Business
Heritage Global Inc. Reports Full Year 2023 Operating Income of $14.3 Million; Achieves $4.6 Million in Operating Income for Fourth Quarter 2023
- Financial Assets Division Reports Full Year Growth of 83% in Operating Income for 2023 - SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (NASDAQ: HGBL)
About this update from Heritage Global Inc.
[{"type":"text","content":"\n- Financial Assets Division Reports Full Year Growth of 83% in Operating Income for 2023 -\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HG” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the fourth quarter and year ended December 31, 2023.\n\n\nFourth Quarter and Full Year 2023 Summary of Financial Results (unaudited):\n\n\n\n\n($ in thousands, except per share amounts)\n\n\n\n\n\n\nThree Months Ended\nDecember 31,\n\n\n\n\n\n\nTwelve Months Ended\nDecember 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\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$\n\n\n\n\n\n\n4,555\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,147\n\n\n\n\n\n\n$\n\n\n\n\n\n\n14,319\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n11,120\n\n\n\n\n\n\n\n\nNet income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n4,890\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n9,970\n\n\n\n\n\n\n$\n\n\n\n\n\n\n12,475\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n15,493\n\n\n\n\n\n\n\n\nNet income per share – diluted\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.13\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.27\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.33\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.42\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\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\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$\n\n\n\n\n\n\n4,696\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,283\n\n\n\n\n\n\n$\n\n\n\n\n\n\n14,833\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n11,656\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n$\n\n\n\n\n\n\n4,890\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,439\n\n\n\n\n\n\n$\n\n\n\n\n\n\n15,609\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n12,196\n\n\n\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 includin...