Business
Live Ventures Reports Fiscal Third Quarter 2024 Financial Results
LAS VEGAS, Aug. 08, 2024 (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. 08, 2024 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its third fiscal quarter ended June 30, 2024. Fiscal Third Quarter 2024 Key Highlights: Revenue increased 35.4% to $123.9 million, compared to $91.5 million in the prior year periodNet loss was $2.9 million and diluted loss per share was $0.91, compared to prior year period net income of $1.1 million and diluted earnings per share (“EPS”) of $0.33Adjusted EBITDA¹ was $6.1 million, compared to $9.6 million in the prior year periodTotal assets of $436.8 million and stockholders’ equity of $92.7 million as of June 30, 2024Approximately $34.4 million of cash and availability under the Company’s credit facilities as of June 30, 2024 “Our third quarter revenue increased 35.4% compared to the prior year period, primarily driven by the strategic acquisitions of Precision Metal Works, Inc. (“PMW”) and CSF Holdings, LLC (“Central Steel”) as well as increases in revenue in the Retail-Flooring segment and Flooring Manufacturing segment,” commented David Verret, Chief Financial Officer of Live Ventures. “We are pleased to see continued revenue growth in the third quarter,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite elevated interest rates contributing to industry-specific headwinds, we are unwavering in our commitment to adapting our businesses to navigate these challenges. We are confident in our business prospects and our long-term 'buy-build-hold' strategy, which highlights our dedication to creating sustainable growth and long-term value for our shareholders.” Third Quarter FY 2024 Financial Summary (in thousands except per share amounts) During the three months ended June 30, 2024 2023 % ChangeRevenue$123,878 $91,516 35.4%Operating income$1,131 $5,561 -79.7%Net income (loss)$(2,855) $1,060 -369.3%Diluted earnings (loss) per share$(0.91) $0.33 -375.8%Adjusted EBITDA¹$6,123 $9,575 -36.1% Revenue increased approximately $32.4 million, or 35.4%, to approximately $123.9 million for the quarter ended June 30, 2024, compared to revenue of approximately $91.5 million in the prior year period. The increase is primarily attributable to the acquisitions of PMW, which was acquired during the fourth quarter of fiscal year...