Live Ventures Announces First Quarter Fiscal 2021 Financial Results
Live Ventures Incorporated (Nasdaq: LIVE) reported record quarterly revenue of $62.5 million for the first fiscal quarter ended December 31, 2020, marking a 49% increase year-over-year. Earnings per share (EPS) soared to $3.45, representing a remarkable 1,050% rise. Net income climbed to $5.4 million, with operating income reaching $7.3 million, up 109%. The company also repurchased 33,926 shares at an average price of $10.97. Total assets amounted to $190.6 million against $142.0 million in liabilities.
- Revenue increased by 49% to $62.5 million.
- Earnings per share surged 1,050% to $3.45.
- Net income rose to $5.4 million, an increase of 889%.
- Operating income jumped by 109% to $7.3 million.
- Share repurchase of 33,926 shares at an average price of $10.97.
- None.
Company reports record quarterly revenue of
LAS VEGAS, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its first fiscal quarter ended December 31, 2020. The company reported record revenues of
At December 31, 2020, the company reported total assets of
“I am very pleased with our start to fiscal 2021, with meaningful, and significant improvements in quarterly financial results” said Jon Isaac, Live Ventures’ President and CEO.
______________
1 Net income includes one-time gains of
2 For a reconciliation of stockholders’ equity per basic common share, see the Non-GAAP Measure Reconciliation at the end of this press release.
Highlights of fiscal 2021, compared to the same period last year include:
- Revenues of
$62.5 million ; up49% ; - Gross profit of
$22.3 million ; up34% ; - Operating income of
$7.3 million , up109% ; - Earnings per basic share of
$3.45 ; up 1,050% ; - Repurchase of 33,926 shares of common stock at an average price of
$10.97 per share; and - Net cash provided by operating activities of
$7.7 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 Incorporated
Tim Matula, Investor Relations
(425) 836-9035
tmatula@liveventures.com
http://liveventures.com
Source: Live Ventures Incorporated
LIVE VENTURES INCORPORATED
UNAUDITED NON-GAAP MEASURE RECONCILIATION
(dollars in thousands, except per share)
| For the Quarter Ended December 31, 2020 | |||
| Net income applicable to Live stockholders | $ | 5,413 | |
| Basic weighted average common shares outstanding | 1,568,213 | ||
| Basic earnings per share | $ | 3.45 | |
| As of December 31, 2020 | |||
| Net income applicable to Live Ventures’ stockholders | $ | 5,413 | |
| Common Stock | 2 | ||
| Paid in capital | 64,489 | ||
| Treasury stock common | (4,481 | ) | |
| Treasury stock Series E | (7 | ) | |
| Accumulated deficit as of September 30, 2020 | (16,429 | ) | |
| Total stockholders’ equity attributable to Live Ventures’ stockholders | $ | 48,987 | |
| Weighted average common shares outstanding | 1,568,213 | ||
| Stockholders’ equity per basic common share | $ | 31.24 | |
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