Business
Heritage Global Inc. Announces 2019 Fourth Quarter and Full Year Operating Results
SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a diversified financial services
About this update from Heritage Global Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services, today reported financial results for the fourth quarter and full year ended December 31, 2019.\n\n\nHeritage Global Chief Executive Officer Ross Dove stated, “2019 was a year of tremendous accomplishment for Heritage Global. We launched Heritage Global Capital, a new platform providing specialty financing solutions to small- and medium-sized investors in charged-off and nonperforming asset portfolios and other asset-based classes, with $2.8 million of lending activity since the September 2019 launch through end of year. We realigned and streamlined our middle market M&A advisory services business to improve operating efficiencies. And earlier this year, National Loan Exchange (NLEX) introduced a new online portal for post-sale account management designed to enhance customer service and retention across the firm’s loan sale advisory client base.”\n\n\n“From a financial perspective, our recent initiatives to further diversify our unique and differentiated model, combined with our existing predictable fee-based advisory businesses, together has us well positioned to drive consistent and sustainable revenue growth across market cycles. Moreover, our ongoing focus on realizing operating efficiencies, combined with accelerating higher-margin principal investments, bodes well for improving profitability in the coming quarters.”\n\n\n“Looking ahead, we remain focused on increasingly penetrating target markets, broadening our product and service capabilities, and extending principal investment activities, which we believe will drive long-term shareholder value.”\n\n\n\n \n\n\n\nFourth Quarter 2019 Summary of Financial Results:\n\n\n\n\n\n($ in thousands, except per share amounts)\n\n\n\nQuarter Ended\nDecember 31,\n\n\n\nYear Ended\nDecember 31, \n\n\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\n2018\n\n\n\n\n\nRevenue\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\nServices revenue(1)\n\n\n\n$\n\n\n\n5,150\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n5,251\n\n\n\n$\n\n\n\n20,100\n\n\n\n \n\n\n\n$\n\n\n\n21,658\n\n\n\n\n\nAsset sales(...