Live Ventures Announces Fiscal 2021 Financial Results

About this update from Live Ventures Incorporated

[{"type":"text","content":"LAS VEGAS, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its year ended September 30, 2021. Fiscal Year 2021 Key Highlights: Revenues of $273.0 million increased 42% over the prior year period;Gross profit of $99.5 million increased 32% over the prior year period;Operating income of $35.8 million increased 75% over the prior year period;Net income of $31.2 million increased 186% over the prior year period;Fiscal Year 2021 Basic and Fully Diluted EPS were $19.92 and $9.80, respectively, increased 211% and 217%, respectively, over the prior year period;Total assets of $211.7 million;Acquired an interest in Salomon Whitney Financial in June 2021;Repurchased 35,435 shares of common stock at an average price of $11.88 per share; andApproximately $35.8 million of cash and availability under our credit facilities. “I am incredibly happy with Live Venture’s record financial performance for this fiscal year,” Jon Isaac, President and CEO of Live Ventures commented. “While still in the midst of the pandemic, and the significant uncertainty it brings, Live Ventures executed our strategic plan, strengthened our products, protected and enhanced our investments, and promoted our corporate culture of success and family.” Live Ventures reported revenues of $273 million, and basic earnings per share (“EPS”) of $19.92, which represents an increase of 42% and 211%, respectively, over the previous year. The company also reported operating income of $35.8 million and net income of $31.2 million, representing an increase of 75% and 186%, respectively, over the same period last year. “We continued to successfully execute our patient and value-oriented mergers and acquisitions (M&A) strategy,” continued Mr. Isaac. “Additionally, we balanced our M&A activity with continued and significant investments in the operations of our existing subsidiaries, with all of our major subsidiaries recording significant year over year improvement.” Net income for the year includes the benefit of a gain on Payroll Protection Program loan forgiveness of $6.2 million and a gain from a settlement in the ApplianceSmart Chapter 11 proceeding of $1.8 million. As of September 30, 2021, the company reported total assets of $211.7 million, and total cash and cash availability under...

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