Business
Live Ventures Announces Fiscal Second Quarter 2022 Financial Results
LAS VEGAS, May 11, 2022 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), (“Live Ventures” or the “Company”), a diversified holding company,
About this update from Live Ventures Incorporated
[{"type":"text","content":"LAS VEGAS, May 11, 2022 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal second quarter ended March 31, 2022. Second Quarter FY 2022 Key Highlights: Revenue of $69.7 million decreased 1.7% as compared with the prior year periodNet income of $15.4 million and diluted earnings per share (“EPS”) of $4.84 increased 75.8% and 82.0%, respectively, as compared with the prior year periodAdjusted EBITDA¹ of $10.3 million decreased 23.0% as compared with the prior year periodApplianceSmart exited bankruptcy resulting in an $11.4 million gain on bankruptcy settlementRepurchased 65,668 shares of common stock at an average price of $31.72 per shareCapital structure simplified as a result of stockholder conversion of the Company’s Series B preferred stock into shares of common stockTotal assets of $225.3 million increased 6.4% as compared with September 30, 2021Approximately $38.0 million of cash and availability under our credit facilities “We are pleased with our second quarter financial results given the inflationary pressures during the quarter,” Jon Isaac, President and CEO of Live Ventures, commented. “Additionally, in the same period last year, our retail segment’s strong revenues were driven by the U.S. Government’s stimulus payments, which we did not have this year.” Mr. Isaac continued, “We remain confident in our businesses’ long-term outlook and will continue executing our strategic plan to maximize stockholder value. Along those lines, we took the opportunity to repurchase 65,668 shares during the quarter, or approximately 2% of our diluted common shares.” During the second quarter, the Company’s capital structure was simplified by the conversion of its Series B convertible preferred stock into shares of the Company’s common stock. The conversion had no impact on the fully diluted share count and there is no longer any Series B preferred stock outstanding. [1] Adjusted EBTIDA is a non-GAAP measure. A reconciliation of the non-GAAP measure is included below. Second Quarter FY 2022 Financial Summary (in thousands except per share amounts) During the three months ended March 31, 2022 2021 % ChangeRevenue$69,706 $70,890 -1.7%Operating Income$8,449 $11,125 -24.1%Net income$15,358 $8,734 75.8%Diluted earning...