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Liquidity Services, Inc. Announces Third Quarter Fiscal Year 2012 Financial Results

Stocks in this article: LQDT

Liquidity Services, Inc. (NASDAQ: LQDT; today reported its financial results for its third quarter of fiscal year 2012 (Q3-12) ended June 30, 2012. 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. (Liquidity Services or the Company) reported consolidated Q3-12 revenue of $121.3 million, an increase of approximately 46% from the prior year’s comparable period. Adjusted EBITDA, which excludes stock based compensation and acquisition costs, for Q3-12 was a record $33.4 million, an increase of approximately 121% from the prior year’s comparable period. Q3-12 GMV, the total sales volume of all merchandise sold through the Company’s marketplaces, was a record $225.6 million, an increase of approximately 52% from the prior year’s comparable period.

Net income in Q3-12 was $14.9 million or $0.45 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 Q3-12 was a record $18.7 million or a record $0.56 diluted earnings per share based on 33.2 million fully diluted shares outstanding. Adjusted net income and adjusted diluted EPS for the prior year period (Q3-11) were positively impacted by a onetime tax benefit, of $0.26 per diluted share, as a result of closing our UK operations in the prior year. Normalizing the prior year adjusted EPS for the tax benefit results in 115% year over year growth.

Liquidity Services has $1.1 million in the Acquisition Costs line item of its Statement of Operations, for Q3-12, as a result of the GoIndustry acquisition which closed in early July.

“Liquidity Services reported record results for GMV, Adjusted EBITDA and Adjusted EPS in Q3-12 all of which exceeded our guidance range. Record GMV results were primarily driven by growth in the volume of goods sold in our retail supply chain and commercial capital assets marketplaces by existing and new clients. Our team did an excellent job handling the increased volumes while maintaining a high level of service and quality to our clients and buying customers. Our consistent execution has enabled Liquidity Services to become the trusted provider of choice in our industry with over 75 Fortune 500 corporations, over 4,700 federal, state and local government agencies and 1.8 million registered buyers utilizing our marketplaces. Our progress has generated strong financial results for our shareholders, exemplified by our adjusted EBITDA of $99.5 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 Liquidity Services.

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