Business
CCUR Holdings Builds MCA Operations Momentum; Reports Earnings Per Share of $0.31 for Fiscal Year 2020 Second Quarter & Operating Cash Flow of $1.5 Million
CCUR Holdings Builds MCA Operations Momentum; Reports Earnings Per Share of $0.31 for Fiscal Year 2020 Second Quarter & Operating Cash Flow of $1.5 Million.
About this update from Ccur Holdings Inc
[{"type":"text","content":"DULUTH, GA / ACCESSWIRE / February 5, 2020 / CCUR Holdings, Inc. (OTCQB:CCUR) today reported net income attributable to its stockholders of $2,737,000, or $0.31 per share, for the second quarter of fiscal year 2020. During the prior fiscal year period, the Company reported a net loss of $1,530,000, or $0.17 per share.Revenue for the quarter increased to $1,787,000 compared to $370,000 during the prior fiscal year period. The revenue increase is primarily due to Merchant Cash Advance (MCA) revenue of $1,440,000 compared to $185,000 in the second quarter of fiscal year 2019. Revenue from interest on loans increased 88% to $347,000. Other interest, dividend and investment income for the period totaled $2,361,000 compared to a loss of $639,000 in the prior fiscal year second quarter."We had another strong quarter and have now generated net income for four consecutive quarters," said Wayne Barr, President and CEO. "Our initial MCA business segment strategy is now fully deployed, and I believe our marketing efforts and the organizational infrastructure are catalysts for building on our current success. As we enter the second half of fiscal year 2020, the results from our business plan are enabling our Board to continue to evaluate capital allocation alternatives, which, as previously disclosed, could potentially include a limited return of capital to stockholders through a special distribution, while we continue to execute our growth strategy."Selling, General and Administrative expenses for the second quarter of fiscal year 2020 increased to $1,307,000 compared to $792,000. The increase in these operating expenses reflects the investments the Company made to execute on its MCA operations segment strategy and focus on business development. As a result of these investments, management believes it has put in place the team and resources to meet its growth objectives. Total operating expenses for the second quarter of fiscal year 2020 were $1,196,000 and included a $180,000 provision for MCA losses. Operating cash flow for the second quarter of fiscal year 2020 was $1,543,000.The Company's operating income for the second quarter of fiscal year 2020 was $591,000 as compared to an operating loss of $917,000 for the second quarter of fiscal year 2019. Total working capital as of December 31, 2019 was $50.2 million as...