ライブ・ベンチャーズ（LIVE）2026会計年度第3四半期決算説明会：床材事業の不振が利益を圧迫

ライブ・ベンチャーズ（NASDAQ: LIVE）は、小売りフローリング事業の不振が他の3事業セグメントの成長を打ち消したことで、第3会計四半期の売上高と収益性が低下したと発表しました。

主要なポイント

• 2026年度第3四半期の売上高は前年同期比3.2%減の1億890万ドルとなりました。これは主に小売りフローリング事業の売上高が900万ドル減少したことによるものです。
• 営業利益は34%減の530万ドル、調整後EBITDAは29.5%減の930万ドルとなりました。
• 前年同期は540万ドルの純利益（希薄化後EPSは1.24ドル）を計上していたのに対し、当四半期は110万ドルの純損失（1株当たり0.34ドルの赤字）を記録しました。
• 小売りエンターテインメント事業の売上高は12.7%増の2140万ドルとなり、営業利益は33.8%増、調整後EBITDAは28.9%増となりました。
• 鉄鋼製造事業の売上高は7.3%増の3630万ドルとなりました。営業利益は68.9%増加し、調整後EBITDAは16.3%増加しました。
• 6月30日時点の流動性は総額約3980万ドルで、これには1090万ドルの現金および2890万ドルの信用限度枠利用可能額が含まれます。

主要財務実績

一般管理費は、小売りエンターテインメント、フローリング製造、および本社部門における報酬や専門サービス費用の増加を反映し、5%増の2760万ドルとなりました。販売・マーケティング費用は5.4%増の約420万ドルに増加しました。

前年同期には、従業員維持税額控除による150万ドルの利益と、プレシジョン・マーシャルの留保負債の決済に関連する130万ドルの利益が含まれていました。

事業および営業業績

小売りフローリング事業：売上高は前年同期の3040万ドルから29.4%減の2140万ドルとなりました。経営陣は、新築住宅建設および住宅リフォーム市場の低迷が続くなか、小売・施工業者向け販売が減少したことが要因であるとしています。

小売りエンターテインメント事業：全製品ラインにおける好調な消費需要に支えられ、売上高は12.7%増の2140万ドルとなりました。営業利益および調整後EBITDAは、それぞれ33.8%増、28.9%増となりました。

鉄鋼製造事業：売上高は7.3%増の3630万ドルに増加しました。加工品、耐摩耗鋼、金型事業における販売数量の増加が、金属成形・組立・仕上げソリューションの減収を補って余りある結果となりました。営業利益は68.9%増加し、調整後EBITDAは16.3%増加しました。

フローリング製造事業：売上高は3100万ドルから2.8%増の3180万ドルとなりました。連結相殺消去後の売上高は前年同期比で約110万ドル増加しました。

6月30日時点で、ライブ・ベンチャーズは総資産3億8580万ドル、株主資本9190万ドルを計上しました。1000万ドルの自社株買いプログラムのうち、約950万ドルが未使用のまま残っています。

リスクおよび注視事項

新築住宅建設および住宅リフォーム市場の低迷の継続が、経営陣の挙げる主な業績圧迫要因となっています。同社の他の3事業セグメントが成長したものの、これに伴う小売りフローリング事業の不振が連結売上高と売上総利益を押し下げました。

報酬、専門サービス費用、および販売・マーケティング費用の増加も営業利益の重荷となりました。経営陣は、全事業セグメントにわたる業績改善と、持続可能な長期的価値の創造に引き続き注力していると述べています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Welcome to the Live Ventures Fiscal Year 2026 Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Greg Powell, Director of Investor Relations. Please go ahead, sir.

Greg Powell

Thank you, Jen. Good afternoon, and welcome to the Live Ventures Third Quarter Fiscal Year 2026 Conference Call. Joining us this afternoon are Jon Isaac, our Chief Executive Officer and President; and David Verret, our Chief Financial Officer.

Some of the statements we are making today are forward-looking and are based on our best view of our businesses as we see them today. The actual results could differ materially due to the number of factors, including those outlined in our latest filings, Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. We have no obligation to publicly update any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. You can find our press release and our 10-Q referenced on this call in the Investor Relations section of the Live Ventures website. I direct you to our website, liveventures.com or sec.gov for our historical SEC filings.

I will now turn the call over to David to walk through our financial performance.

David Verret

Thank you, Greg. Good afternoon, everyone. Before discussing our financial results, I'd like to touch on a key -- a few key highlights from the quarter. During the quarter, our Retail-Entertainment and Steel Manufacturing segments posted revenue growth, improved operating income and higher adjusted EBITDA. The Retail-Entertainment segment's revenue grew 12.7%, while operating income and adjusted EBITDA increased 33.8% and 28.9%, respectively. The Steel Manufacturing segment's revenue increased 7.3% with operating income and adjusted EBITDA up 68.9% and 16.3%, respectively. These results were partially offset by continued weakness in the Retail-Flooring segment where softness in the new home construction and home refurbishment markets weighed on operating performance.

