LMP Automotive Holdings, Inc. Announces Delay of 2021 Financial Results and Quarterly Conference Call

Rhea-AI Summary

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) announced a delay in its 2021 financial results and conference call, originally set for March 31, 2022, due to ongoing evaluations of transactions from its acquisitions in 2021. The company reported significant growth, with revenues up by approximately $400 million and gross profit increasing by around $80 million compared to the prior year, primarily driven by acquiring 15 new vehicle franchises and an automotive leasing company. A conference call will be scheduled once a definitive filing date is established.

Positive

• Revenue increased by approximately $400 million compared to the previous year.
• Gross profit increased by approximately $80 million compared to the previous year.

Negative

• Delay in announcing 2021 financial results and conference call.

FORT LAUDERDALE, Fla., March 31, 2022 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced that it will delay its 2021 financial results and conference call, previously scheduled for March 31, 2022.

As LMP continues to evaluate and account for certain transactions primarily related to its acquisitions that were consummated in 2021.

There is a significant change in our results of operations in calendar year 2021 when compared to the results from the corresponding period in the prior year, primarily as a result of acquisitions that closed during the course of calendar year 2021. During the first ten months of 2021, the Company acquired a majority interest in 15 new vehicle franchises, comprising 8 new dealership locations. The Company also acquired a majority interest in LTO Holdings, LLC, a Connecticut based automotive leasing company with an associated collision center that was subsequently disposed during the fourth quarter. These acquisitions transformed the Company, enabling us to offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

The following is an approximation of these changes:

• Revenue increased by approximately $400 million when compared the same period a year ago, and
  
• Gross Profit increased by approximately $80 million when compared the same period a year ago.

The Company will hold a conference call to discuss these financial results when it ascertains a definitive filing date.

ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies, and generate additional revenues. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire.

Investor Relations:

LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
investors@lmpah.com

For more information visit: https://lmpmotors.com/.

FORWARD-LOOKING STATEMENTS:
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” will,” the negatives thereof and other words and terms of similar meanings. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: our dependence upon external sources for the financing of our operations; our ability to effectively executive our business plan; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our services and platform; our ability to manage the growth of our operations over time; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to maintain relationships with existing customers and automobile suppliers, and develop relationships; and our ability to compete and succeed in a highly competitive and evolving industry; as well as other risks described in our SEC filings. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

SOURCE: LMP Automotive Holdings, Inc.

FAQ

What is the current status of LMPX's 2021 financial results?

LMPX has delayed its 2021 financial results and conference call due to ongoing evaluations of acquisition-related transactions.

How much did LMPX's revenue increase in 2021?

LMPX's revenue increased by approximately $400 million compared to the same period the previous year.

What was the change in gross profit for LMPX in 2021?

LMPX's gross profit increased by about $80 million compared to the previous year.

What acquisitions did LMPX make in 2021?

In 2021, LMPX acquired a majority interest in 15 new vehicle franchises and LTO Holdings, LLC, an automotive leasing company.