Live Ventures rporated(LIVE)

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Live Ventures rporated(LIVE) - 2020 Q4 - Annual Report
2021-01-13 22:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from to Commission File Number: 001-33937 Live Ventures Incorporated (Exact Name of Registrant as Specified in Its Charter) | Nevada 85-0206668 | | | | --- | --- | --- | | (St ...
Live Ventures rporated(LIVE) - 2020 Q3 - Quarterly Report
2020-08-14 19:37
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _______________ Commission File Number 001-33937 Live Ventures Incorporated (Exact name of registrant as specified in its charter) (State or othe ...
Live Ventures rporated(LIVE) - 2020 Q2 - Quarterly Report
2020-05-15 19:41
[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the company's unaudited financial statements, management's analysis, market risk, and internal controls assessment [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements show asset growth and improved net income despite lower revenues for the period [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$158.5 million** due to acquisitions and new lease accounting, with a corresponding rise in liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2020 (Unaudited) | September 30, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $67,477 | $55,752 | | **Total Assets** | **$158,505** | **$122,453** | | **Total Current Liabilities** | $58,893 | $35,025 | | **Total Liabilities** | **$121,890** | **$88,324** | | **Total Stockholders' Equity** | **$36,615** | **$34,129** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income significantly increased for both periods despite slightly lower revenues, driven by cost reductions and a lease settlement gain Income Statement Summary (in thousands, except per share) | Metric | Q2 2020 | Q2 2019 | 6 Months 2020 | 6 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $46,431 | $46,973 | $88,432 | $100,169 | | **Gross Profit** | $17,776 | $18,651 | $34,402 | $37,988 | | **Operating Income** | $3,068 | $2,046 | $6,555 | $4,137 | | **Net Income** | **$2,285** | **$473** | **$2,832** | **$2,004** | | **Diluted EPS** | **$0.66** | **$0.13** | **$0.81** | **$0.53** | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow slightly decreased, with significant cash used in investing and financing activities, leading to a net decrease in cash Six-Month Cash Flow Summary (in thousands) | Activity | Six Months Ended Mar 31, 2020 | Six Months Ended Mar 31, 2019 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $6,571 | $6,986 | | Net Cash from Investing Activities | ($2,412) | $3,347 | | Net Cash from Financing Activities | ($5,344) | ($9,783) | | **Net Change in Cash** | **($1,185)** | **$550** | | **Cash at End of Period** | **$1,496** | **$3,292** | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, business segments, and significant events, including acquisitions, COVID-19 impact, and a subsidiary's bankruptcy - The company's business strategy, initiated in fiscal 2015, is to acquire profitable companies in various industries. It currently operates **three segments**: Manufacturing (Marquis), Retail (Vintage Stock, ApplianceSmart), and Online and Services[23](index=23&type=chunk) - The COVID-19 pandemic led to the temporary closure of all Vintage Stock retail locations as of March 31, 2020, and rolling layoffs at Marquis, creating significant uncertainty for future revenues and cash flows[25](index=25&type=chunk) - On November 1, 2019, the company's subsidiary Marquis acquired Lonesome Oak Trading Co., Inc. for **$2.0 million**, resulting in **$631 thousand** of goodwill[75](index=75&type=chunk)[76](index=76&type=chunk) - On December 9, 2019, subsidiary ApplianceSmart, Inc. filed for Chapter 11 bankruptcy protection. The company continues to consolidate ApplianceSmart's financial results[153](index=153&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, noting revenue decline offset by increased operating income from cost reductions, and assesses liquidity amidst COVID-19 uncertainty [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Net income significantly increased for both periods despite revenue declines, primarily due to reduced operating expenses and a lease settlement gain - For Q2 2020, a significant decrease in retail appliance revenue was offset by an increase in carpet and hard surface product revenue from the Lonesome Oak acquisition[194](index=194&type=chunk) - Operating income for Q2 2020 increased by **50%** to **$3.1 million**, primarily due to lower G&A and selling expenses from ApplianceSmart store closures and a **$1.4 million** net gain on lease settlement[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[201](index=201&type=chunk) - For the six months ended March 31, 2020, revenue decreased by **12%** to **$88.4 million**, while operating income increased by **58%** to **$6.6 million**, driven by cost reductions at ApplianceSmart[206](index=206&type=chunk)[211](index=211&type=chunk) [Segment