Business
CCUR Holdings Reports First Quarter Fiscal 2019 Results
CCUR Holdings Reports First Quarter Fiscal 2019 Results.
About this update from Ccur Holdings Inc
[{"type":"text","content":"DULUTH, GA / ACCESSWIRE / November 9, 2018 / CCUR Holdings, Inc. (OTCQB: CCUR) today reported results for the first quarter of fiscal 2019 ended September 30, 2018. As a result of interest income earned from the Company's recently formed subsidiary, Recur Holdings LLC, and other income earned from investments and interest, the Company operated essentially at breakeven for the period. Total working capital as of September 30, 2018 was $55.8 million as compared to $55.3 million as of June 30, 2018. "Since the closing of the sale of our Content Delivery business on December 31, 2017 we have been evaluating numerous opportunities intended to provide attractive returns for our stockholders and enhance our ability to utilize our existing net operating loss carryforwards," said Wayne Barr, CCUR's Interim President and CEO. "Our search has been wide ranging and focused on identifying well-priced businesses and assets that we believe have significant growth potential. Due to current market conditions, we have faced significant competition from strategic and, in particular, financial buyers that in many instances have raised seller valuation expectations above what we consider to be attractive levels for our stockholders. However, while we continue to search for opportunities for CCUR to acquire valuable businesses and assets, we have also identified an opportunity to generate attractive returns through operations related to commercial loans secured by real property. Through September 30, 2018 our newly formed operating subsidiary Recur Holdings has made mortgage loans with an aggregate carrying value of over $4 million and a weighted average annualized yield of 10.8%. These loans earned $131,000 during the first quarter of the fiscal year and we expect to continue to realize interest income from these loans during the fiscal second quarter.""In addition, in early October we announced we had entered into a non-binding letter of intent to acquire an 80% interest in the assets of LuxeMark Capital, LLC, a privately held firm focused on the rapidly growing merchant cash advance sector of the finance industry that provides financing to small and medium-sized businesses. Through its syndication network, LuxeMark makes syndication capital or leverage available to select funding companies within the sector and hopes to ex...