/ CORRECTION - Great American Group Announces Improved Fourth Quarter and Full Year 2012 Financial Results
(firmenpresse) - WOODLAND HILLS, CA -- (Marketwire) -- 03/28/13 -- In the news release, "Great American Group Announces Improved Fourth Quarter and Full Year 2012 Financial Results," issued earlier today, please be advised that due to formatting revisions in the Consolidated Statement of Cash Flows for the year ended December 31, 2011, the last two rows should read "20,080" rather than "-" and "15,034" rather than "(5,046)". Complete corrected text follows.
WOODLAND HILLS, CA -- March 28, 2013 -- Great American Group, Inc.® (OTCBB: GAMR) ("Great American Group" or the "Company"), a leading provider of asset disposition, valuation and appraisal services, today announced financial results for its fourth quarter and full year ended December 31, 2012.
Fiscal 2012 total revenues of $83.9 million, a 32.1% increase from $63.5 million a year ago
Fiscal 2012 net income of $3.5 million, versus net income of $0.6 million from a year ago
Fiscal 2012 diluted earnings per share of $0.12, versus diluted earnings per share of $0.02 from a year ago
"During fiscal 2012 we experienced significant year-over-year improvements in our financial results with a strong increase in revenues and profitability, as business activity across a number of our divisions improved from prior year levels," said Andrew Gumaer, Chief Executive Officer of Great American Group. Mr. Gumaer added, "GA Europe, GA Appraisals, and GA Keen Realty are three of our divisions that experienced significant increases in business activity in 2012 and helped to drive our overall financial performance. The positive contributions from all three divisions helped to diversify Great American's revenues and offset a decline in activity in our US Retail business. We are pleased with the growth that each of these three divisions have experienced over the last several years and hope to continue our investment in their future development."
For the fourth quarter, the Company reported total revenues of $30.7 million, a significant increase from revenues of $11.4 million in the fourth quarter of 2011. Revenues from services and fees were $24.5 million, compared to $10.5 million in the same period the prior year. Revenues from sale of goods were $6.3 million, compared to $0.9 million in the fourth quarter of 2011. The increase in total revenues during the quarter was primarily due to increases in the UK Retail Stores segment, as well as the retail liquidation segment that participated in the liquidation of Comet, a 236 store electronics chain in the United Kingdom. The Company's results include the consolidation of Shoon, the UK shoe retailer in which the Company invested last May. Shoon contributed $10.2 million of revenue and net income of $0.5 million to our Company's consolidated results in 2012.
Direct cost of services was $7.8 million, compared to $3.8 million a year ago. The increase in direct cost of services was primarily the result of an increase in costs incurred as result of services performed in connection with the Comet liquidation engagement during the fourth quarter of 2012. Cost of goods sold was $4.3 million in the fourth quarter of 2012, compared to $1.1 million in the fourth quarter of the prior year.
Selling, general and administrative expenses increased to $13.7 million, compared to $6.1 million in the fourth quarter of 2011. The increase in selling, general and administrative expenses was primarily attributed to increases in payroll and operating expenses from the ongoing expansion of the Company's UK operations and the operating expenses of Shoon.
Operating income for the fourth quarter of 2012 was $4.9 million, compared to $0.3 million during the fourth quarter of 2011.
Interest expense during the fourth quarter of 2012 declined to $0.7 million from $1.0 million in the same period a year ago. The decline in interest expense was primarily the result of a decrease in US retail liquidation activity that required borrowings from our line of credit in 2011.
Pretax income was $4.1 million compared to pretax loss of $0.5 million in the fourth quarter of 2011. Net income was $2.4 million, or $0.08 per diluted share, compared to net loss of $0.7 million, or $0.02 per diluted share in the fourth quarter of 2011.
For the twelve months of 2012, the Company reported improved total revenues of $83.9 million, compared to $63.5 million in the twelve months of 2011. Revenues from services and fees were $65.6 million, compared to $60.6 million a year ago. Sales of goods were $18.3 million compared to $2.9 million in the same period of 2011.
Total operating expenses were $76.5 million, compared to $56.1 million in 2011. Operating income was $7.4 million, flat compared to the prior year. Pretax income was $6.3 million, compared to $2.7 million during the twelve months of 2011. The Company recorded a provision for income taxes of $1.9 million compared to $2.1 million in the same period of 2011. Net income during the twelve months of 2012 was $3.5 million, or $0.12 per diluted share, compared with $0.6 million, or $0.02 in the same period of 2011.
Adjusted EBITDA for the twelve months of 2012 was $8.7 million compared to $8.5 million in 2011.
At December 31, 2012, the Company had $18.7 million in cash and cash equivalents and $7.9 million of restricted cash, an increase compared to $15.0 million of cash and cash equivalents at December 31, 2011.
The Company will host a conference call today at 4:30 p.m. ET, to discuss results for the fourth quarter ended December 31, 2012. To participate in the event by telephone, please dial (877) 407-0789, 10 minutes prior to the start time (to allow time for registration) and use conference ID # 408841. International callers should dial (201) 689-8562. A digital replay will be available beginning March 28, 2013, at 7:30 p.m. ET, through April 4, 2013, at 11:59 p.m. ET. To access the replay, dial (877) 870-5176 (U.S.), and use passcode 408841. International callers should dial (858) 384-5517 and enter the same passcode.
The call will also be broadcast over the Internet and can be accessed on the Investor Relations section of the Company's website at . A replay of the call will also be available for 90 days on the website.
(OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, San Francisco and London. For more information, call (818) 884-3737 or visit .
This press release may contain forward-looking statements by Great American Group that are not based on historical fact, including, without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Great American Group's filings with the SEC, including, without limitation, the risks described in Great American Group's proxy statement/prospectus filed with the SEC on July 19, 2012, and its Annual Report on Form 10-K for the year ended December 31, 2011. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and Great American Group undertakes no duty to update this information.
Certain of the information set forth herein, including Adjusted EBITDA, may be considered non-GAAP financial measures. Great American Group believes this information is useful to investors because it provides a basis for measuring Great American Group's performance against the contingent share earnout provisions in the AAMAC transaction. In addition, Great American Group's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating Great American Group's operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by Great American Group may not be comparable to similarly titled amounts reported by other companies.
Great American Group
Phil Ahn
SVP, Strategy & Corporate Development
818-884-3737
Addo Communications
Patricia Nir
310-829-5400
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 28.03.2013 - 17:43 Uhr
Sprache: Deutsch
News-ID 1211770
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
WOODLAND HILLS, CA
Phone:
Kategorie:
Furniture and Furnishings
Anmerkungen:
Diese Pressemitteilung wurde bisher 2667 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"/ CORRECTION - Great American Group Announces Improved Fourth Quarter and Full Year 2012 Financial Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Great American Group, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
