Business
Live Ventures Announces First Quarter Fiscal 2021 Financial Results
Company reports record quarterly revenue of $62.5 million LAS VEGAS, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a
About this update from Live Ventures Incorporated
[{"type":"text","content":"Company reports record quarterly revenue of $62.5 million\nLAS VEGAS, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its first fiscal quarter ended December 31, 2020. The company reported record revenues of $62.5 million, and basic EPS of $3.45, which represents an increase of 49% and 1,050%, respectively, over the same quarter last year. The company also reported net income attributable to Live Ventures’ stockholders of $5.4 million1, and operating income of $7.3 million, representing an increase of 889% and 109%, respectively, over the same period last year. During the quarter, the company repurchased 33,926 shares of its common stock at an average price of $10.97 per share. At December 31, 2020, the company reported total assets of $190.6 million, total liabilities of $142.0 million and total cash and availability under its various lines of credit $40.2 million. Stockholders’ equity stood at $48.6 million, or $31.24 per basic common share2. “I am very pleased with our start to fiscal 2021, with meaningful, and significant improvements in quarterly financial results” said Jon Isaac, Live Ventures’ President and CEO. ______________1 Net income includes one-time gains of $0.7 million related to the settlement of historical payables in the company’s legacy businesses and a lease liability at ApplianceSmart.2 For a reconciliation of stockholders’ equity per basic common share, see the Non-GAAP Measure Reconciliation at the end of this press release. Highlights of fiscal 2021, compared to the same period last year include: Revenues of $62.5 million; up 49%;Gross profit of $22.3 million; up 34%;Operating income of $7.3 million, up 109%;Earnings per basic share of $3.45; up 1,050%;Repurchase of 33,926 shares of common stock at an average price of $10.97 per share; andNet cash provided by operating activities of $7.7 million. Non-GAAP Financial Information Live Ventures believes that stockholders’ equity per basic common share provides an additional tool for investors to use in evaluating the company’s operating results and trends, and therefore we are providing in this press release stockholders’ equity per basic common share, which is not a measure of our financial performance or position under United States Generally Accepted Accounti...