Business
Live Ventures Reports Fiscal Third Quarter 2023 Financial Results
LAS VEGAS, Aug. 10, 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, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal third quarter ended June 30, 2023. Fiscal Third Quarter 2023 Key Highlights: Revenues were $91.5 million, as compared with $68.3 million, an increase of 34.1% over the prior year periodNet income was $1.1 million and diluted earnings per share (“EPS”) were $0.33, as compared with $3.5 million and diluted EPS of $1.11 in the prior year periodAdjusted EBITDA¹ was $9.6 million, as compared with $8.8 million, an increase of 8.3% over the prior year periodTotal assets of $360.2 millionStockholders’ equity of $104.2 millionApproximately $32.3 million of cash and availability under the Company’s credit facilities at the end of the quarter Subsequent to quarter end, the Company acquired Precision Metal Works (“PMW”) for total consideration of $28 million, adding approximately $75 million of revenue per year. PMW manufactures and supplies highly-engineered parts and components. PMW offers world-class metal forming, assembly, and finishing solutions across diverse industries, including appliance, automotive, hardware, electrical, electronic, and medical products and devices. “Amidst challenging economic headwinds during the quarter, revenue increased 34.1% and Adjusted EBITDA rose by 8.3%. This was largely driven by the strategic acquisitions of Flooring Liquidators, Inc. (“Flooring Liquidators”) and The Kinetic Co. (“Kinetic”), which together contributed a substantial $34.4 million in revenue and $4.0 million in Adjusted EBITDA for the quarter. While some of our segments experienced declines, our steadfast focus on expansion and innovation allowed us to continue our journey toward sustained success,” commented David Verret, Chief Financial Officer of Live Ventures. “The acquisition of PMW is a source of great excitement for us as it complements our current steel manufacturing operations and aligns perfectly with our long-term 'buy-build-hold' strategy. We see immense potential with this acquisition,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “In addition, we are making steady progress with our recent acquisitions by bolstering their capabilities and product offerings. Our dedication to generating long-term ...