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

Stocks in this article: LQDT

Liquidity Services, Inc. (NASDAQ: LQDT; www.liquidityservicesinc.com) today reported its financial results for its fiscal year (FY-12) and fourth quarter (Q4-12) ended September 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. (LSI or the Company) reported record consolidated FY-12 revenue of $475.3 million, an increase of approximately 41% from the prior year. Adjusted EBITDA, which excludes stock-based compensation and acquisition costs including changes in acquisition earn out payment estimates, for FY-12 was a record $110.1 million, an increase of approximately 109% from the prior year. FY-12 GMV, the total sales volume of all merchandise sold through the Company’s marketplaces, was a record $864.2 million, an increase of approximately 55% from the prior year. Comparisons to FY-11 results include our U.K. operations, which were shut down, effective September 30, 2011, and are accounted for as discontinued operations in our statement of operations.

The Company reported consolidated Q4-12 revenue of $122.3 million, an increase of approximately 52% from the prior year’s comparable period. Adjusted EBITDA for Q4-12 was $23.1 million, an increase of approximately 85% from the prior year’s comparable period. GMV was a record $241.0 million for Q4-12, an increase of approximately 65% from the prior year’s comparable period. These comparisons include the results of our U.K. operations, as noted above.

Net income in FY-12 was $48.3 million or $1.47 diluted earnings per share. Adjusted net income in FY-12, which excludes stock-based compensation and acquisition costs including changes in acquisition earn out payment estimates, was a record $60.9 million, an increase of approximately 100% from the prior year, and was a record $1.86 adjusted diluted earnings per share. Net income in Q4-12 was $5.5 million or $0.17 diluted earnings per share. Adjusted net income in Q4-12 was $13.1 million, an increase of approximately 216% from the prior year’s comparable period, and was $0.40 adjusted diluted earnings per share. Adjusted net income excludes stock-based compensation and acquisition costs including changes in acquisition earn out payment estimates, net of tax. These comparisons include the results of our U.K. operations, as noted above.

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