Business
Heritage Global Inc. Reports Profitable First Quarter 2022 Results; Positioned to Benefit From Industry Tailwinds for Both Industrial and Financial Businesses
– Anticipated To Close Two Real Estate Transactions in Q2 or Q3; Expected To Contribute Over $2.5 Million In Combined Net Profit – – Board Approves Share
About this update from Heritage Global Inc.
[{"type":"text","content":"\n– Anticipated To Close Two Real Estate Transactions in Q2 or Q3; Expected To Contribute Over $2.5 Million In Combined Net Profit –\n\n– Board Approves Share Repurchase Program –\n\n SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Inc. (NASDAQ: HGBL) (“Heritage Global,” “HGI” or “the Company”), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Summary of Financial Results:\n\n\n\n($ in thousands, except per share amounts)\n\n\n\nThree Months Ended\nMarch 31,\n\n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n\n\nOperating income\n\n\n\n$\n\n\n\n875\n\n\n\n \n\n\n\n$\n\n\n\n1,046\n\n\n\n\n\nNet income\n\n\n\n$\n\n\n\n645\n\n\n\n \n\n\n\n$\n\n\n\n1,032\n\n\n\n\n\nNet income per share – diluted\n\n\n\n$\n\n\n\n0.02\n\n\n\n \n\n\n\n$\n\n\n\n0.03\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\nEBITDA\n\n\n\n$\n\n\n\n1,008\n\n\n\n \n\n\n\n$\n\n\n\n1,137\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$\n\n\n\n1,114\n\n\n\n \n\n\n\n$\n\n\n\n1,480\n\n\n\n\n\n\n(1)\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 is off to a solid start, and we are pleased to have delivered continued profitability and EBITDA of $1.0 million in the first quarter. With our visibility today we are increasingly optimistic about the balance of 2022. Our business model includes diverse revenue streams and we are extremely well positioned in both our Financial Assets Division and our Industrial Assets Division to capitalize on improving market dynamics. We are seeing a clear transition from headwind conditions to tailwind conditions, and we are moving aggressively to seize the opportunities being created in this more favorable environment.\n\n“There has been a great deal of public commentary on the significant rise in con...