LIVE - Earnings call transcript Q3 2019 | Live Ventures Incorporated

Due to licensing restrictions, you must log in to view earnings call transcripts.

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 over to Chief Financial Officer, Virland Johnson, for an opening statement. sir. ahead, go Please

Virland Johnson

June welcome found XXXX Live website as the www.sec.gov. conference XX-Q the This section quarter its and XXXX Relations fiscal quarter the Investor our with company Incorporated our website, fiscal on at Form SEC. ending third the year call. can for well XXXX, to afternoon, SEC for Ventures year be the filing third filed XX, on Good as This in afternoon, www.liveventures.com,

Isaac, Executive Officer, Jon Incorporated. is Ventures today me Joining Chief Live

number to Please some may our of may follow the actual that as and the could of note These cause during materially forward-looking will in the that that differ risks are there hear prepared contain nor remarks. guarantees, a company's statements remarks today be uncertainties well, about results those made promises statements. these session you forward-looking statements forward-looking statements neither Q&A set from forth and are there performance,

actual differ with our the factors may of contained and directly or filed that reports Additional forward-looking company. requested in are the available periodic which in from our to be is from results could SEC, information statements these website those filing concerning cause on materially copies

do made today's are today's during as any Forward-looking statements forward-looking made any date, not and of obligation we undertake statements update to call.

XXXX Thank you everyone joining fiscal our call. third us year today for quarter

will our and we cover company's financial comments. our today, call briefly your the answer then quarter our questions end for During the operating and at results of

third of year earnings The decrease year same representing last of fiscal a company XX.X% XXXX XX.X and the quarterly share period $X.XX. million, basic reported over fiscal per of revenue quarter

last million, profit was which same from up For the year. is the quarter, fiscal X.X% XX.X gross period

last million addition, income period and In fiscal X.X operating year. of X.X year income period XXX,XXX last million, was million net same X.X fiscal to compared to compared same was the our

fee. bargain the income included Net million last a quarter $X.X purchase year for

and up fiscal period was income margin up our gross This same margin our For percent was when the X.X%. profit to to prior realized margin operating XX.X% year new Cost XX.X% the ApplianceSmart Marquis. was results margins quarter, percent and gross product, positively profit and gross to in compares margin was X.X%. percent percent Vintage, mix year-to-date operating of sales affected and for of our products levels income

Interest the quarter prior expense X.X period to for same fiscal pay to decreased down year X.X due million in revolving third for from and debt. the term million

the lines the an million company cash As million of reported revolving plus XX.X hand of on a company's additional consolidating record. credit, XXXX, under credit available June XX of X.X of

operating liabilities months or was Net months to year. Stockholders’ decrease activities revolving million months million ended cash nine increase provided decreased from the equity fiscal June Total XX, for decrease X.X% for for X.X of in an million million, XX% year the period same last XXXX. of XXXX, the debt. June the XX.X approximately over largely XXXX. a in term nine fiscal increased This ended XX.X nine XX was XX,

comments much continued Ventures. Jon have. your we and any Live on At that in your and in may some this view this our SEC’s invite on our details, either you For release additional or you very this filings financial and morning on to the SEC and filed review Thank I website you for advance interest has participation time, our information welcome press additional call questions website. then

Jon Isaac

who up questions, pretty has put, a overall We’ll open was quarter. always to Well anyone but Virland. it good

I'm to been we’re in the able gain of the tune nine standpoint, year we're we down to it's but liabilities, had to note from liabilities I don't about bargain have a in In as happy that the last seeing operational very about I purchase in we down, that we've believe this year, quite million. the by think was significantly. company, EPS reduction up. excited of debt months, important and that that to but XX the result an decrease

up it open for may anyone that questions Let's have. any

Operator

Instructions] [Operator

Jon Isaac

We'll take the question from Philip, please.

Unidentified Analyst

closures going are what's the that with and of Can with subsidiaries you on just on with happening us fill fully what's happening one the company? that in store

Jon Isaac

Yes.

and and moving definitely been As subsidiary. to you income. it that moved is in it in contributing active in where prior order restructuring -- know, some as we've is down around. But to a was ApplianceSmart a shut it numbers. turn very, we’ve around, things managing to net recently things stores has we've losses contributing been taking so ApplianceSmart quarters, in said our mode we're our And some around a role contributor that very things We've

weren't June, ending pleased this maybe little for X losses three around have I here less contributed, million obviously with -- June, than that or quarter a the of last We contributed bit quarters that. it believe

experienced can earnings been process and So a some some well. are there experience as But, has it's will I and and I say will good our without close EPS that's stores that. remain at this or have point. mean, some in turnarounds would have turnarounds that higher But, what that very I Virland open.

by could an some think you was want all factual. what that's I that somebody Virland, closing and There But add? our of article that say. that's says we're don't to I that in paper stores was written do

Virland Johnson

a with results to over moving The There operating right the for it's complex Sales a down prior curtailed and quarter was the were leases looked of situation to better but ApplianceSmart, and be and quarter product. clearly quarter. that were at store’s performance number regards quarter. also are now. losses this But have this

clearly yet. of still to be woods of lot work ApplianceSmart, improved the a and There's done So, here. not overall pretty good but we're out quarter of out result

