UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 14, 2019
Live Ventures Incorporated
(Exact Name of Registrant as Specified in Charter)
| Nevada | 001-33937 | 85-0206668 |
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 325 E. Warm Springs Road, Suite 102 Las Vegas, NV 89119 |
| (Address of Principal Executive Offices and Zip Code) |
Registrant’s telephone number, including area code: 702-997-5968
____________________________________
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, $0.001 par value per share | LIVE | The NASDAQ Stock Market LLC (The NASDAQ Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On August 14, 2019, Live Ventures Incorporated issued a press release containing certain financial results for its third fiscal quarter ended June 30, 2019. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
| 99.1 | Press Release dated August 14, 2019 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIVE VENTURES INCORPORATED | ||
| By: | /s/ Jon Isaac | |
| Name: Jon Isaac | ||
| Title: Chief Executive Officer | ||
Dated: August 14, 2019
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EXHIBIT INDEX
| Exhibit Number | Description |
| 99.1 | Press Release, dated August 14, 2019 |
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Exhibit 99.1
Live Ventures Announces Third Quarter Fiscal 2019 Financial Results
LAS VEGAS, August 14, 2019 -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced financial results for its third quarter of fiscal year 2019, which ended June 30, 2019. The company reported quarterly revenue of $47.0 million and basic EPS (earnings per share) of $0.78. The company also reported an increase in operating income of 324% year-over-year of $3.8 million and repurchased 41,618 shares of its common stock during the third fiscal quarter.
The company reported total assets of $125.7 million as of June 30, 2019 and a decrease in liabilities of approximately $19.0 million since the beginning of the company’s current fiscal year. Stockholders’ equity stood at a record $42.4 million, or $22.48 per basic common share.
Key highlights of Q3 of fiscal 2019 include:
| · | Revenues of $47.0 million; |
| · | Gross profit of $19.2 million; |
| · | Operating income of $3.8 million, up 324% over the same period in the prior fiscal year; |
| · | Live Ventures repurchased 41,618 shares of its common stock during the quarter and a total of 119,559 shares since the current repurchase program’s inception in February 2018; |
| · | Earnings per share of $0.78; |
| · | Decrease in interest expense of 40.82% compared to the same period in the prior fiscal year; |
| · | Decrease in liabilities of over $19.0 million for the nine months of fiscal 2019; and |
| · | Net cash flow from operating activities for the nine months of fiscal 2019 totaled $15.5 million, up 60%. |
Cash availability, representing cash on hand and available credit on the company’s consolidated revolving lines of credit, was $18.2 million.
“LIVE continued to execute on its strategy in the third quarter, posting strong operating income,” said Virland A. Johnson, CFO of Live Ventures. “We repurchased 41,618 shares of common stock during the third quarter and reduced our liabilities by over 18% in the first nine months of FY 2019. We expect to continue optimization of our capital structure in subsequent quarters.”
Live Ventures will be holding its third quarter fiscal year 2019 conference call at 4:30 p.m. Eastern Time on August 14, 2019. Management will take live questions following the prepared remarks. Interested investors may participate in the conference call by dialing (877) 876-9173 (for U.S.-based callers) or (785) 424-1667 (for international callers) and providing the operator with the conference ID: LIVE VENTURES.
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About Live Ventures
Live Ventures Incorporated, originally incorporated in 1968, is a diversified holding company with 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 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 customer's doorstep. Through its subsidiary ApplianceSmart, the company sells new major household appliances in the United States through a chain of company-owned retail stores operating under the name ApplianceSmart®.
Forward-Looking and Cautionary Statements
The use of the word “company” or “Company” refers to Live Ventures Incorporated and its wholly-owned subsidiaries.
This press release contains "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 and include statements relating to optimizing the Company’s capital structure. Live
Ventures may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission
(the “SEC”) on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, 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 Annual Report on Form 10-K, as amended, for
the fiscal year ended September 30, 2018 (available at http://www.sec.gov). Live Ventures
undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future
events, or otherwise.
This press release should be read in conjunction with the Form 10-Q to which it relates, and with the information included in our other press releases, reports, and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
Contact:
Live Ventures Incorporated
Tim Matula, Investor Relations
(425) 836-9035
tmatula@liveventures.com
http://www.liveventures.com
Source: Live Ventures Incorporated
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