Great American Group Announces First Quarter 2013 Financial Results
(firmenpresse) - WOODLAND HILLS, CA -- (Marketwired) -- 05/14/13 -- 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 first quarter ended March 31, 2013.
For the first quarter ended March 31, 2013, the Company reported total revenues of $21.0 million, an increase from $19.3 million in the first quarter of 2012. Revenues from services and fees increased to $18.6 million, compared to $16.9 million in the same period the prior year. Revenues from sale of goods were $2.3 million, compared to $2.4 million in the first quarter of 2012. The increase in total revenues during the quarter was primarily due to an increase in revenues of $2.3 million in the Company's UK retail store segment resulting from the May 2012 investments in Shoon and consolidation of Shoon's operating results. This was offset by a decrease in revenues in the auction and liquidation segment of $0.5 million and a decrease in revenues in the valuation and appraisal services segment of $0.1 million as compared to the prior year period.
"Our first quarter 2013 revenues increased 8.5% to $21.0 million and net income increased to $1.3 million, from $1.1 million in the prior year's quarter," said Andrew Gumaer, Chief Executive Officer of Great American Group. "During the first quarter, our results of operations were favorably impacted from our participation in the joint venture involving the liquidation of inventory for the going-out-of-business sale of Fashion Bug, a 568 store women's apparel retailer."
Direct cost of services were $6.2 million, compared to $6.3 million a year ago. Selling, general and administrative expenses were $10.9 million, compared to $8.5 million in the first quarter of 2012. The increase in selling, general and administrative expenses was primarily attributed to an increase in expenses incurred as a result of the consolidation of Shoon's operations from our investment in May 2012. The increase in selling, general and administrative was also impacted by an increase in headcount in our valuation and appraisal segment, and the ongoing expansion of our UK operations.
Interest expense during each of the first quarters in 2013 and 2012 was $0.6 million. Interest expense included $0.5 million of interest expense on the notes payable to the Great American Members and Phantom Equity holders, and $0.1 million of interest expense on our borrowings under the Company's revolving credit facility and letter of credit fees and amortization of deferred loan fees on our asset based credit facility.
Operating income for the first quarter of 2013 was $2.3 million, compared to $2.4 million during the first quarter of 2012.
Pretax income was $1.7 million compared to pretax income of $1.8 million in the first quarter of 2012. Net income in the first quarter of 2013 was $1.3 million compared to net income of $1.1 million for the first quarter of 2012. Diluted net earnings per share was $0.04 in the first quarter of 2013 and 2012.
At March 31, 2013, the Company had $31.1 million in cash and cash equivalents and $0.2 million of restricted cash.
The Company will host a conference call today at 4:30 p.m. ET, to discuss results for the first quarter ended March 31, 2013. 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 # 413447. International callers should dial (201) 689-8562. A digital replay will be available beginning May 14, 2013, at 7:30 p.m. ET, through May 21, 2013, at 11:59 p.m. ET. To access the replay, dial (877) 870-5176 (U.S.), and use passcode 413447. 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, London and Milan. 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, 2012. 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
Chief Financial Officer & Chief Operating Officer
818-884-3737
Addo Communications
Patricia Nir
310-829-5400
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Datum: 14.05.2013 - 14:00 Uhr
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