Business
Live Ventures Announces Second Quarter Fiscal 2021 Financial Results
Company reports record quarterly revenue of $71 million and net income attributable to common stock of $8.7 million LAS VEGAS, May 17, 2021 (GLOBE NEWSWIRE)
About this update from Live Ventures Incorporated
[{"type":"text","content":"Company reports record quarterly revenue of $71 million and net income attributable to common stock of $8.7 million\nLAS VEGAS, May 17, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its second fiscal quarter ended March 31, 2021. The company reported record revenues of $70.9 million, and basic earnings per share (“EPS”) of $5.62, which represents an increase of 53% and 425%, respectively, over the same quarter last year. The company also reported net income attributable to Live Ventures’ stockholders of $8.7 million1, and operating income of $11.1 million, representing an increase of 364% and 263%, respectively, over the same period last year. During the three months ended March 31, 2021 2020 % Change Revenues$70,890 $46,431 53%Operating Income$11,125 $3,068 263%Net income applicable to common stock$8,734 $1,881 364%Basic earnings per share$5.62 $1.07 425% At March 31, 2021, the company reported total assets of $196.3 million, and record total cash and cash availability under its various lines of credit of $50.3 million. Stockholders’ equity attributable to Live Ventures’ stockholders’ stood at $58.0 million at quarter end, or $37.29 per basic common share.. Each of the company’s three main reporting segments demonstrated significant growth on a topline and operating income basis for the quarter. The Retail segment contributed revenues of $24.0 million and operating income $5.1 million, an increase of 26% and 281%, respectively, over the same period last year. The Flooring Manufacturing segment contributed revenues of $33.0 million and operating income of $6.0 million, an increase of 21% and 122%, respectively compared to the same period last year. The Steel Manufacturing segment, which was acquired in July 2020, our fourth fiscal quarter, contributed revenues and $13.8 million and operating income of $1.7 million for the quarter ended March 31, 2021. During the three months ended March 31, 2021 2020 % Change Revenues Retail$24,003 $18,986 26%Flooring Manufacturing$32,972 $27,301 21%Steel Manufacturing$13,793 $— N/A Corporate & other$122 $144 -15% $70,890 $46,431 During the three months ended March 31, 2021 2020 % Change Operating income (loss) Retail$5,071 $1,331 281%Flooring Manufacturing$6,011 $2,703 122%Steel Manufacturing$1,742 $— N/A...