Business
Live Ventures Reports Fiscal First Quarter 2023 Financial Results
LAS VEGAS, Feb. 09, 2023 (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, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal first quarter ended December 31, 2022. Fiscal First Quarter 2023 Key Highlights: Revenues were $69.0 million, as compared with $75.2 million in the prior year periodAdjusted EBITDA¹ was $7.5 million, as compared with $12.1 million in the prior year periodNet income was $1.8 million and diluted earnings per share (“EPS”) were $0.60 per share, as compared with $6.5 million and diluted EPS of $2.04 per share in the prior year periodRepurchased 24,710 shares of the Company’s common stock at an average price of $25.16Total assets of $279.1 million and stockholders’ equity of $98.4 millionApproximately $34.0 million of cash and availability under the Company’s credit facilities Subsequent to quarter end, the Company acquired Flooring Liquidators, Inc. (“Flooring Liquidators”) for $84 million, adding significant new revenue of approximately $125 million per year. Flooring Liquidators is a leading retailer and installer of floors, carpets, and countertops to consumers, builders, and contractors in California and Nevada. “In our first quarter, we delivered $69.0 million of revenue, $1.8 million in net income, and $7.5 million of adjusted EBITDA in spite of a difficult environment that included rising interest rates, continued high inflation, and weakening consumer demand,” commented David Verret, Chief Financial Officer of Live Ventures. “We remain in a challenging environment; however, we are focused on operational excellence as we continue to invest in our businesses.” “We are very excited about our recent acquisition of Flooring Liquidators and the opportunity to grow its business. With the Flooring Liquidators’ addition to our portfolio, along with continued investments in our existing businesses and repurchasing approximately 25,000 of our common stock, we continue to execute our multi-lever “buy-build-hold” strategic plan,” stated Jon Isaac, President and CEO of Live Ventures. “While we continue to face significant macroeconomic headwinds, we believe we are well positioned to continue to deploy our capital in a smart, focused, and disciplined manner to create long-term stockholder value.” 1 Adjusted EBITDA is a non-GAAP measure. A r...