Business
Heritage Global Inc. Achieves Significant Growth and Record Net Operating Income in the Third Quarter Of 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 third quarter and nine months ended September 30, 2022.\n\nThird Quarter and First Nine Months 2022 Summary of Financial Results:\n\n\n\n($ in thousands, except per share amounts)\n\n\n\nThree Months Ended\nSeptember 30,\n\n\n\nNine Months Ended\nSeptember 30,\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$\n\n\n\n3,474\n\n\n\n \n\n\n\n$\n\n\n\n533\n\n\n\n$\n\n\n\n7,973\n\n\n\n \n\n\n\n$\n\n\n\n1,652\n\n\n\n\n\nNet income\n\n\n\n$\n\n\n\n2,300\n\n\n\n \n\n\n\n$\n\n\n\n474\n\n\n\n$\n\n\n\n5,523\n\n\n\n \n\n\n\n$\n\n\n\n2,093\n\n\n\n\n\nNet income per share – diluted\n\n\n\n$\n\n\n\n0.06\n\n\n\n \n\n\n\n$\n\n\n\n0.01\n\n\n\n$\n\n\n\n0.15\n\n\n\n \n\n\n\n$\n\n\n\n0.06\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$\n\n\n\n3,608\n\n\n\n \n\n\n\n$\n\n\n\n638\n\n\n\n$\n\n\n\n8,373\n\n\n\n \n\n\n\n$\n\n\n\n1,946\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n3,778\n\n\n\n \n\n\n\n$\n\n\n\n740\n\n\n\n$\n\n\n\n8,757\n\n\n\n \n\n\n\n$\n\n\n\n2,459\n\n\n\n\n\n(1)\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, “Our very strong third quarter results continued the momentum we have built throughout 2022 and were highlighted by a milestone achievement as all five of the Company’s revenue streams performed at or above our expectations. Strong demand and high volumes in both our Industrial and Financial Assets divisions combined to contribute to record net operating income and significantly improved profitability in the third quarter.\n\n“Our Financial Asset business saw...