라이브 벤처스(LIVE) 2026 회계연도 3분기 실적 발표회: 바닥재 부문 약세가 이익 압박

라이브 벤처스(NASDAQ: LIVE)는 소매 바닥재 부문의 부진이 다른 3개 영업 부문의 성장을 상쇄함에 따라 회계연도 3분기 매출과 수익성이 감소했다고 발표했다.

핵심 요약

• 2026 회계연도 3분기 매출은 소매 바닥재 매출이 900만 달러 감소한 영향으로 전년 동기 대비 3.2% 줄어든 1억 890만 달러를 기록했다.
• 영업이익은 530만 달러로 34% 감소했으며, 조정 EBITDA는 930만 달러로 29.5% 줄었다.
• 당기순손실은 110만 달러(주당 0.34달러)를 기록해, 전년 동기의 당기순이익 540만 달러(희석 EPS 1.24달러)에서 적자 전환했다.
• 소매 엔터테인먼트 매출은 2,140만 달러로 12.7% 증가했으며, 영업이익과 조정 EBITDA는 각각 33.8%, 28.9% 늘었다.
• 철강 제조 매출은 3,630만 달러로 7.3% 증가했다. 영업이익은 68.9% 급증했고, 조정 EBITDA는 16.3% 증가했다.
• 6월 30일 기준 유동성은 현금 1,090만 달러와 신용 한도 잔액 2,890만 달러를 포함해 총 약 3,980만 달러를 기록했다.

주요 재무 결과

일반관리비는 소매 엔터테인먼트, 바닥재 제조 및 본사 부문의 인건비와 전문 용역비 증가를 반영해 5% 늘어난 2,760만 달러를 기록했다. 판매 및 마케팅 비용은 5.4% 증가한 약 420만 달러로 집계됐다.

전년 동기 실적에는 고용 유지 세액공제에 따른 이익 150만 달러와 프레시전 마샬(Precision Marshall) 정산 유보부채 해소 관련 이익 130만 달러가 포함되어 있었다.

사업 및 영업 실적

소매 바닥재: 매출은 3,040만 달러에서 2,140만 달러로 29.4% 감소했다. 경영진은 신축 주택 건설 및 주택 리모델링 시장의 지속적인 침체 속에서 소매 및 시공업체 판매가 줄어든 것이 매출 감소의 원인이라고 설명했다.

소매 엔터테인먼트: 전 제품군에 걸친 견조한 소비자 수요에 힘입어 매출이 2,140만 달러로 12.7% 증가했다. 영업이익과 조정 EBITDA는 각각 33.8%, 28.9% 늘었다.

철강 제조: 매출은 3,630만 달러로 7.3% 증가했다. 가공, 내마모강, 공구 및 금형 사업의 판매량 증가가 금속 성형, 조립 및 마감 솔루션의 매출 감소를 충분히 상쇄했다. 영업이익은 68.9% 증가했고, 조정 EBITDA는 16.3% 늘었다.

바닥재 제조: 매출은 3,100만 달러에서 3,180만 달러로 2.8% 증가했다. 내부 거래 제거 후 매출은 전년 동기 대비 약 110만 달러 늘었다.

6월 30일 기준 라이브 벤처스의 총자산은 3억 8,580만 달러, 자본총계는 9,190만 달러를 기록했다. 1,000만 달러 규모의 자사주 매입 프로그램 중 약 950만 달러의 한도가 남아 있다.

리스크 및 주요 점검 사항

경영진은 신축 주택 건설 및 주택 리모델링 시장의 지속적인 부진을 주요 영업 압박 요인으로 꼽았다. 이에 따른 소매 바닥재 부문의 부진은 다른 3개 영업 부문의 성장에도 불구하고 연결 매출과 매출총이익을 감소시켰다.

인건비, 전문 용역비, 판매 및 마케팅 비용 증가 역시 영업이익에 부담을 주었다. 경영진은 각 사업 부문의 실적을 개선하고 지속 가능한 장기적 가치를 창출하는 데 전념하고 있다고 밝혔다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.