LAS VEGAS, Feb. 16, 2016 /PRNewswire/ - Live Ventures Incorporated (NASDAQ: LIVE) ("Live Ventures" or the "Company"), a diversified holding company, today announces financial results from its fiscal first quarter, which ended December 31, 2015.
The company's revenues increased 151% to $20.1 million, compared to $8.0 million over the same period one year ago. Gross profit was up 98% to $6.4 million. Earnings were $0.01 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $1.6 million, or $0.09 per share. Cash flow from operations were $2.7 million.
"We are pleased with the results of the first fiscal quarter of 2016. In addition to our $2 million acquisition of the remaining 20% stake in Marquis, which Live Ventures previously did not own, the Company paid down over $1 million in debt obligations during the quarter. We are off to a strong start in fiscal year 2016. We are confident in the direction Live Ventures is moving and believe that the change in focus that we instituted mid-year 2015 is largely responsible for these outcomes," said Jon Isaac, CEO of Live Ventures Incorporated.
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. LiveDeal, Inc. 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 LiveDeal Inc.