Live Ventures (LIVE) 2026财年第三季度业绩电话会议：地板业务疲软致利润承压

Live Ventures（NASDAQ：LIVE）公布第三财季营收和盈利能力下滑，原因是零售地板业务的疲软抵消了其他三个业务板块的增长。

核心要点

• 2026财年第三季度营收同比下降3.2%至1.089亿美元，主要是由于零售地板业务营收减少了900万美元。
• 营业利润下降34%至530万美元，调整后EBITDA下降29.5%至930万美元。
• 公司录得净亏损110万美元，或每股亏损0.34美元；而去年同期净利润为540万美元，稀释每股收益为1.24美元。
• 零售娱乐业务营收增长12.7%至2140万美元，营业利润增长33.8%，调整后EBITDA增长28.9%。
• 钢铁制造业务营收增长7.3%至3630万美元。营业利润增长68.9%，调整后EBITDA增长16.3%。
• 截至6月30日，流动资金总计约为3980万美元，其中包括1090万美元现金以及信贷额度下的2890万美元可用资金。

关键财务业绩

一般及行政费用增长5%至2760万美元，反映出零售娱乐、地板制造和总部部门的薪酬与专业费用增加。销售及市场推广费用增长5.4%至约420万美元。

上年同期包括150万美元的员工留任补助金收益，以及与解决Precision Marshall预留负债相关的130万美元收益。

业务与经营业绩

零售地板：营收从3040万美元下降29.4%至2140万美元。管理层将这一减少归因于新建住宅和房屋翻新市场持续疲软背景下，零售和承包商销售额有所下滑。

零售娱乐：在所有产品线强劲的消费者需求支撑下，营收增长12.7%至2140万美元。营业利润和调整后EBITDA分别增长33.8%和28.9%。

钢铁制造：营收增长7.3%至3630万美元。结构制造、淬硬耐磨以及模具业务较好的销量，超额抵消了金属成形、装配和后处理解决方案营收下降的影响。营业利润增长68.9%，调整后EBITDA增长16.3%。

地板制造：营收从3100万美元增长2.8%至3180万美元。扣除公司内部抵销后的净营收同比增长约110万美元。

截至6月30日，Live Ventures报告的总资产为3.858亿美元，股东权益为9190万美元。在其1000万美元的股票回购计划中，仍有约950万美元可用额度。

风险与关注事项

新建住宅和房屋翻新市场的持续疲软仍是管理层指出的主要经营压力。由此导致的零售地板业务疲软压低了合并营收和毛利润，尽管公司其他三个业务板块实现了增长。

较高的薪酬、专业费用以及销售与市场推广费用也拖累了营业利润。管理层表示，仍将专注于提升各业务板块的业绩并创造可持续的长期价值。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.