Business
Heritage Global Inc. Achieves Record Net Operating Income of $11.1 Million and $0.42 Earnings Per Share for Full Year 2022
SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in
About this update from Heritage Global Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the fourth quarter and year ended December 31, 2022.\n\nFourth Quarter and Full Year 2022 Summary of Financial Results:\n\n\n\n($ in thousands, except per share amounts)\n\n\n\nThree Months Ended\n\n\nDecember 31,\n\n\n\nTwelve Months Ended\n\n\nDecember 31,\n\n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\nOperating income\n\n\n\n$\n\n\n\n3,147\n\n\n\n \n\n\n\n$\n\n\n\n1,362\n\n\n\n$\n\n\n\n11,120\n\n\n\n \n\n\n\n$\n\n\n\n3,014\n\n\n\n\n\nNet income\n\n\n\n$\n\n\n\n9,970\n\n\n\n \n\n\n\n$\n\n\n\n960\n\n\n\n$\n\n\n\n15,493\n\n\n\n \n\n\n\n$\n\n\n\n3,053\n\n\n\n\n\nNet income per share – diluted\n\n\n\n$\n\n\n\n0.27\n\n\n\n \n\n\n\n$\n\n\n\n0.03\n\n\n\n$\n\n\n\n0.42\n\n\n\n \n\n\n\n$\n\n\n\n0.08\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n(Non-GAAP Financial Measures) (1)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nEBITDA\n\n\n\n$\n\n\n\n3,283\n\n\n\n \n\n\n\n$\n\n\n\n1,528\n\n\n\n$\n\n\n\n11,656\n\n\n\n \n\n\n\n$\n\n\n\n3,474\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n3,439\n\n\n\n \n\n\n\n$\n\n\n\n1,623\n\n\n\n$\n\n\n\n12,196\n\n\n\n \n\n\n\n$\n\n\n\n4,082\n\n\n\n\n\n\n(1)\n\n\n\n \n\n\n\nEBITDA and Adjusted EBITDA are commonly used non-GAAP financial measures utilized by management as a supplemental tool to evaluate the underlying operating performance of the Company on an ongoing basis and should be considered together with Heritage Global’s GAAP financial measures. Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of the press release.\n\n\n\n\nHeritage Global Chief Executive Officer Ross Dove commented, “2022 was a tremendous year for our Company, powered by strong demand and high volumes in both of our operating divisions, which drove annual net operating income to a record level of $11.1 million. To put this achievement in context, we surpassed our previous net operating income milestone of $6.1 million, reached in 2020, by 82%. Not only was business activity robust, but our performance also reflected the operational excellence of both our...