Live Ventures Announces Third Quarter Fiscal 2019 Financial Results

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LAS VEGAS, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its third quarter of fiscal year 2019, which ended June 30, 2019.  The company reported quarterly revenue of $47.0 million and basic EPS (earnings per share) of $0.78.  The company also reported an increase in operating income of 324% year-over-year of $3.8 million and repurchased 41,618 shares of its common stock during the third fiscal quarter.

The company reported total assets of $125.7 million as of June 30, 2019 and a decrease in liabilities of approximately $19.0 million since the beginning of the company’s current fiscal year. Stockholders’ equity stood at a record $42.4 million, or $22.48 per basic common share.

Key highlights of Q3 of fiscal 2019 include:

Cash availability, representing cash on hand and available credit on the company’s consolidated revolving lines of credit, was $18.2 million.

“LIVE continued to execute on its strategy in the third quarter, posting strong operating income,” said Virland A. Johnson, CFO of Live Ventures.  “We repurchased 41,618 shares of common stock during the third quarter and reduced our liabilities by over 18% in the first nine months of FY 2019. We expect to continue optimization of our capital structure in subsequent quarters.”

Live Ventures will be holding its third quarter fiscal year 2019 conference call at 4:30 p.m. Eastern Time on August 14, 2019. Management will take live questions following the prepared remarks. Interested investors may participate in the conference call by dialing (877) 876-9173 (for U.S.-based callers) or (785) 424-1667 (for international callers) and providing the operator with the conference ID: LIVE VENTURES. 

Live 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®.

This press release should be read in conjunction with the Form 10-Q 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 Source:  Live Ventures Incorporated

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Globe Newswire: 13:00 GMT Wednesday 14th August 2019

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