8-K - LIVE - Equibles

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 15, 2020

Live Ventures Incorporated

(Exact Name of Registrant as Specified in Charter)

Nevada	001-33937	85-0206668
(State or Other Jurisdiction<br><br><br>of Incorporation)	(Commission<br><br><br>File Number)	(IRS Employer<br><br><br>Identification No.)
325 E. Warm Springs Road, Suite 102<br><br><br>Las Vegas, NV 89119
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(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: 702-997-5968

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br><br><br>Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	LIVE	The NASDAQ Stock Market LLC (The NASDAQ Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 15, 2020, Live Ventures Incorporated issued a press release containing certain financial results for its second fiscal quarter ended March 31, 2020. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit<br><br><br>Number	Description
99.1	Press Release, dated May 15, 2020

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LIVE VENTURES INCORPORATED
By:	/s/ Jon Isaac
	Name: Jon Isaac
	Title: Chief Executive Officer

Dated: May 15, 2020

live-ex991_37.htm

Exhibit 99.1

Live Ventures Announces Second Quarter Fiscal 2020 Financial Results

LAS VEGAS, May 15, 2020 -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, announced financial results for its second quarter of fiscal year 2020, which ended March 31, 2020. The company reported quarterly revenue of $46.4 million and basic EPS of $1.30, representing an increase of 420% as compared to the same quarter last year. The company also reported an increase in operating income of 50% to $3.0 million as compared to the same period of fiscal 2019. During the quarter, the Company repurchased a total of 64,868 shares of its common stock.

The company reported total assets of $158.5 million and total liabilities of $121.9 million, respectively, as of March 31, 2020. Stockholders’ equity stood at $36.6 million, or $20.57 per basic common share.

Key highlights of Q2 of fiscal 2020 include:

•	Revenues of $46.4 million;
•	Gross profit of $17.8 million;
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•	Operating income of $3.1 million, up 50% over the same period in the prior fiscal year;
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•	Decrease in interest expense of 17% compared to the same period in the prior fiscal year;
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•	Gain on the settlement of certain lease obligations of $1.4 million;
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•	Earnings per basic share of $1.30, representing an increase of 420% as compared to the same quarter last year;
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•	The Company repurchased 64,868 shares of its common stock during the quarter and a total of 252,694 shares since the current repurchase program’s inception in February 2018;
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•	Inventory balance of $47.2 million; and
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•	Net cash from operating activities for the six months of fiscal 2020 totaled $6.5 million.
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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 manufactures and sells residential and

commercial carpets primarily in North America. Marquis Industries also designs, sources and sells hard-surface flooring. Through its subsidiary Vintage Stock, an award-winning entertainment retailer, the company sells new and pre-owned 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 company-owned retail stores operating under the name ApplianceSmart®.

Contact:

Live Ventures Incorporated

Tim Matula, Investor Relations

(425) 836-9035

tmatula@liveventures.com

http://liveventures.com Source: Live Ventures Incorporated