Liquidity Services, Inc. (NASDAQ: LQDT; www.liquidityservicesinc.com) today reported its financial results for its first quarter of fiscal year 2012 (Q1-12) ended December 31, 2011. Liquidity Services, Inc. provides business and government clients and buying customers transparent, innovative and effective online marketplaces and integrated services for surplus assets.
Liquidity Services, Inc. (LSI or the Company) reported consolidated Q1-12 record revenue of $106.0 million, an increase of approximately 35% from the prior year’s comparable period. Adjusted EBITDA, which excludes stock based compensation and acquisition costs, for Q1-12 was a record $22.7 million, an increase of approximately 105% from the prior year’s comparable period. Q1-12 GMV, the total sales volume of all merchandise sold through the Company’s marketplaces, was a record $179.2 million, an increase of approximately 41% from the prior year’s comparable period.
Net income in Q1-12 was $9.1 million or $0.28 diluted earnings per share. Adjusted net income, which excludes stock based compensation, acquisition costs and amortization of contract-related intangible assets associated with the Jacobs Trading acquisition – net of tax, in Q1-12 was $11.9 million or $0.37 diluted earnings per share based on 32.4 million fully diluted shares outstanding, an increase of approximately 146% and 118%, respectively, from the prior year’s comparable period.
Q1-12 operating cash flow was $12.2 million, an increase of approximately 80% from the prior year’s comparable period.“LSI reported record results for GMV, Adjusted EBITDA and Adjusted EPS in Q1-12 all of which exceeded our guidance range. Record GMV results were driven by growth in the volume of capital assets sales across our commercial and government clients and benefited from improved merchandising, penetration of existing clients and expanding market share. Our consistent execution has enabled Liquidity Services to become the trusted provider of choice in our industry with over 50 Fortune 500 corporations, over 4,000 federal, state and local government agencies and over 1.6 million registered buyers utilizing our marketplace. Our progress has generated strong financial results for our shareholders, exemplified by our adjusted EBITDA of $64.3 million and operating cash flow of $44.0 million over the last 12 months. By continuing to invest in growing our e-commerce business we intend to capture a significant share of large, highly fragmented markets, both in the commercial and public sector, while having a positive impact on our clients' financial and environmental sustainability initiatives,” said Bill Angrick, Chairman and CEO of LSI.
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