019, which ended December 31, 2018. The company
reported record quarterly revenue of $53.2 million, representing an
increase of 31.8 percent versus the same period last year, and
basic EPS (earnings per share) of $0.79.
The company reported total assets of $131.8
million as of December 31, 2018 and a decrease in liabilities of
approximately $11.5 million during the quarter. Stockholders’
equity stood at a record $41.0 million, representing an increase of
3.9 percent compared to the most recent fiscal quarter.
Key highlights of Q1 fiscal 2019 include:
- Record revenues of $53.2 million, up 31.8 percent compared to
Q1 fiscal 2018;
- Gross profit of $19.3 million, up 17.9 percent compared to Q1
fiscal 2018;
- Record net cash flow from operating activities of $8.2 million,
up 30.8 percent compared to Q1 fiscal 2018;
- Basic earnings per share of $0.79;
- Decrease in liabilities of over $11.5 million during the fiscal
quarter; and
- Total assets of $131.8 million.
Cash availability, representing cash on hand and
available credit on the company’s consolidated revolving lines of
credit, was $17.2 million.
“Live Ventures is off to a strong start in
fiscal 2019, reporting record quarterly revenue and operating cash
flow,” said Virland Johnson, CFO of Live Ventures. “We have
achieved early momentum through exceptional manufacturing results
and lowered consolidated interest expense and debt. We are
enthusiastic about additional opportunities afforded this year
through our strategic roadmap and portfolio of great
companies.”
Live Ventures will be holding its first quarter
fiscal year 2019 conference call at 4:30 p.m. Eastern Time on
February 13, 2019. Management will take live questions following
the prepared remarks. Interested investors may participate in the
conference call by dialing (877) 876-9173 (for U.S.-based callers)
or (785) 424-1667 (for international callers) and providing the
operator with the conference ID: LIVE VENTURES.
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®.
Forward-Looking and Cautionary
Statements The use of the word “company” or “Company”
refers to Live Ventures Incorporated and its wholly-owned
subsidiaries. This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. In accordance with the safe harbor
provisions of this Act, statements contained herein that look
forward in time that include everything other than historical
information, involve risks and uncertainties that may affect the
company’s actual results. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Live Ventures may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”) on Forms 10-K and
10-Q, Current Reports on Form 8-K, in its annual report to
stockholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. There can be no assurance that such statements will
prove to be accurate and there are a number of important factors
that could cause actual results to differ materially from those
expressed in any forward-looking statements made by the company,
including, but not limited to, plans and objectives of
management for future operations or products, the market acceptance
or future success of our products, and our future financial
performance. The company cautions that these forward-looking
statements are further qualified by other factors including, but
not limited to, those set forth in the company’s Annual Report on
Form 10-K for the fiscal year ended September 30, 2018 (available
at http://www.sec.gov). Live Ventures undertakes no obligation
to publicly update or revise any statements in this release,
whether as a result of new information, future events, or
otherwise.
This press release should be read in conjunction
with the Form 10-Q to which it relates, and with the information
included in our other press releases, reports, and other filings
with the SEC. Understanding the information contained in these
filings is important in order to fully understand our reported
financial results and our business outlook for future periods.
Contact:Live Ventures Incorporated Tim Matula, Investor
Relations (425) 836-9035 tmatula@liveventures.com
http://liveventures.com Source: Live Ventures
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