againstallodds
6年前
Why wasn’t this 8Kd 5 days after receipt
ITEM 1. Legal Proceedings
On February 21, 2018, the Company received a subpoena from the Securities and Exchange Commission (“SEC”) and a letter from the SEC stating that it is conducting an investigation. The subpoena requests documents and information concerning, among other things requesting documents and information concerning, among other things, the restatement of the Company’s financial statements for the quarterly periods ended December 31, 2016, March 31, 2017, and June 30, 2017, the acquisition of Marquis Industries, Inc., Vintage Stock, Inc., and ApplianceSmart, Inc., and the change in auditors. The letter from the SEC states that “this inquiry does not mean that the SEC has concluded that the Company or any of its officers and directors has broken the law or that the SEC has a negative opinion of any person, entity, or security.” The Company is cooperating with the SEC in its investigation .
Isn’t being investigated by the SEC a material enough event that would have necessitated issuing an 8K filing ?
SPORTSPROPHET
7年前
Live Ventures Appoints Wes Godfrey as CEO of its Subsidiary Marquis Industries
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, announced today that it has appointed Wes Godfrey CEO of its wholly owned subsidiary, Marquis Industries, Inc. (Marquis), a carpet manufacturer and flooring distributor.
Mr. Godfrey returns to Marquis Industries from Samsung Electronics, where he served as manager of sales operations since 2014. Prior to that, he was vice president of operations at Marquis for six years. Previous other positions included increasing operations responsibility at Invista, once DuPont’s polymers, fibers and resins business, which was subsequently purchased by Koch Industries.
“Bringing Wes back to Marquis Industries ensures we are able to seamlessly maintain operations with very little learning curve, utilizing a manager who had not only significantly increased revenue during his tenure there, but also drastically reduced costs,” said Jon Isaac, CEO of Live Ventures Incorporated. “We look forward to Wes’s leadership at Marquis and continued success. In the meantime, we also wish to thank Tim Bailey for his previous service to the company.”
Former Marquis CEO, Tim Bailey, will retain a limited role with Marquis and serve in an advisory capacity to Live Ventures’ board of directors until the end of 2018.
Mr. Godfrey added, “I am gratified to be returning to Marquis after a short hiatus, and hope to leverage the experience gained away from the company with my familiarity with its operations in order to provide sound and strategic leadership that will benefit the company, our holding company and its shareholders.”
SPORTSPROPHET
7年前
Live Ventures Announces Closing of $24 Million Loan Facility at Subsidiary Vintage Stock
8:00 am ET June 8, 2018 (Globe Newswire)
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, announced today that its subsidiary, Vintage Stock, Inc., refinanced its prior second lien term loan and closed a senior secured term loan with Comvest Credit Partners.
The new loan significantly reduces the company's interest expense, resulting in a savings of approximately $1.75 million during the first year of the new loan. Since the interest rate on the new facility decreases as leverage decreases, the annual interest savings are expected to increase even further as Vintage Stock's debt decreases. Live Ventures did not issue any shares, warrants, or options in connection with this transaction.
Simultaneous with the closing of this transaction, and in an effort to further reduce debt at Vintage Stock, Live Ventures contributed approximately $4.0 million in cash as additional equity to Vintage Stock. In addition, Vintage Stock amended its revolving loan facility with Texas Capital Bank, who is remaining as a lender to Vintage Stock, to reduce the interest rate on borrowed funds by 0.50%.
"We are excited to have closed this new term loan facility and believe it will significantly improve the overall bottom line of our company," said Jon Isaac, CEO of Live Ventures Incorporated.
"Comvest is very pleased to provide financing to Vintage Stock. Vintage Stock's ability to produce consistent results in an evolving retail environment over the past several years is quite remarkable and is attributable to their strong management team and operations. We look forward to a long relationship with Vintage Stock," said Jason Gelberd, Partner at Comvest.
Venable LLP served as legal advisor for the transaction and Capstone Headwaters was the sole financial advisor.
For further details, the company intends to file a Current Report on Form 8-K with the Securities and Exchange Commission (SEC), which can be found on its website, www.sec.gov.
SPORTSPROPHET
7年前
Live Ventures to Announce Fiscal Second Quarter Earnings and Host Conference Call on May 14, 2018 - CORRECTION
Live Ventures Incorporated (NASDAQ:LIVE), a diversified holding company, released results for the fiscal second quarter ended March 31, 2018 on Monday, May 14, 2018, after market close.
The company is hosting a telephone conference call with investors and analysts at 5:00 p.m. ET to discuss the fiscal first quarter results and the Company’s business outlook.
Interested parties are invited to listen to the earnings conference call by dialing (877) 876-9177 (for U.S.-based callers) or (785) 424-1669 (for international callers) and providing the operator with the conference ID: LIVEVENTURES.
A copy of the earnings release will be made available through the Investor Relations section of the Company’s website at www.live-ventures.com.
SPORTSPROPHET
7年前
Live Ventures Provides Update on Acquisition of ApplianceSmart
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, today provides investors with an update on its acquisition of ApplianceSmart.
As previously announced, on December 30, 2017, the company acquired the retailer of major household appliances for $6.5 million. Live Ventures paid approximately $2.5 million of the purchase price in cash. The remaining approximately $4.0 million was paid by a promissory note bearing interest at five percent per annum and maturing on April 1, 2021. The acquisition is expected to bring Live Ventures’ total annualized revenues to in excess of $200 million. The company has filed a Current Report on Form 8-K with further details and can be accessed via the Securities and Exchange Commission’s website at www.sec.gov.
