Live Ventures Announces Third Quarter Fiscal 2020 Financial Results
August 14 2020 - 8:15AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, announced financial results for its third quarter of
fiscal year 2020, which ended June 30, 2020. The company
reported quarterly revenue of $42.4 million, net income of $3.6
million and basic EPS (earnings per share) of $2.18. The
company also reported operating income of $6.0 million,
representing an increase of 57% over the same period last year.
During the fiscal quarter, the Company repurchased a record 106,161
shares of its common stock at an average price of $7.16 per share.
The company reported total assets of $156.0
million and total liabilities of $116.4 million, respectively, as
of June 30, 2020. Stockholders’ equity stood at $39.6 million, or
$24.03 per basic common share*. As at the end of the fiscal
quarter, the company had cash and availability under its various
lines of credit $33.8 million.
“As a result of Covid-19, our third fiscal
quarter was unlike any other over the past decade,” said Jon Isaac,
the company’s President and Chief Executive Officer. “Despite
adverse market conditions, the company performed admirably and we
are pleased with our results,” Mr. Isaac continued.
Key highlights of Q3 of fiscal 2020 include:
- Revenues of $42.4 million;
- Gross profit of $16.7 million;
- Operating income of $6.0 million, up 57% over the same period
in the prior fiscal year;
- Decrease in interest expense of 28% compared to the same period
in the prior fiscal year;
- Earnings per basic share of $2.18;
- The Company repurchased 106,161 shares of its common stock
during the quarter;
- Net cash from operating activities for the nine months of
fiscal 2020 totaled $18.1 million.
*For a reconciliation of shareholders’ equity per basic common
share, see the Non-GAAP Measure Reconciliation at the end of this
release.
Non-GAAP Financial
Information
Live Ventures believes that shareholders’ equity
per basic share provided an additional tool for investors to use in
evaluating operating results and trends, as such we are providing
in this press release shareholders’ 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, shareholders’ equity per basic 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 prepared in accordance with
GAAP.
We define shareholders’ equity per basic common
shares as total shareholders’ 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
shareholders’ equity per common share is included in the Non-GAAP
Measure Reconciliation provided at the end of this 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
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
LIVE VENTURES
INCORPORATEDUNAUDITED NON-GAAP MEASURE
RECONCILIATION(dollars in thousands, except per share)
For the Three Months
Ended June 30, 2020 |
|
|
|
Net income applicable to common
stock |
|
$ |
3,585 |
|
Basic weighted average common
shares outstanding |
|
|
1,646,836 |
|
Basic earnings per share |
|
$ |
2.18 |
|
|
|
|
|
As of June 30,
2020 |
|
|
|
Net income applicable to common
stock |
|
$ |
3,585 |
|
Common Stock |
|
|
2 |
|
Paid in capital |
|
|
64,359 |
|
Treasury stock common |
|
|
(3,871 |
) |
Treasury stock Series E |
|
|
(7 |
) |
Accumulated deficit as of March
31, 2020 |
|
|
(24,489 |
) |
Total stockholders’ equity |
|
$ |
39,579 |
|
Weighted average common shares
outstanding |
|
|
1,646,836 |
|
Shareholders’ equity per basic
common share |
|
$ |
24.03 |
|
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