Business
Live Ventures Announces Third Quarter Fiscal 2021 Financial Results
Company reports quarterly revenue of $69 million and net income attributable to common stock of $10 million LAS VEGAS, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Live
About this update from Live Ventures Incorporated
[{"type":"text","content":"Company reports quarterly revenue of $69 million and net income attributable to common stock of $10 million\nLAS VEGAS, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its third fiscal quarter ended June 30, 2021. The company reported revenues of $69.1 million, and basic earnings per share (“EPS”) of $6.35, which represents an increase of 63% and 191%, respectively, over the same quarter last year. The company also reported net income attributable to Live Ventures’ stockholders of $9.9 million, and operating income of $8.2 million, representing an increase of 177% and 37%, respectively, over the same period last year. During the three months ended June 30, 2021 2020 % Change Revenues $69,095 $42,472 63%Operating Income $8,232 $5,990 37%Net income applicable to common stock $9,938 $3,585 177%Basic earnings per share $6.35 $2.18 191% Net income applicable to common stock for the three months ended June 30, 2021 includes the benefit of a gain on Payroll Protection Program loan forgiveness of $4.8 million and a gain from a settlement in the ApplianceSmart Chapter 11 proceeding of $650 thousand. At June 30, 2021, the company reported total assets of $198.7 million, and record total cash and cash availability under its various lines of credit of $48.3 million. Stockholders’ equity attributable to Live Ventures’ stockholders’ stood at $68.0 million at quarter end, or $43.44 per basic common share.. Each of the company’s three main reporting segments continued to demonstrate significant growth on a topline and operating income basis for the quarter over the same period last year. The Retail segment contributed revenues of $21.7 million and operating income of $3.9 million, an increase of 52% and 69%, respectively, over the same period last year. The Flooring Manufacturing segment contributed revenues of $34.2 million and operating income of $4.0 million, an increase of 22% and a decrease of 7%, 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 $13.0 million and operating income of $1.9 million for the quarter ended June 30, 2021. During the three months ended June 30, 2021 2020 % Change Revenues Retail $21,719 $14,259 52%F...