“ApplianceSmart easily fits into our portfolio as a company with a proven track record of sales, with the added bonus of providing consumers with environmentally friendly appliances at an affordable cost. Further, we believe that synergies exist between ApplianceSmart and current subsidiary, Vintage Stock,” said Jon Isaac, Live Ventures’ president and CEO. “We look forward to combining the company’s successes with those of our current portfolio companies, and providing our shareholders with additional value.”
ApplianceSmart is a 17-store chain specializing in sales and service of new and out-of-the-box appliances with annualized revenues of approximately $65 million. The retailer maintains stores in Minnesota, Ohio, Texas and Georgia.
SPORTSPROPHET
7年前
Live Ventures Announces $10 Million Common Stock Repurchase Program
8:01 am ET February 20, 2018 (Globe Newswire)
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, today announced that its Board of Directors has approved a new stock repurchase program that will enable the Company to repurchase up to $10 million of its common stock over the next three years. Live Ventures' previous stock repurchase program expired last month.
"Management believes that the program is designed to strengthen the company's long-term financial structure by capitalizing on the current undervaluation of its stock in the open market," said Jon Isaac, Live Ventures' President and Chief Executive Officer.
Under the new stock repurchase program, Live Ventures may purchase shares of its common stock through various means, in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that Live Ventures might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined in the Company's discretion and subject to a number of factors, including, but not limited to, stock price, trading volume and general market conditions, along with Live Ventures' general business conditions and other factors. The program may be suspended or discontinued at any time and the program does not obligate the company to acquire any specific number of shares of its common stock.
CynicalObserver
7年前
weird deal on eps. if you back out the tax reform loss and the bargain asset gain, they did around 1.45/q. To me those are very impressive numbers, but once again the stock doesn't care.
I imagine there is skepticism over the entire gain on the purchase they added in. also there is this covenant issue on the lender/seller of vintage, and what else?
then they restate several quarters and i cannot claim to really understand if it was material.
lots of questions on the call. a few very detailed trying to elicit details. some details forthcoming.
they continue to buy back stock.
should the tax reform have been understood to require a write-off vs eps? I hadn't seen it mentioned yet but I would think any company with substantial carry-forward losses would have the issue come up depending on how they had accounted for them. I am sure there is concern the whole bargain asset gain was an offset to the tax reform loss. Like the first caller, I had never even heard of this type of gain category, and suspect micro-cap companies that could claim one often decline to. this would make this 'aggressive accounting tactics' in some views, at least for a small-cap buying unknown companies which would be hard or impossible for an outside party to value with any detail, potentially. I am not at all saying LIVE didn't value the bargain purchase properly - I am saying I have no idea how anyone could know either way.
https://www.investopedia.com/terms/b/bargain-purchase.asp
What is a 'Bargain Purchase'
A bargain purchase involves assets acquired for less than fair market value. In a bargain purchase business combination, a corporate entity is acquired by another for an amount that is less than the fair market value of its net assets. Current accounting rules for business combinations require the acquirer to record the difference between fair value of the acquired net assets and the purchase price as a gain on its income statement due to negative goodwill."
either something is wrong with this company or something is wrong with market's perception of it and it is a tremendous bargain. I have no idea which it is.
Forward PE is something like less then 3. there are chinese smallcaps with higher ratios than that and no one even knows if those companies even exist beyond a sheet of paper - here this is a US -based company doing business in the US.
Wouldn't it have been simpler to not record a bargain purchase, headline the eps before the one-time tax reform loss, and then put that in the byline?
SPORTSPROPHET
7年前
Live Ventures to Announce Fiscal First Quarter Earnings and Host Conference Call on February 14, 2018
8:30 am ET February 8, 2018 (Globe Newswire)
Live Ventures Incorporated (NASDAQ:LIVE), a diversified holding company, plans to release results for the fiscal first quarter ended December 31, 2017 on Wednesday, February 14, 2018, after market close. Following the release, the company will host a telephone conference call with investors and analysts at 4:30 p.m. ET to discuss the fiscal first quarter results and the Company's business outlook.
Interested parties are invited to listen to the earnings conference call by dialing (866) 831-8713 (for U.S.-based callers) or (203) 518-9713 (for international callers) and providing the operator with the conference ID: LIVEVENTURES.
A copy of the earnings release will be made available through the Investor Relations section of the Company's website at www.live-ventures.com.
About Live Ventures
Live Ventures Incorporated, originally incorporated in 1968, is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Through its subsidiary, Marquis Industries, the company operates as a specialty, high-performance yarns manufacturer and hard-surfaces re-seller. Marquis Industries, which is a top-10 high-end residential carpet manufacturer in the United States, utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry. Marquis is the only manufacturer in the world that can produce certain types of yarn prized by the industry. Through its subsidiary Vintage Stock, an award-winning entertainment retailer, the company sells new and preowned 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 17 company-owned retail stores operating under the name ApplianceSmart(R).
Contact:
Live Ventures Incorporated
Tim Matula, Investor Relations
(425) 836-9035
tmatula@live-ventures.com
http://live-ventures.com
Source: Live Ventures Incorporated
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