Live Ventures rporated(US:LIVE)2025-05-12 15:05Revenue Performance - Revenue for the second quarter of FY 2025 was $107.0 million, a decrease of 9.8% from $118.6 million in the prior year period[4] - For the six months ended March 31, 2025, total revenue was $218.5 million, a decrease of 7.5% from $236.2 million in the prior year period[23] - Revenue for the three months ended March 31, 2025, was $107.013 million, a decrease of 9.5% compared to $118.626 million for the same period in 2024[46] Segment Performance - Retail-Entertainment segment revenue increased by 9.6% to $18.5 million, driven by a favorable product mix[14] - Retail-Flooring segment revenue decreased by 14.5% to $27.4 million, primarily due to the disposition of certain stores[15] - Steel Manufacturing segment revenue decreased by 11.7% to $31.3 million, with a gross margin increase to 21.2% due to strategic price increases[19] - Retail-Entertainment segment revenue increased by approximately $2.3 million, or 6.2%, to $39.7 million for the six months ended March 31, 2025, compared to $37.4 million in the prior year[31] - Retail-Flooring segment revenue decreased by approximately $7.2 million, or 10.9%, to $59.1 million for the six months ended March 31, 2025, primarily due to the disposition of certain stores[32] - Flooring Manufacturing segment revenue decreased by approximately $7.6 million, or 12.0%, to $55.8 million for the six months ended March 31, 2025, attributed to reduced consumer demand[34] - Steel Manufacturing segment revenue decreased by approximately $5.0 million, or 7.4%, to $63.8 million for the six months ended March 31, 2025, with lower sales volumes partially offset by revenue from the acquisition of Central Steel[35] Income and Profitability - Operating income increased to $2.1 million, compared to an operating loss of $0.8 million in the prior year period, reflecting a $2.9 million improvement[5] - Income before provision for income taxes was $21.1 million, compared to a loss of $4.5 million in the prior year period, primarily due to a $22.8 million gain on the modification of the Flooring Liquidators seller note[9] - Adjusted EBITDA for the second quarter was $6.4 million, an increase of 44.6% from $4.5 million in the prior year period[10] - Total Adjusted EBITDA decreased by 7.3% to $12.191 million for the six months ended March 31, 2025, compared to $13.153 million in the prior year[30] - Gross profit for the six months ended March 31, 2025, was $70.510 million, down from $71.794 million in 2024, reflecting a decline of 1.8%[46] - Operating income for the six months ended March 31, 2025, was $2.854 million, compared to $2.703 million in 2024, showing a growth of 5.6%[46] Cash and Assets - Total assets as of March 31, 2025, were $393.6 million, with stockholders' equity of $88.9 million[5] - Cash increased to $6.931 million as of March 31, 2025, compared to $4.601 million as of September 30, 2024[43] - Total assets decreased to $393.581 million as of March 31, 2025, from $407.547 million as of September 30, 2024[43] Shareholder Information - The company repurchased 31,323 shares of common stock at an average price of $8.28 per share[5] - Basic income per share for the three months ended March 31, 2025, was $5.10, compared to a loss of $1.04 per share in the same period of 2024[46] - The weighted average common shares outstanding for diluted earnings was 3,138,717 for the three months ended March 31, 2025[46] Expenses and Interest - Total operating expenses for the three months ended March 31, 2025, were $33.056 million, a decrease of 8.5% from $36.305 million in 2024[46] - Interest expense for the six months ended March 31, 2025, was $8.095 million, slightly down from $8.330 million in 2024[46] Gains - The company reported a gain on modification of seller note amounting to $22.784 million for the six months ended March 31, 2025[46]