Overview

• US diversified holding company reported fiscal Q2 revenue down 3.8% yr/yr

• Company posted net loss and negative EPS, impacted by $4 mln goodwill impairment charge

• Revenue decline driven by weakness in Retail-Flooring and macroeconomic headwinds in housing markets

Outlook

• Company says macroeconomic headwinds continue to impact new-home construction and home-refurbishment markets

• Live Ventures plans to drive further efficiencies in Retail-Flooring segment in second half of fiscal yr

• Company focused on reducing costs and improving operations across all business segments

Result Drivers

• RETAIL-FLOORING WEAKNESS - Revenue decline was mainly due to lower retail and contractor sales in Retail-Flooring, attributed to continued headwinds in new-home construction and home-refurbishment markets

• GOODWILL IMPAIRMENT - Operating loss was driven by a non-cash goodwill impairment charge of $4 mln in the Steel Manufacturing segment

• RETAIL-ENTERTAINMENT GROWTH - Retail-Entertainment segment saw revenue growth due to strong consumer demand and disciplined expense management

Company press release: ID:nGNX8XHV9b

Key Details

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