LAS VEGAS, Nov. 21, 2016 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq:LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced preliminary financial results for its better-than-expected fourth fiscal quarter, which ended September 30, 2016.
Earnings per Share (EPS) in the fourth fiscal quarter were approximately $0.30, representing net income of approximately $5.1 million and revenues of approximately $19 million.
Fiscal Fourth Quarter 2016 Financial Highlights vs. Year-Ago Quarter:
- The Company’s total assets increased by approximately 29%, from $41 million to $53 million.
- Total liabilities decreased by 18%, from approximately $32.4 million to approximately $26.5 million.
- Stockholders’ equity increased 314% from approximately $6.3 million to approximately $26.1 million, or $1.56 per share.
“We anticipate that our financials will improve even further as a result of the aggressive measures we take to pay down debt, our recent growth capital expenditures at Marquis Industries, Inc., and our recently announced acquisition of Vintage Stock, Inc.,” said Jon Isaac, CEO of Live Ventures Incorporated. “In the meantime, we anticipate that our year-end financial results will be a record for the Company, and will announce them toward the end of December.”
The Company’s full-year financial statements will be reported in its Annual Report on Form 10-K and will be subject to standard, year-end audit adjustments. In connection with the finalization of the fourth quarter financial statements and their integration into the full-year financial statements, certain one-time adjustments may occur, which could affect the quarterly and annual EPS, Net Income, and Stockholders’ Equity.
About Live Ventures Incorporated
Live Ventures Incorporated is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Live Ventures Incorporated provides, among other businesses, marketing solutions that boost customer awareness and merchant visibility on the Internet. The Company operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. In addition, it maintains, through its subsidiary, ModernEveryday, an online consumer products retailer and, through its subsidiary, Marquis Industries, a specialty, high-performance yarns manufacturer, hard-surfaces re-seller, which is a top-10 high-end residential carpet manufacturer in the United States. Marquis Industries, through its A-O Division, utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry. Marquis is the only manufacturer in the world that can produce certain types of yarn prized by the industry.
Forward-Looking and Cautionary Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company’s actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Live Ventures Incorporated may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, in its annual report to stockholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Form 10-K for the fiscal year ended September 30, 2016, most recent Form 10-Q, and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
Source:Live Ventures Incorporated