Business
Live Ventures Reports Fiscal Second Quarter 2023 Financial Results
LAS VEGAS, May 11, 2023 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today
About this update from Live Ventures Incorporated
[{"type":"text","content":"LAS VEGAS, May 11, 2023 (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, 2023. Fiscal Second Quarter 2023 Key Highlights: Revenues were $91.1 million, as compared with $69.7 million, an increase of 30.7% over the prior year periodAdjusted EBITDA¹ was $9.2 million, as compared with $10.3 million in the prior year periodNet income was $1.6 million and diluted earnings per share (“EPS”) were $0.49 per diluted share, as compared with $15.4 million and diluted EPS of $4.84 per diluted share in the prior year period. Prior year period included a benefit of approximately $11.4 million or $3.58 per diluted share for a gain on bankruptcy settlementStockholders’ equity of $103.2 million at the end of the quarterAcquired Flooring Liquidators, Inc. (“Flooring Liquidators”) for approximately $78.7 million during the quarterTotal assets of $365.4 million at the end of the quarterApproximately $25.9 million of cash and availability under the Company’s credit facilities at the end of the quarter “For the second quarter, we delivered revenue of $91.1 million, net income of $1.6 million, and adjusted EBITDA of $9.2 million. We were able to report these results despite a tough market environment characterized by rising interest rates, inflation, and weakening consumer demand. These results reflect our commitment to disciplined execution, strategic investments, operational excellence, and capital allocation, which have positioned us well for continued success,” commented David Verret, Chief Financial Officer of Live Ventures. “With the Flooring Liquidators acquisition, we continue to execute our multi-lever ‘buy-build-hold’ strategic plan while also investing in our existing businesses,” stated Jon Isaac, President and CEO of Live Ventures. “We remain committed to creating long-term value for our stockholders. To achieve this, we focus on strategic, well-planned acquisitions and investments aligning with our growth objectives and generating sustainable returns. We believe our financial strength and strategic focus position us well to weather near-term headwinds and emerge as a stronger, more resilient company in the long run.” 1 Adjusted EBITDA is a non-GAAP measure. A reconciliation of the ...