Performance](index=39&type=section&id=Segment%20Performance) Retail and Online segment revenue declined but operating income improved, while Manufacturing segment revenue and income grew from an acquisition Segment Operating Income (Loss) for the Three Months Ended March 31 (in thousands) | Segment | 2020 | 2019 | | :--- | :--- | :--- | | Retail & Online | $237 | ($129) | | Manufacturing | $2,698 | $2,021 | | Services | $132 | $154 | | **Total** | **$3,068** | **$2,046** | - The Retail and Online segment's revenue decreased by **28%** for the six-month period due to ApplianceSmart store closures, but operating income improved to **$1.2 million** from a loss of **$0.4 million** in the prior year[224](index=224&type=chunk) - The Manufacturing segment's revenue increased by **10%** for the six-month period, driven by the Lonesome Oak acquisition, leading to a higher operating income of **$5.1 million**[225](index=225&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained **$1.5 million** in cash and **$21.2 million** in available credit, securing additional financing post-quarter to enhance liquidity amidst COVID-19 Liquidity Position as of March 31, 2020 (in thousands) | Item | Amount | | :--- | :--- | | Cash on hand | $1,496 | | BofA Revolver Availability | $17,725 | | TCB Revolver Availability | $3,433 | - Subsequent to quarter-end, the Marquis subsidiary received a **$4.8 million** PPP loan under the CARES Act[173](index=173&type=chunk)[229](index=229&type=chunk) - On April 9, 2020, the company secured a new **$1.0 million** unsecured revolving credit facility from Isaac Capital Group, LLC, a related party[172](index=172&type=chunk)[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material exposure to market risks, including foreign currency exchange or commodity price fluctuations - The company reports no material exposure to market risks, including foreign currency or commodity price fluctuations[245](index=245&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective due to identified material weaknesses in internal control over financial reporting - Management concluded that disclosure controls and procedures were not effective as of March 31, 2020[246](index=246&type=chunk) - Identified material weaknesses include: insufficient segregation of duties, lack of written documentation of internal control policies, and inadequate procedures for evaluating internal controls[250](index=250&type=chunk)[252](index=252&type=chunk) [PART II OTHER INFORMATION](index=45&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides disclosures on legal proceedings, equity sales, and other miscellaneous information, including exhibits [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to previously filed reports for information regarding material pending legal proceedings - For details on legal proceedings, the company refers to previously filed reports[254](index=254&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, the company is not required to provide risk factor disclosures in this report - The company is a smaller reporting company and is not required to provide risk factor disclosures in its Form 10-Q[255](index=255&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **64,868** shares for **$416,000** under its **$10 million** stock repurchase program, with **$8.1 million** remaining available Common Stock Repurchases (Q2 2020) | Period | Number of Shares Repurchased | Average Price Paid | | :--- | :--- | :--- | | January 2020 | 21,757 | $7.65 | | February 2020 | 16,956 | $6.26 | | March 2020 | 26,155 | $5.29 | | **Total** | **64,868** | **-** | [Defaults upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[257](index=257&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reported no mine safety disclosures - None[258](index=258&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None[259](index=259&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with or incorporated by reference into the Quarterly Report, including certifications [Signatures](index=47&type=section&id=SIGNATURES) This section contains the required signatures for the quarterly report
Live Ventures rporated(LIVE) - 2019 Q4 - Annual Report
2020-02-08 00:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2019 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from to Commission File Number: 001-33937 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ In ...
Live Ventures rporated(LIVE) - 2019 Q3 - Earnings Call Transcript
2019-08-15 02:03
Live Ventures Incorporated (NASDAQ:LIVE) Q3 2019 Earnings Conference Call August 14, 2019 4:30 PM ET Company Participants Virland Johnson - CFO Jon Isaac - CEO Operator Good day, everyone, and welcome to today's call. All participants are currently in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. Please note today's call will be recorded and I will be standing by should you need any assistance. It is now my pleasure to turn today’s program ...
