LAS VEGAS, Feb. 10, 2020 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for the fiscal year 2019, which ended September 30, 2019. The company reported revenue of approximately $193 million and total assets of $122 million. The company repurchased a record 119,238 shares of common stock during the fiscal year.
While both Marquis Industries and Vintage Stock performed reasonably well and were profitable during the fiscal year, ApplianceSmart contributed an operational loss of $11.8 million and a $2.6 million impairment charge relating to the Chapter 11 filing and store closures during the prior fiscal year. Total losses for the ApplianceSmart business, net of taxes, was, and reduced income generated by the company’s other subsidiaries by, approximately $14.4 million. Overall, the company reported consolidated net loss of $4 million, or $2.11 in loss per basic common share. The company expects that any future extinguishment of ApplianceSmart indebtedness resulting from the Chapter 11 proceeding will be reflected as a non-cash gain of extinguishment and/or settlement of debt and other liabilities in the company’s future financial statements.Despite the consolidated net loss for the year, gross profit for the fiscal year was $70 million and cash from operations increased from the prior fiscal year by approximately $7 million, or 61%, to $19 million. Interest expense decreased by over $2 million or 27% compared to the prior fiscal year due to the $17 million decrease in outstanding debt.“With the recently implemented aggressive cost cutting measures at ApplianceSmart, together with the ApplianceSmart Chapter 11 filing previously announced on December 13, 2019, we believe that the worst of ApplianceSmart is now behind us,” said Virland A. Johnson, the company’s Chief Financial Officer. “Overall, aside from ApplianceSmart, the company did moderately well, having paid down a significant amount of debt and repurchased a record number of shares of common stock during the most recent fiscal year.”Key highlights of fiscal 2019 include (dollars in millions except per share amounts):Cash availability, representing cash on hand and available credit on the company’s consolidated revolving lines of credit, was $19 million.Results of Operations by Segment (in millions):Live Ventures intends to announce the exact date and time of the conference call to discuss the financial results of fiscal 2019 and Q1 fiscal 2020 at a future date.About Live VenturesLive Ventures Incorporated, originally incorporated in 1968, is a diversified holding company with a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Through its subsidiary Marquis Industries, the company manufactures and sells residential and commercial carpets primarily in North America. Marquis Industries also designs, sources and sells hard-surface flooring. Through its subsidiary Vintage Stock, an award-winning entertainment retailer, the company sells new and pre-owned movies, classic and current generation video games and systems, music on CD & LP, collectible comics, books, toys, and more. Vintage Stock, through its stores and website, ships product worldwide directly to the customer’s doorstep. Through its subsidiary ApplianceSmart, the company sells new major household appliances in the United States through a chain of company-owned retail stores operating under the name ApplianceSmart®.Forward-Looking and Cautionary StatementsThis press release should be read in conjunction with the Annual Report on Form 10-K to which it relates, and with the information included in our other press releases, reports, and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.Contact:
Live Ventures Incorporated
Tim Matula, Investor Relations
(425) 836-9035
[email protected]
http://www.liveventures.com
Source: Live Ventures Incorporated
Bay Street News
