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Live Ventures Inc (NASDAQ:LIVE) reported third-quarter FY23 sales growth of 34.1% year-on-year to $91.5 million missing the consensus of $98.0 million.
Retail Entertainment segment revenues of $18.0 million decreased by 6.3% Y/Y due to reduced demand. Retail Flooring segment revenues were $27.4 million.
Flooring Manufacturing Segment revenues of $27.4 million decreased by 14.8% Y/Y primarily due to reduced customer demand.
Steel Manufacturing Segment revenues of $18.4 million increased by 22.9% Y/Y primarily due to the acquisition of Kinetic.
EPS of $0.33 missed the consensus of $1.15. Gross profit improved 43.9% Y/Y to $32.2 million, while the operating income for the quarter fell 5.2% to $5.6 million.
The company attributed the decrease in operating income to the lower revenues and higher costs in the Retail Entertainment, Flooring Manufacturing and Corporate segments.
Adjusted EBITDA for the quarter increased 8.3% to $9.6 million, primarily due to the acquisitions of Flooring Liquidators and Kinetic.
As of June 30, 2023, the Company had total cash availability of $32.3 million, consisting of cash on hand of $3.5 million and cash availability under its various lines of credit of $28.8 million.
Price Action: LIVE shares traded higher by 3.62% at $27.46 on the last check Thursday.
Posted In: LIVE
