Business
Great Elm Group, Inc. Reports Fiscal 2021 Third Quarter Financial Results
Company to Host Conference Call at 4:30 PM ET Today WALTHAM, Mass., May 14, 2021 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “us,” “our,” “GEG,” or
About this update from Great Elm Group, Inc.
[{"type":"text","content":"Company to Host Conference Call at 4:30 PM ET Today\nWALTHAM, Mass., May 14, 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 third quarter ended March 31, 2021. Fiscal 2021 Third Quarter Highlights(all comparisons versus the prior-year period unless otherwise noted) Consolidated: Consolidated revenue was $15.1 million, compared to $16.2 millionConsolidated net loss was $2.9 million, compared to net loss of $11.9 millionConsolidated Adjusted EBITDA was $3.6 million, compared to $2.6 million Operating Companies: DME reported total revenue of $13.1 million, compared to $14.1 millionDME reported net loss of $5.1 million, compared to net loss of $1.4 millionDME reported Adjusted EBITDA of $3.4 million, compared to $2.5 millionOn March 1, 2021, the Company announced the acquisition of Advanced Medical DME, LLC and PM Sleep Lab, LLC (“AMPM”), providers of sleep testing, PAP, and other respiratory products and services in 9 locations throughout Kansas and Missouri. Investment Management (“IM”): IM reported revenue of $0.7 million, compared to $0.8 millionIM reported net loss of $0.3 million, compared to net income of $0.5 millionIncreased ownership of GECC GP Corp, an investment management subsidiary, from 80.1% to approx. 98%Subsequent to quarter-end, GECC entered into a three-year $25 million revolving credit facility to support its investment activities. Management Commentary \"Overall, we see positive momentum in all aspects of our business,” stated Peter A. Reed, Chief Executive Officer. “During the quarter, DME resumed its acquisition program and announced the AMPM acquisition, which strengthens DME’s presence in the Midwest and provides future organic growth potential through an expanded patient base and cross selling opportunities. We also anticipate the acquisition will drive margin improvement through operational efficiencies and other benefits of added scale. DME is beginning to see signs of business recovery from the pandemic impacts as the country continues moving toward a full economic reopening. We are optimistic about the resumption of organic growth at DME and also the potential for future acquisitions.” “Investment Management had a productive quarter in positioning GECC for furth...