Live Ventures Incorporated (NASDAQ:LIVE) Q1 2024 Earnings Call Transcript
Live Ventures Incorporated (NASDAQ:LIVE) Q1 2024 Earnings Call Transcript February 8, 2024
Live Ventures Incorporated misses on earnings expectations. Reported EPS is $-0.22 EPS, expectations were $1.44. LIVE isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, everyone and welcome to today’s Live Ventures Q1 Fiscal Year 2024 Earnings Call. [Operator Instructions] Also today' call is being recorded, and I will be standing by if anyone should need any assistance. Now at this time, I will turn things over to Mr. Greg Powell, Director of Investor Relations. Please go-ahead sir.
Greg Powell: Thank you, Bob. Good afternoon and welcome to the Live Ventures first quarter fiscal 2024 conference call. Joining us this afternoon for the call are Jon Isaac, our Chief Executive Officer and President; David Verret, our Chief Financial Officer; and Eric Althofer, our Chief Operating Officer. Some of the statements we are making today are forward-looking and are based on our best view 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 10-K and 10-Q 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 and 10-Q referenced on this call in the Investor Relations section of the Live Ventures website. I direct you to our website, liveventures.com or sec.gov for our historical SEC filings. I will now turn the call over to David to walk you through our financial performance.
David Verret: Thank you, Greg, and good afternoon, everyone. Before I jump again to the numbers for our first quarter, let's briefly discuss two acquisitions that Flooring Liquidators completed during the quarter. Flooring Liquidators, our retail flooring business acquired two Midwest flooring chains, which added 10 new showrooms in Arkansas, Oklahoma and Missouri. We executed these transactions because we believe there is a significant opportunity for Live Ventures to use our capital and resources to expand and enhance deploying Liquidators business and product offering into new markets. Now I'll discuss the financial results for our first quarter ended December 31, 2023. Total revenue for the quarter increased 70.5% to $117.6 million.
The increase is primarily attributable to Flooring Liquidators and PMW, both of which were acquired after the first quarter of fiscal year 2023 as well as an increase of approximately $2.8 million in the flooring manufacturing segment. The increase was partially offset by decreased revenues of approximately $6.2 million in our other businesses. Flooring Manufacturing revenue of approximately $29.2 million increased by $2.8 million or 10.6% as compared to the prior year period. The increase in revenue is primarily due to the buildup of its sales force as a result of the acquisition of Harris Flooring Group brands in the fourth quarter of fiscal year 2023. Retail entertainment revenue of $20.6 million decreased approximately $2.7 million or 11.5% as compared to the prior year.
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