Business
CCUR Holdings Reports Continued Operating Progress During Fourth Quarter; Earns $0.09 Per Share
CCUR Holdings Reports Continued Operating Progress During Fourth Quarter; Earns $0.09 Per Share.
About this update from Ccur Holdings Inc
[{"type":"text","content":"Generates Fourth Consecutive Quarter of Increased Cash Flow from OperationsDULUTH, GA / ACCESSWIRE / August 27, 2019 / CCUR Holdings, Inc. (OTCQB:CCUR) today reported net income attributable to its stockholders of $803,000, or $0.09 per share, for the fourth fiscal quarter of 2019. During the prior year period, the Company reported a net loss of $1,700,000, or ($0.18) per share. Revenue for the quarter grew to $1,846,000 as compared to $54,000 during the prior year period and $1,074,000 in the third quarter of fiscal 2019. Merchant Cash Advance (MCA) revenue increased to $1,435,000 and revenue from interest on loans grew to $411,000. Other interest, dividend and investment income for the period totaled $1,770,000.“Our fourth-quarter and full-year financial results continue to demonstrate the successful execution of our business plan,” said Wayne Barr, President and CEO. “The returns from our MCA and real estate operations continued to increase during the quarter and our operating segments are well positioned as we enter fiscal 2020. We believe our plan provides the Company with flexibility from an operations and balance sheet perspective to respond to changing economic environments. At the same time, working with our Board and outside experts, we continue to evaluate opportunities to add fairly-valued, or undervalued, assets to our portfolio.” General and administrative expenses increased by 2% from the prior year quarter to $876,000. Total operating expenses for the fourth quarter were $2,786,000 and included sales and marketing expenses of $287,000 to support the growth of the Company’s MCA operations as well as a $767,000 provision for MCA losses. Operating cash flow for the fourth quarter more than doubled from the third quarter to $1,389,000. The Company recorded an expense of $730,000 representing the change in fair value of contingent consideration due to the seller of the LuxeMark assets purchased by the Company’s subsidiary given better than expected performance since the LuxeMark acquisition earlier in calendar year 2019. In addition, the Company recorded an expense of $126,000 representing the amortization of purchased intangibles during the fourth quarter. The Company’s operating loss for the quarter was $940,000 as compared to an operating loss of $806,000 for the fourth quarter of fiscal 2018. For the full year end...