Live Ventures Announces Financial Results for Fiscal 2019

About this update from Live Ventures Incorporated

[{"type":"text","content":"LAS VEGAS, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for the fiscal year 2019, which ended September 30, 2019. The company reported revenue of approximately $193 million and total assets of $122 million. The company repurchased a record 119,238 shares of common stock during the fiscal year.\n While both Marquis Industries and Vintage Stock performed reasonably well and were profitable during the fiscal year, ApplianceSmart contributed an operational loss of $11.8 million and a $2.6 million impairment charge relating to the Chapter 11 filing and store closures during the prior fiscal year. Total losses for the ApplianceSmart business, net of taxes, was, and reduced income generated by the company’s other subsidiaries by, approximately $14.4 million. Overall, the company reported consolidated net loss of $4 million, or $2.11 in loss per basic common share. The company expects that any future extinguishment of ApplianceSmart indebtedness resulting from the Chapter 11 proceeding will be reflected as a non-cash gain of extinguishment and/or settlement of debt and other liabilities in the company’s future financial statements. Despite the consolidated net loss for the year, gross profit for the fiscal year was $70 million and cash from operations increased from the prior fiscal year by approximately $7 million, or 61%, to $19 million. Interest expense decreased by over $2 million or 27% compared to the prior fiscal year due to the $17 million decrease in outstanding debt. “With the recently implemented aggressive cost cutting measures at ApplianceSmart, together with the ApplianceSmart Chapter 11 filing previously announced on December 13, 2019, we believe that the worst of ApplianceSmart is now behind us,” said Virland A. Johnson, the company’s Chief Financial Officer. “Overall, aside from ApplianceSmart, the company did moderately well, having paid down a significant amount of debt and repurchased a record number of shares of common stock during the most recent fiscal year.” Key highlights of fiscal 2019 include (dollars in millions except per share amounts): 2019 2018Revenues$193 $200Gross profit 71 74Operating income 3 11Net income (loss) (4) 6Income (loss) per common share (2.11) 3.01Total assets 122 141Total liabilities 88 102Cash...

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