GlobeNewswire Inc | May 17, 2021 08:30AM EDT

May 17, 2021

LAS VEGAS, May 17, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its second fiscal quarter ended March 31, 2021.The company reported record revenues of $70.9 million, and basic earnings per share (EPS) of $5.62, which represents an increase of 53% and 425%, respectively, over the same quarter last year. The company also reported net income attributable to Live Ventures stockholders of $8.7 million1, and operating income of $11.1 million, representing an increase of 364% and 263%, respectively, over the same period last year.

During the three months ended March 31, 2021 2020 % Change Revenues $ 70,890 $ 46,431 53 %Operating Income $ 11,125 $ 3,068 263 %Net income applicable to common stock $ 8,734 $ 1,881 364 %Basic earnings per share $ 5.62 $ 1.07 425 %

At March 31, 2021, the company reported total assets of $196.3 million, and record total cash and cash availability under its various lines of credit of $50.3 million. Stockholders equity attributable to Live Ventures stockholders stood at $58.0 million at quarter end, or $37.29 per basic common share..

Each of the companys three main reporting segments demonstrated significant growth on a topline and operating income basis for the quarter. The Retail segment contributed revenues of $24.0 million and operating income $5.1 million, an increase of 26% and 281%, respectively, over the same period last year. The Flooring Manufacturing segment contributed revenues of $33.0 million and operating income of $6.0 million, an increase of 21% and 122%, respectively compared to the same period last year. The Steel Manufacturing segment, which was acquired in July 2020, our fourth fiscal quarter, contributed revenues and $13.8 million and operating income of $1.7 million for the quarter ended March 31, 2021.

During the three months ended March 31, 2021 2020 % Change Revenues Retail $ 24,003 $ 18,986 26 %Flooring Manufacturing $ 32,972 $ 27,301 21 %Steel Manufacturing $ 13,793 $ ? N/A Corporate & other $ 122 $ 144 -15 % $ 70,890 $ 46,431

During the three months ended March 31, 2021 2020 % Change Operating income (loss) Retail $ 5,071 $ 1,331 281 %Flooring Manufacturing $ 6,011 $ 2,703 122 %Steel Manufacturing $ 1,742 $ ? N/A Corporate & other $ (1,699 ) $ (966 ) -76 % $ 11,125 $ 3,068

I am thrilled with the performance across our portfolio in the second fiscal quarter of 2021, said Jon Isaac, Live Ventures President and CEO. Each of our major operating subsidiaries demonstrated meaningful and significant improvement over the prior years quarterly performance and contributed to our overall record setting financial results, Isaac continued. Furthermore, our demonstrated track-record of deleveraging continued this quarter, and, combined with the significant addition of net cash provided by our operating activities, has provided the company with record cash and cash availability to continue our long-term buy, build and hold investment strategy.

Highlights of the second quarter of fiscal 2021, compared to the same period last year include:

-- Revenues of $70.9 million; up 53%; -- Gross profit of $26.5 million; up 49%; -- Operating income of $11.1 million, up 263%; -- Earnings per basic share of $5.62; up 425%; -- Total cash and cash availability under its various lines of credit of $50.3 million; and -- Net cash provided by operating activities for the six months ended March 31, 2021 of $20.9 million.

Non-GAAP Financial Information

Live Ventures believes that stockholders equity per basic common share provides an additional tool for investors to use in evaluating the companys operating results and trends, and therefore we are providing in this press release stockholders equity per basic common share, which is not a measure of our financial performance or position under United States Generally Accepted Accounting Principles (GAAP). Accordingly, stockholders equity per basic common share should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.This measure should be read in conjunction with our net earnings, operating income, basic and diluted earnings per share data, and other financial data prepared in accordance with GAAP.

The Company defines stockholders equity per basic common shares as total stockholders equity divided by basic weighted average common shares outstanding for the period. A reconciliation of the Companys net income per basic common share per GAAP to stockholders equity per common share is included in the Non-GAAP Measure Reconciliation provided at the end of this press release.

About Live Ventures

Live Ventures Incorporated, originally incorporated in 1968, 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. 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 Precision Marshall, the company manufactures and sells steel in four product categories: Deluxe Alloy Plate, Deluxe Tool Steel Plate, Precision Ground Flat Stock, and Drill Rod. 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 customers doorstep. Through its subsidiary ApplianceSmart, the company sells new major household appliances in the United States through a company-owned retail store in Columbus, Ohio operating under the name ApplianceSmart. All Live Ventures companies are rooted in their local communities where they contribute to the local economy and serve as responsible corporate neighbors.

Contact:Live Ventures IncorporatedTim Matula, Investor Relations(425) 836-9035tmatula@liveventures.com http://liveventures.com Source: Live Ventures Incorporated

LIVE VENTURES INCORPORATEDUNAUDITED NON-GAAP MEASURE RECONCILIATION(dollars in thousands, except per share)

For the Quarter Ended March 31, 2021 Net income applicable to Live Ventures? stockholders $ 8,734 Basic weighted average common shares outstanding 1,555,175 Basic earnings per share $ 5.62 As of March 31, 2021 Net income applicable to Live Ventures? stockholders $ 8,734 Common Stock 2 Paid in capital 64,759 Treasury stock common (4,481 )Treasury stock Series E (7 )Accumulated deficit as of December 31, 2020 (11,016 )Total stockholders? equity attributable to Live Ventures? $ 57,991 stockholdersWeighted average common shares outstanding 1,555,175 Stockholders? equity per basic common share $ 37.29

1 Net income includes one-time gains of $1.1 million related to the settlement of historical payables in the companys legacy businesses and a gain on the Payroll Protection Program loan forgiveness of $1.4 million.