Investor Relations
Financials
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Sep. 30, 2022
Assets    
Cash $ 4,168 $ 4,600
Trade receivables, net of allowance for doubtful accounts of $482 at March 31, 2023 and $132 at September 30, 2022 29,703 25,665
Inventories, net of reserves of $2.6 million at March 31, 2023 and $2.4 million at September 30, 2022 115,050 97,659
Income taxes receivable 4,237 4,403
Prepaid expenses and other current assets 2,748 2,477
Total current assets 155,906 134,804
Property and equipment, net of accumulated depreciation of $31.7 million at March 31, 2023, and $26.7 million at September 30, 2022 67,098 64,590
Right of use asset - operating leases 45,504 33,659
Right of use asset - finance leases 387 0
Deposits and other assets 1,741 647
Intangible assets, net of accumulated amortization of $3.4 million at March 31, 2023 and $2.1 million at September 30, 2022 25,249 3,844
Goodwill 69,506 41,093
Total assets 365,391 278,637
Liabilities:    
Accounts payable 12,420 10,899
Accrued liabilities 21,465 16,486
Current portion of lease obligations - operating leases 10,688 7,851
Current portion of lease obligations - finance leases 341 217
Current portion of long-term debt 30,288 18,935
Current portion of notes payable related parties 0 2,000
Total current liabilities 75,202 56,388
Long-term debt, net of current portion 67,530 59,704
Lease obligation - operating leases 39,611 30,382
Lease obligation long term - finance leases 19,930 19,568
Notes payable related parties, net of current portion 45,675 5,000
Deferred taxes 12,986 8,818
Other non-current obligations 1,222 1,615
Total liabilities 262,156 181,475
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,165,890 and 3,074,833 shares issued and outstanding at March 31, 2023 and September 30, 2022, respectively 2 2
Paid in capital 68,630 65,321
Treasury stock common 646,355 and 620,971 shares as of March 31, 2023 and September 30, 2022, respectively (7,853) (7,215)
Retained earnings 42,911 39,509
Equity attributable to Live stockholders 103,683 97,610
Non-controlling interest (448) (448)
Total stockholders' equity 103,235 97,162
Total liabilities and stockholders' equity/deficit 365,391 278,637
Series E Convertible Preferred Stock    
Stockholders' equity:    
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at March 31, 2023 and September 30, 2022, respectively, with a liquidation preference of $0.30 per share outstanding 0 0
Treasury stock Series E preferred 50,000 shares as of March 31, 2023 and of September 30, 2022, respectively $ (7) $ (7)

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v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Revenues $ 91,122 $ 69,706 $ 160,108 $ 144,864
Cost of revenues 59,514 44,753 106,556 92,295
Gross profit 31,608 24,953 53,552 52,569
Operating expenses:        
General and administrative expenses 22,617 13,154 37,217 27,311
Sales and marketing expenses 4,039 3,350 6,816 6,402
Total operating expenses 26,656 16,504 44,033 33,713
Operating income 4,952 8,449 9,519 18,856
Other (expense) income:        
Interest expense, net (3,235) (858) (5,282) (1,875)
Loss on debt extinguishment 0 (363) 0 (363)
Loss on disposal of fixed assets 7 (1) 7 (1)
Gain on bankruptcy settlement 0 11,362 0 11,352
Other income 384 292 323 418
Total other expense, net (2,844) 10,432 (4,952) 9,531
Income before provision for income taxes 2,108 18,881 4,567 28,387
Provision for income taxes 550 3,523 1,165 6,483
Net income 1,558 15,358 3,402 21,904
Net income attributable to Live stockholders $ 1,558 $ 15,358 $ 3,402 $ 21,904
Income per share:        
Basic $ 0.50 $ 4.90 $ 1.10 $ 6.96
Diluted $ 0.49 $ 4.84 $ 1.08 $ 6.87
Weighted average common shares outstanding:        
Basic 3,143,911 3,134,540 3,101,007 3,148,059
Diluted 3,184,982 3,172,881 3,137,625 3,187,123

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v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 3,402,000 $ 21,904,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 6,297,000 3,045,000
(Gain)/loss on disposal of property and equipment (7,000) 1,000
Gain on bankruptcy settlement 0 (11,501,000)
Amortization of debt issuance cost 105,000 (112,000)
Stock based compensation expense 109,000 37,000
Amortization of right-of-use assets 1,397,000 55,000
Change in reserve for uncollectible accounts 350,000 27,000
Change in reserve for obsolete inventory 169,000 146,000
Change in deferred income taxes 4,168,000 2,257,000
Changes in assets and liabilities:    
Trade receivables 436,000 (698,000)
Inventories 2,384,000 (8,658,000)
Income taxes payable/receivable 166,000 (148,000)
Prepaid expenses and other current assets 3,453,000 (422,000)
Deposits and other assets (1,095,000) (116,000)
Accounts payable (3,668,000) 3,911,000
Accrued liabilities (3,547,000) (4,500,000)
Other Liabilities 59,000 23,000
Net cash provided by operating activities 14,178,000 5,251,000
INVESTING ACTIVITIES:    
Acquisition of Flooring Liquidators, net of cash acquired (33,929,000) 0
Purchase of property and equipment (2,900,000) (7,503,000)
Net cash used in investing activities (36,829,000) (7,503,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 12,312,000 4,887,000
Proceeds from issuance of notes payable 8,449,000 9,000,000
Payments on notes payable (3,679,000) (8,020,000)
Proceeds from issuing related party notes payable 7,000,000 0
Payments for debt acquisition costs (96,000) 0
Purchase of common treasury stock (639,000) (2,084,000)
Payments on financing leases (1,077,000) (80,000)
Payments on seller financing arrangements (51,000) 0
Debtor-in-possession cash 0 75,000
Net cash used in financing activities 22,219,000 3,778,000
Increase in cash (432,000) 1,526,000
Cash, beginning of period 4,600,000 4,664,000
Cash, end of period 4,168,000 6,190,000
Supplemental cash flow disclosures:    
Interest paid 4,602,000 1,823,000
Income taxes paid 43,000 4,458,000
Noncash financing and investing activities:    
Noncash items related to Flooring Liquidators acquisition $ 36,900,000 $ 0

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