Business
Great Elm Capital Group, Inc. Reports Fiscal Fourth Quarter and Full Year 2020 Financial Results
DME fiscal Q4 revenue grew 7.9% year-over-year despite a significant negative impact from COVID-19DME fiscal Q4 net income of $2.8 million and adjusted EBITDA
About this update from Great Elm Group, Inc.
[{"type":"text","content":"DME fiscal Q4 revenue grew 7.9% year-over-year despite a significant negative impact from COVID-19DME fiscal Q4 net income of $2.8 million and adjusted EBITDA of $7.0 million, up from ($1.0) million and $2.8 million, respectively, during the same period in the prior yearInvestment Management is poised for growth in AUM, revenue, and earnings if GECC rights offering is completedConsolidated fiscal Q4 net income of $4.1 million, up from ($1.0) million during the same period in the prior year WALTHAM, Mass., Sept. 18, 2020 (GLOBE NEWSWIRE) -- Great Elm Capital Group, Inc. (NASDAQ: GEC, “Great Elm”) announced its financial results for the fiscal quarter and year ended June 30, 2020. Great Elm will host a conference call and webcast on Friday, September 18, 2020 at 8:00 a.m. Eastern Time to discuss its fiscal fourth quarter 2020 financial results. Please see below for details.\n BUSINESS OVERVIEW Great Elm is a diversified, publicly-traded holding company that seeks to build long-term shareholder value across two verticals: Operating Companies and Investment Management. Select highlights from the fiscal fourth quarter 2020 include: Operating Companies: DME’s investments in people, process and technology have been critical in adapting to uncertain business conditions caused by the COVID-19 pandemic. DME continues to operate and serve patients in all marketsHaving completed significant investments into the platform, DME management is focused on continuing organic growth, driving improved margins, and making add-on acquisitionsDuring the quarter ended June 30, 2020, physician referrals declined in response to shelter-in-place orders. This resulted in new PAP patient setups declining 23% year-over-year. Throughout the quarter, both physician referrals and PAP setups improved over their post-COVID lows, but have not yet reached pre-COVID levels.For the three months ended June 30, 2020, generated $13.9 million of revenue, $2.8 million of net income and $7.0 million of adjusted EBITDA Investment Management: For the three months ended June 30, 2020, generated $0.8 million of revenue, net income of ($0.0) million and $0.2 million of adjusted EBITDAGreat Elm Capital Corp. (“GECC”) managed by Great Elm Capital Management, Inc. (“GECM”), announced a rights offering on August 31, 2020. If completed, this would increase AUM, revenue, and earnings ...