Business
Live Ventures Reports Fiscal Year 2023 Financial Results
LAS VEGAS, Dec. 20, 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, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal year ended September 30, 2023. Fiscal Year 2023 Key Highlights: Acquired Flooring Liquidators, Inc. (“Flooring Liquidators”), Precision Metal Works, Inc. (“PMW”), certain assets from Cal Coast Carpet Warehouse, Inc., and the Harris Flooring Group® brands, transactions valued at approximately $117 millionRevenues were $355.2 million, as compared with $286.9 million in the prior year, an increase of 23.8% over the prior year periodNet loss was ($0.1) million and diluted loss per share was ($0.03), as compared with prior year net income of $24.7 million and diluted earnings per share (“EPS”) of $7.84Adjusted EBITDA¹ was $31.5 million, as compared with $38.4 million in the prior yearRepurchased 39,092 shares of the Company’s common stock at an average price of $25.35Total assets of $421.8 million and stockholders’ equity of $100.1 million as of year endApproximately $37.1 million of cash and availability under the Company’s credit facilities as of year end “During fiscal year 2023, revenues increased 23.8%, largely driven by the strategic acquisitions of Flooring Liquidators and PMW acquired during fiscal year 2023 and The Kinetic Co., Inc. (“Kinetic”) acquired in late fiscal year 2022, together contributed in excess of $115 million in revenue and approximately $8.5 million in Adjusted EBITDA. We remain focused on our expansion and innovation, steering our course toward sustained success,” commented David Verret, Chief Financial Officer of Live Ventures. “In the fiscal year 2023, we bolstered our portfolio through several strategic transactions, aligning with our long-term ‘buy-build-hold’ strategy. Achieving a historic milestone, we executed four transactions, totaling an investment of approximately $117 million,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “We are enthusiastic about the prospects these acquisitions unlock, solidifying our steadfast dedication to creating enduring value for our stockholders.\" ¹ Adjusted EBITDA is a non-GAAP measure. A reconciliation of the non-GAAP measures is included below. FY 2023 Financial Summary (in thousands except per share amounts) During the year ended Septem...