Business
Live Ventures Reports Fiscal Second Quarter 2024 Financial Results
LAS VEGAS, May 13, 2024 (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 13, 2024 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its second fiscal quarter ended March 31, 2024. Fiscal Second Quarter 2024 Key Highlights: Revenue increased 30.2% to $118.6 million, compared to $91.1 million in the prior year periodNet loss was $3.3 million and diluted loss per share was $1.04, compared to prior year period net income of $1.6 million and diluted earnings per share (“EPS”) of $0.49Adjusted EBITDA¹ was $4.5 million, compared to $9.2 million in the prior year periodRepurchased 11,849 shares of the Company’s common stock at an average price of $25.16 per shareTotal assets of $433.9 million and stockholders’ equity of $95.9 million as of March 31, 2024Approximately $36.0 million of cash and availability under the Company’s credit facilities as of March 31, 2024 “Our second quarter revenue increased 30.2% compared to the prior year period, primarily driven by the strategic acquisitions of Flooring Liquidators, Inc. (“Flooring Liquidators”), and Precision Metal Works, Inc. (“PMW”), both of which were acquired in fiscal year 2023, as well as an increase in revenue in our Flooring Manufacturing segment,” commented David Verret, Chief Financial Officer of Live Ventures. “Our second quarter revenue growth demonstrates our ability to expand our businesses through strategic acquisitions,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite industry-specific headwinds, we are committed to adapting to market changes, maintaining operational efficiency, and enhancing customer satisfaction. As we navigate the current market conditions, we’re confident about our business prospects and are steadfast in our commitment to our long-term strategy of ‘buy-build-hold.’ This approach underscores our belief in creating sustainable growth and value over time.” Second Quarter FY 2024 Financial Summary (in thousands except per share amounts) During the three months ended March 31, 2024 2023 % ChangeRevenue$118,626 $91,122 30.2%Operating Income (loss)$(838) $4,952 N/ANet income (loss)$(3,281) $1,558 N/ADiluted earnings (loss) per share$(1.04) $0.49 N/AAdjusted EBITDA¹$4,457 $9,187 -51.5% Revenue increased approximately $27.5 million, or 30.2%, to approximately $118.6 mill...