benzinga47d ago
Live Ventures (NASDAQ:LIVE) reported first-quarter financial results on Thursday. The transcript from the company's first-quarter earnings call has been provided below.This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.The full earnings call is available at https://ir.liveventures.com/ir-calendarFull TranscriptOPERATORGood day everyone and welcome to the Live Ventures Fiscal Year 2025 Conference Call. At this time all participants are in a listen only mode. Later, we'll conduct a question and answer session. Now I'll turn the call over to Greg Powell, Director of Investor Relations. Please go ahead Greg.Greg PowellThank you, Elvis. Good afternoon and welcome to the Live Ventures fiscal year 2025 conference call. Joining us this afternoon are John Isaac, our Chief Executive Officer and President, and David Barrett, our Chief Financial Officer. Some of the statements we are making today are forward looking and are based on our best views of our businesses as we see them today. The actual results could differ materially due to a number of factors, including those outlined in our latest Forms, 10K and 10Q, as filed with the securities and Exchange Commission. We have no obligation to publicly update any forward looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. You can find a copy of our press release referenced on this call in the Investor Relations section of the LiveVentures website. I direct you to our website, liveventures.com or sec.gov for historical SEC filings. I'll now turn the call over to David to walk us through our financial performance.David BarrettThank you, Greg. Good afternoon everyone. Before discussing our financial results, I'd like to touch on a few key highlights from the year. We are pleased to report that our portfolio companies have spent the past year strengthening operating disciplines and optimizing their cost structures. Fiscal year 2025 marked a significant turnaround for Live Ventures. Divisive actions, including hiring a new executive team at flooring liquidators, implementing strategic pricing initiatives, as well as targeted cost reduction measures drove our progress. Despite a mixed economy, these efforts contributed to a 10.2 million or 231.7% increase in operating income compared to the prior year when excluding the $18.1 million goodwill impairment recorded in fiscal year 2024. Additionally, we reported adjusted EBITDA of 33.4 million, an 8.9 million or 36.3% increase compared to fiscal year 2024. This strong performance came despite continued softness in the new home construction and home refurbishment markets, which continue to weigh on our retail flooring and flooring manufacturing segments. Let's now discuss the financial results for the fiscal year ended September 30, 2025. Total revenue decreased approximately 27.9 million or 5.9%, to approximately 444.9 million for the year ended September 30, 2025 compared to revenue of approximately 472.8 million in the prior year. The decrease is attributable to the retail flooring, flooring manufacturing, and steel manufacturing segments, which decreased by approximately 33.3 million in the aggregate, partially offset by an increase of approximately 6.5 million in the retail entertainment segment. Although revenues declined in fiscal year 2025, we are pleased to report that fourth quarter showed year over year improvement, with the fourth quarter of 2025 generating higher revenues than the fourth quarter of 2024. Retail Entertainment segment revenue for fiscal year 2025 was approximately $77.5 million, an increase of $6.5 million or 9.1% compared to the prior year. The revenue growth was driven by strong consumer demand for vintage and collectible media. Retail flooring segment revenue for fiscal year 2025 was approximately $122.3 million, a decrease of 14.7 million, or 10.7% compared to the prior year. The decrease was primarily attributable to the disposition of certain Johnson floor and home stores in May 2024, as well as decreased consumer demand driven by the ongoing weakness in the housing market. Flooring Manufacturing segment revenue for fiscal year 2025 was approximately 121.6 million, a decrease of 11.5 million or 8.6% compared to the prior year. The decline in revenue was primarily due to reduced consumer demand as a result of the ongoing weakness in the housing market. Steel manufacturing segment revenue for fiscal year 2025 was approximately 132.6 million, a decrease of 7.2 million or 5.1% compared to the prior year. The decline was primarily driven by lower sales volumes ...Full story available on Benzinga.com