Business
Great Elm Group Reports Fiscal 2021 Fourth Quarter and Year End Financial Results
Company to Host Conference Call at 8:30 AM ET on Tuesday, September 21, 2021 WALTHAM, Mass., Sept. 21, 2021 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,”
About this update from Great Elm Capital Corp.
[{"type":"text","content":"Company to Host Conference Call at 8:30 AM ET on Tuesday, September 21, 2021 WALTHAM, Mass., Sept. 21, 2021 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “us,” “our,” “GEG,” or “Great Elm”) (NASDAQ: GEG), a diversified holding company, today announced financial results for its fiscal 2021 fourth quarter and year ended June 30, 2021. Fiscal 2021 Fourth Quarter and Annual Financial Highlights (all comparisons versus the prior-year period unless otherwise noted) Consolidated: Consolidated revenue for the fiscal quarter and year ended June 30, 2021 was $16.3 million and $60.9 million, compared to $14.7 million and $59.0 millionConsolidated net loss for the fiscal quarter and year ended June 30, 2021 was $1.4 million and $9.3 million, compared to net income of $4.1 million and net loss of $13.3 millionConsolidated Adjusted EBITDA for the fiscal quarter and year ended June 30, 2021 was $3.5 million and $8.6 million, compared to $5.9 million and $11.2 million Operating Companies: Durable Medical Equipment (DME) reported total revenue for the fiscal quarter and year ended June 30, 2021 of $15.4 million and $57.6 million, compared to $13.9 million and $55.7 millionDME reported net income for the fiscal quarter and year ended June 30, 2021 of $5.9 million and net loss of $2.5 million, compared to net income of $2.8 million and net loss of $0.1 millionDME reported Adjusted EBITDA for the fiscal quarter and year ended June 30, 2021 of $4.3 million and $12.4 million, compared to $7.0 million and $16.0 million Investment Management (IM): IM reported revenue for the fiscal quarter and year ended June 30, 2021 of $0.9 million and $3.2 million, compared to $0.7 million and $3.3 millionIM reported net income for the fiscal quarter and year ended June 30, 2021 of $1.3 million and $2.7 million, compared to net income of $3.4 million and net loss of $6.2 millionIM reported Adjusted EBITDA for the fiscal quarter and year ended June 30, 2021 of $0.1 million and $0.4 million, compared to $0.2 million and $1.2 million Fiscal 2021 Annual Operating Highlights Consolidated: Completed a holding company reorganization and financing transaction with J.P. Morgan Broker-Dealer Holdings Inc. (JPM) that resulted in a $5 million distribution to GEG, lowered DME’s cost of capital and provided additional capital for acquisition opportunitiesSold the real estate b...