Business
Live Ventures Announces Fiscal 2020 Financial Results
LAS VEGAS, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for
About this update from Live Ventures Incorporated
[{"type":"text","content":"LAS VEGAS, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its fiscal year ended September 30, 2020. The company reported revenues of $191.7 million, net income of $10.9 million, and basic EPS (earnings per share) of $6.40. The company also reported operating income of $20.4 million, representing an increase of 527% over the same period last year. During the 2020 fiscal year, the company repurchased 236,908 shares of its common stock at an average price of $7.01 per share. At September 30, 2020, the company reported total assets of $197.2 million and total liabilities of $153.5 million. Stockholders’ equity stood at $43.9 million, or $25.75 per basic common share1. At September 30, 2020, the company had cash and availability under its various lines of credit $37.7 million. The Company completed two significant acquisitions in 2020, Lonesome Oak in January and Precision Marshall in July. “For fiscal 2020 overall, Live Ventures recorded a strong performance,” said Jon Isaac, Live Ventures’ President and CEO. “In a time of pandemic lockdowns, political turmoil, and social unrest, our companies took strategic actions to make acquisitions and grow, or as conditions required, to retrench and take advantage of closures to streamline operations. In the summer, we purchased Precision Marshall, an iconic specialty steel company and one of the nation’s premier suppliers of pre-finished tool steels. This followed on the heels of our acquisition of Lonesome Oak Trading Company, a complement to Marquis Industries that brings significant operations and cost synergies. For a short period, the impact of Covid-19 depressed demand and production for carpets and flooring, but all told, Marquis Industries generated higher sales thanks to new product development and revenue contribution from the Lonesome Oak team. To our advantage, people staying at home invested significant dollars in new carpet and hardwood flooring. “In retail, the Covid-19 pandemic forced our Vintage Stock stores to close for an average of 45 days. Vintage Stock took advantage of those closures to implement effective cost cutting initiatives, including reducing store hours and headcount, cutting rent, and improving the efficiency of processes. Here too, the crisis had a bright side: ...