Live Ventures (Las Vegas), the holding company that is the parent company of Harris Flooring Group and also recently gave a second offer to take over LL Flooring, announced the results for its second fiscal quarter, which ended March 31.
The company's revenue for the quarter increased 30.2% to $118.6 million, compared with $91.1 million in the prior year, but it had a net loss of $3.3 million and diluted loss per share of $1.04—compared to net income of $1.6 million and diluted earnings per share of $0.49 in the same quarter of 2023.
The company's Retail-Flooring segment consists of Flooring Liquidators, which was acquired in January 2023. Revenue for that segment was approximately $32.0 million, an increase of approximately $11.3 million, or 54.2%, compared to same quarter in 2023. The increase was due to the acquisition of Flooring Liquidators in the second quarter of fiscal year 2023 and the acquisitions of CRO and Johnson by Flooring Liquidators during the first quarter of fiscal year 2024. The Retail-Flooring segment's operating loss for the quarter was approximately $3.0 million, compared to an operating loss of approximately $0.2 million for the prior year period, and the company said the increased losses were primarily due to "temporary inefficiencies associated with the acquisitions of CRO and Johnson in the current period."
Revenue for the Flooring Manufacturing segment for the quarter was $34.2 million, an increase of $3.8 million, or 12.7%, compared to the prior year period. The gross margin was 25.6%, compared to 24.2% for the prior year period. Those increases were primarily due to increased sales associated with the acquisition of the Harris Flooring Group brands in the fourth quarter of fiscal year 2023. Operating income for the quarter ended March 31, 2024 was approximately $2.0 million, compared to operating income of approximately $2.4 million for the prior year.
The company's full financial report can be found here.