Let's now discuss the financial results for the third quarter ended June 30, 2026. Revenue decreased approximately $3.6 million or 3.2% to $108.9 million compared to revenue of $112.5 million in the prior year period. Notably, 3 of our 4 operating segments delivered year-over-year growth. Revenue decreased primarily due to a decline of approximately $9 million in the Retail-Flooring segment, partially offset by an increase of approximately $2.4 million in the Retail-Entertainment segment, $1.8 million in the Steel Manufacturing segment and $1.1 million in the Flooring Manufacturing segment.

The Retail-Entertainment segment revenue increased approximately $2.4 million or 12.7% to $21.4 million compared to $19 million in the prior year period. The revenue growth was driven by strong consumer demand across all product lines.

Retail-Flooring segment revenue decreased approximately $9 million or 29.4% to $21.4 million compared to $30.4 million in the prior year period. The decline was primarily driven by lower retail and contractor sales due to continued headwinds in the home and new home construction and home refurbishment markets.

Flooring Manufacturing segment revenue increased approximately $800,000 or 2.8% to $31.8 million compared to $31 million in the prior year period. Revenue net of intercompany eliminations increased approximately $1.1 million compared to the prior year period.

Steel Manufacturing segment revenue increased approximately $2.5 million or 7.3% to $36.3 million compared to $33.8 million in the prior year period. The increase in revenue was primarily driven by higher sales volumes in the fabricated, hardened wear, tool and die businesses, partially offset by lower revenue in the metal forming, assembly and finishing solutions business. Revenue net of intercompany eliminations increased approximately $1.8 million compared to the prior year period.

Gross profit decreased approximately $1.2 million or 3.1% to $37.1 million compared to $38.3 million in the prior year period, driven primarily by lower revenue in the Retail-Flooring segment. Gross margin increased approximately 10 basis points to 34.1%, reflecting improved margins in the Retail-Flooring and Steel Manufacturing segments.

General and administrative expenses increased 5% to approximately $27.6 million. The increase was primarily driven by increased compensation and professional fees in the Retail-Entertainment, Flooring Manufacturing and Corporate segments. These increases were partially offset by lower general and administrative expenses in the Retail-Flooring and Steel Manufacturing segments.

Sales and marketing expenses increased 5.4% to approximately $4.2 million, primarily reflecting higher sales and marketing expense in the Retail-Flooring and Retail-Entertainment segments. Operating income decreased approximately $2.7 million or 34% to $5.3 million compared to $8 million in the prior year period. The decrease was driven by lower gross profit of $1.2 million as well as higher operating expenses previously mentioned. Interest expense was approximately $3.8 million, flat compared to the prior year period.

Income before income taxes was approximately $1.4 million compared to $7.5 million in the prior year period. Net loss was approximately $1.1 million and a loss per share of $0.34 compared to net income of approximately $5.4 million and diluted EPS of $1.24 in the prior year period. The prior year period results benefit from a $1.5 million gain on employee retention credits and a $1.3 million gain on the settlement of a holdback liability related to Precision Marshall.

Adjusted EBITDA decreased approximately 3.9% or -- I'm sorry, $3.9 million or 29.5% to $9.3 million compared to $13.2 million in the prior year period. The decrease in adjusted EBITDA was primarily due to the decrease in revenue.

Turning to liquidity. We ended the second quarter with total cash availability of approximately $39.8 million, consisting of cash on hand of approximately $10.9 million and $28.9 million available for borrowing under our various lines of credit. As of June 30, total assets were $385.8 million and total stockholders' equity was $91.9 million. As a part of our capital allocation strategy, we may make share repurchases from time to time. We currently have approximately $9.5 million remaining available under our $10 million share repurchase program.

In conclusion, our third quarter performance demonstrates the resilience of our diversified operating portfolio. While we continue to navigate challenging conditions in our Retail-Flooring segment, our Retail-Entertainment segment, our Steel Manufacturing segment both delivered solid growth and improved profitability. We remain focused on initiatives to improve performance across our operating segments and drive sustainable value creation over the long term.

We will now take questions from those of you on the conference call. Operator, please open the line for questions.

Operator

[Operator Instructions]

David Verret

Okay. Seeing as there are no questions, I'll go ahead and just give closing remark. I want to thank everyone attending our Q3 fiscal 2026 earnings call, and we look forward to talking with you on our year-end call. Thank you.

Operator

And this does conclude today's conference call. Thank you for attending.