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Great Elm Group Reports Fiscal 2022 First Quarter Financial Results
Company to Host Conference Call at 9:00 a.m. ET on November 12, 2021 WALTHAM, Mass., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “us,”
About this update from Great Elm Capital Corp.
[{"type":"text","content":"Company to Host Conference Call at 9:00 a.m. ET on November 12, 2021\nWALTHAM, Mass., Nov. 12, 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 first quarter ended September 30, 2021. Fiscal 2022 First Quarter Operating and Financial Highlights(all comparisons versus the prior-year period unless otherwise noted) Consolidated: Consolidated revenue for the first quarter was $16.5 million, compared to $15.4 million.Consolidated net income from continuing operations for the first quarter was $0.1 million, compared to net loss from continuing operations of $3.8 million.Consolidated Adjusted EBITDA for the first quarter ended September 30, 2021 was $4.3 million, compared to $1.9 million.Made a strategic minority investment in the Sharp Alpha Fund I, LP, a private fund that is investing in early-stage companies seeking to address the growing sports betting market.As of September 30, 2021, we had approximately $952 million of net operating loss (NOL) carryforwards for federal income tax purposes. Operating Companies: Durable Medical Equipment (DME) grew total revenue for the first quarter by 6.5% to $15.6 million, compared to $14.6 million; driven by strong resupply sales despite challenging pandemic related conditions.DME reported net income for the first quarter was $2.1 million, compared to a net loss of 0.5 million.DME reported Adjusted EBITDA for the first quarter was of $5.1 million, compared to $2.8 million.On August 31, 2021, acquired the power mobility assets of MedOne Healthcare LLC (MedOne), a high service power mobility provider in Arizona. The acquisition enhances DME’s power mobility solutions and expands its referral network. Investment Management (IM): IM increased revenue for the first quarter to $1.0 million, compared to $0.8 million.IM reported a net loss for the first quarter of $0.1 million, compared to net loss of $1.5 million.IM reported Adjusted EBITDA for the first quarter was $0.1 million, compared to $0.2 million.On September 20, 2021, Great Elm Capital Corp. (GECC) acquired a majority ownership interest in Lenders Funding, LLC (Lenders Funding), a private funding and risk sharing source for factors and asset-based lenders. Management Commentary Peter A. Reed, Chief Executive ...