Live Ventures rporated(LIVE) - 2019 Q3 - Quarterly Report
2019-08-14 20:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _______________ Commission File Number 001-33937 Live Ventures Incorporated (Exact name of registrant as specified in its charter) Table of Conte ...
Live Ventures rporated(LIVE) - 2019 Q2 - Earnings Call Transcript
2019-05-15 00:51
Financial Data and Key Metrics Changes - The company reported quarterly revenue of $46.9 million, representing a decrease of 10% over the same period last fiscal year [8] - Gross profit for the quarter was $18.6 million, down 5.1% year-over-year, with a gross profit percentage increase to 39.7% [9][10] - Operating income was $2 million compared to $4.1 million in the same period last fiscal year, and net income was $0.473 million compared to $1.9 million [9] - Interest expense decreased to $1.5 million from $1.8 million due to debt paydown and refinancing [12] - As of March 31, 2019, the company reported approximately $3.3 million in cash and $13.9 million in available credit [13] Business Line Data and Key Metrics Changes - ApplianceSmart's operational performance has lagged, but management believes it is beginning to turn around [11] - The company has consolidated underperforming stores, focusing on more profitable out-of-box products [18][19] - Marquis Industries reported a gross profit increase of 15% through Q1 and 17% overall for the first half of the year, with a shift away from low-margin synthetic turf [23][25] Market Data and Key Metrics Changes - The majority of the revenue decline was attributed to ApplianceSmart, which accounted for over 90% of the decrease from $52 million to $46 million [26][27] - The hard surface flooring category for Marquis Industries is up 26% year-over-year, despite tariff challenges [25] Company Strategy and Development Direction - The company aims to focus on a smaller, more profitable business model rather than a larger one with suboptimal performance [20][26] - Management is actively looking for acquisition opportunities while also buying back shares due to the stock trading at a low valuation [30][31] - The company is committed to reducing higher-cost debt, with significant paydowns planned [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by tariffs on new appliances but is optimistic about the profitability of out-of-box products [44] - The company is focused on improving margins and operational efficiency, particularly in the ApplianceSmart division [11][18] Other Important Information - The company has reduced total liabilities by approximately $12 million over the past few months [36] - Stockholders' equity increased to $41.2 million, with a book value of $21.59 per common share [13][34] Q&A Session Summary Question: Can you provide insights on ApplianceSmart's turnaround? - Management noted that margins are improving due to a focus on out-of-box products and expense reductions, with store consolidations contributing to optimism [18] Question: How does the company view share buybacks versus acquisitions? - The company is actively buying back shares while also exploring acquisition opportunities, emphasizing efficient capital allocation [30] Question: What is the impact of tariffs on the appliance business? - Management is aware of the tariff impacts and is focusing on out-of-box products, which are more profitable and better positioned for customer demand [44]
Live Ventures rporated(LIVE) - 2019 Q2 - Quarterly Report
2019-05-14 20:31
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 325 E. Warm Springs Road, Suite 102 Las Vegas, Nevada 89119 (Address of principal executive offices) (Zip Code) (702) 997-5968 ☐ TRANSITION REPORT PURSUANT TO SECTION 1 ...
Live Ventures rporated(LIVE) - 2019 Q1 - Earnings Call Transcript
2019-02-13 23:47
Live Ventures, Inc. (NASDAQ:LIVE) Q1 2019 Earnings Conference Call February 13, 2019 4:30 PM ET Company Participants Virland Johnson - Chief Financial Officer Jon Isaac - President and Chief Executive Officer Rodney Spriggs - Chief Executive Officer, Vintage Stock, Inc Operator Good day, everyone, and welcome to today’s Live Ventures Quarterly Earnings Call. At this time all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. ...
Live Ventures rporated(LIVE) - 2019 Q1 - Quarterly Report
2019-02-13 13:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2018 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _______________ (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 325 E. War ...