Unidentified Analyst

will any happen are associated with those quarter, next there in that As closures follow costs a up, quarter? third the

Jon Isaac

Possible.

know that new and may as go. assessing be that dealing We're been have necessarily We there there incurring costs will we any I costs. though, don't be. those

aren't that's us, and probably example, minimal, we're but not going very But something not highly that only, cost. inventory mean, everyone is read to For the landlords costs with to that moving you negotiating it's mean, a stores, that'll we favorable I that. that of newspaper, it's if through is, I are on leases something, performing be

it's or to a tenant’s pretty But, on install lot We still a Amazon, need lot somebody ecommerce with think they buy retailers friendly. ApplianceSmart. ApplianceSmart. with there's in with negotiation my but it. a stand a good. of rep, on behind relationship ApplianceSmart, the sales People don't in going I they is $X,XXX like $X,XXX to retailer, and we fridge it, needs market, is come nowadays, which the see to And need have belief, of

still we we think but it perspective, we'll to there's need from do, I be So some that cleaning good, think we're to that get able but -- done.

Operator

[Operator Instructions]

Jon Isaac

quarter, I We view did One which the price. is record share guess, a purchased believe stock as we're sort of is buy, we very we it thing good in shares working about. I happy a is in XX,XXX enough, the repurchases,

shares. back believe buying to X,XXX,XXX. keep we So I down we're

Operator

[Operator Instructions]

Jon Isaac

is there here if no up end quickly. questions Well, the we'll questions, call. Roberto? two Actually, came

Unidentified Analyst

Jon, in? you share stock Great. on you're a about attribute price not spoke you know value. focusing do on to? that concerned drop you're the stock attribute What that that do book What the you before I stock price,

Jon Isaac

shares is wouldn't stock be can. price. our I the it that, undervalued. mean, believe know. I not, company can shares company worth. we're I is It's whatever I whenever and price I don't market buying If the be personally stock really the whenever the buying thinks wouldn't

made earnings trading we've valuation, believe it at value, do we at at of So, continue buy in the trading many, we'll these doing numerous we're that is one and calls and we're are I book numerous And aggressively. we’ll that. aware many, what a stock, to and filings third levels, ridiculous back public

price me, holding today net of the versus in on sell and buying securities we've want. any market yesterday, So, that bought at they’re think down down points, we're again, We But, any at you abide shares we if these just that do can’t anytime us, rules. we want, the to by, that we market, levels, as much doesn't I happy buyers could, have mean, we open whoever's and want, regulations amount have but as is why to stock XXX rules wants buy help. to so we we I terms we're today, ask

follow I do last quarter able to we'll that. much to we as rules continue think can we're and and in have as buy to We

share We're paying great. the in I do will run, quickly. down you doing think I Live’s just think price debt fine long we're very operationally, know, as

operation Our in long But confident just we we positive as companies react the our will be, in ApplianceSmart and profitable doing bring plugging sheet future. it grows, attention, will our run. and that value that making and to will income the stock price the balance is, well. are shareholders are of needs but grows course, away near will sure turn it a be it we're that some around, I'm

hopefully So don't month, and I day what what but know soon.

Operator

[Operator Instructions]

Unidentified Analyst

amazing. really great. It's Congratulations, quarter, fantastic

You're Beautiful. great guys. doing a job

keep next of quarter, woods. Let’s and going the out going be we're to

Jon Isaac

Thank you. Okay.

Unidentified Analyst

You're a on, anything welcome. anything? the buyer are Do that on laying purchase, have eyes some new I you have on new and the just company, horizon, you question. new anything

Jon Isaac

flow existing always, We're at potential at in our answer the cash transactions. even subsidiaries. looking always, we're as ways in answered deals, invest maybe is always I We're past, looking the to always looking also at always

Sometimes, or we example. by pass money a return in in example, on for greater because may Vintage Marquis get an we for may our acquisition investing on

put do of have at until our something will I all investment be we just law, as opportunities. have by in everyone is So announce we to to promise we’ll out different now, to, get and the desk. see. And that. are lots signed you, right But deals either definitely for ink something, so as always looking we we're open, across it But soon it time

Unidentified Analyst

so it the Hopefully, Really to out. good enjoy be quarter. the here assumption pan up for you. wonderful, that, for a job for everybody. appreciate we're the Thank going and we're Have next keep

Jon Isaac

Thanks.

Unidentified Analyst

You're good up welcome. Keep Bye-bye. the job.

Operator

Instructions] [Operator

Jon Isaac

much, around following call end and are quarter there for the Thank December. call. very end, for so we'll the joining reconvene end other this no year Thank sometime If our everyone the of for us. you you towards questions, we'll

Virland Johnson

you. Thank

Operator

for conclude will today's participation. you This Thank your you. program. Thank again

a You and may disconnect now have day. wonderful

Live Ventures (LIVE) 15 Aug 192019 Q3 Earnings call transcript