Business
Live Ventures Reports Fiscal Fourth Quarter and Fiscal Year 2022 Financial Results
LAS VEGAS, Dec. 15, 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, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal fourth quarter and fiscal year ended September 30, 2022. Fiscal Year 2022 Key Highlights: Revenues of $286.9 million, as compared with $273.0 million in the prior yearAdjusted EBITDA¹ was $38.4 million, as compared with $44.5 million in the prior yearNet income of $24.7 million and diluted earnings per share (“EPS”) of $7.84, as compared with prior year net income of $31.2 million and diluted EPS of $9.80Repurchased 86,451 shares of the Company’s common stock at an average price of $31.18Total assets of $278.6 million and stockholders’ equity of $97.2 millionApproximately $31.0 million of cash and availability under our credit facilities Fiscal Fourth Quarter 2022 Key Highlights: Revenues were $73.8 million, as compared with $70.5 million in the prior year periodAdjusted EBITDA¹ was $7.2 million, as compared with $11.5 million in the prior year periodNet loss of $0.6 million and diluted loss per share of $0.20 per share, which includes a goodwill and other intangible assets impairment charge of $4.9 million. Prior year period net income was $7.1 million and diluted EPS was $2.23Marquis acquired certain assets and intellectual property of Better Backers, Inc. (“Better Backers”) for approximately $3.2 million “We are pleased that we delivered solid operating and financial results for our fourth quarter and full year 2022 despite the impact of increased economic pressures on our businesses,” commented David Verret, Chief Financial Officer of Live Ventures. “We remain in a challenging environment, and as a result we will continue to work with our subsidiaries to improve operations and enhance long-term returns for stockholders.” “During our fiscal year 2022 we continued to execute our multi-lever “buy-build-hold” strategic plan by adding Kinetic and Better Backers to our steel manufacturing and flooring manufacturing segments, respectively. In addition, we made significant capital investments in new equipment in our flooring manufacturing business, Marquis Industries, and we repurchased 86,451 shares of our common stock,” stated Jon Isaac, President and CEO of Live Ventures. “During the fiscal year 2023, we expect to continue to depl...