LAS VEGAS, Aug. 15, 2016 /PRNewswire/ - Live Ventures Incorporated (Nasdaq: LIVE) ("Live Ventures" or the "Company"), a diversified holding company, today announced financial results from its third fiscal quarter, which ended June 30, 2016.
During the quarter, net income was $13.7 million and Earnings per Share (EPS) was $0.79.
The Company reported sales of approximately $20 million, which was approximately $17 million, or, 580 percent higher over the same quarter last year. Gross profit was $5.1 million, which was approximately $4.0 million, or 346 percent higher than last year.
Stockholders' Equity as of June 30, 2016 was $21.2 million or $1.26 per share and total assets were $52.1 million.
The Company repurchased 180,731 shares since the inception of its share repurchase program on January 21, 2016.
Excluding a one-time charge of $0.8 million for Modern Everyday Inc. inventory write-down and one-time gain of $12.2 million in income tax benefit relating to the Company's deferred tax asset, net income for the third fiscal quarter was $0.11 per share.
"We are thrilled with the results from our third quarter. We increased sales,and focus on our search for additional acquisitions and managing our core business," said Jon Isaac, CEO of Live Ventures Incorporated. "In addition, the repurchase of our shares continues to add additional value to our stock holders by minimizing dilution and allowing us to continue to focus on our core businesses."
Details of the company's filings can be found by accessing: http://www.sec.gov/cgi-bin/browse-edgar?CIK=LIVE&Find=Search&owner=exclude&action=getcompany.
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. We operate 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, we maintain, through our subsidiary, ModernEveryday, an online consumer products retailer and, through our 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 shareholders, 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, 2014, 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