Business
Heritage Global Inc. Achieves Record Net Operating Income of $3.9 Million and $0.08 Earnings Per Share for First Quarter 2023
SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in
About this update from Heritage Global Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Summary of Financial Results:\n\n\n\n\n($ in thousands, except per share amounts)\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\nMarch 31,\n\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nOperating income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,894\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n875\n\n\n\n\n\n\n\n\nNet income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n2,829\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n645\n\n\n\n\n\n\n\n\nNet income per share – diluted\n\n\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\n0.02\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\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$\n\n\n\n\n\n\n4,014\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,008\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n$\n\n\n\n\n\n\n4,193\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,114\n\n\n\n\n\n\n\n\n\n(1)\n\n\n\n\n\n\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\n\n\n\nHeritage Global Chief Executive Officer Ross Dove commented, “As expected, 2023 is off to an exceptional start, demonstrated by our achievement of a record $3.9 million in net operating income in the first quarter, which soundly surpasses our previous quarterly NOI milestone of $3.6 million, reported in the second quarter of 2022. We are benefiting from economic tailwinds in both of our divisions, and from our focus on continuing to execute to maximize the opportunities we are seeing in the marketplace.\n\n\n“It is important to note that we are seeing growth across both our Financial Assets and Industrial Assets divisions, and all four of our oper...