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NEW YORK, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Liquid Holdings Group, Inc. (Nasdaq:LIQD) ("Liquid" or the "Company"), a provider of cloud-based order and execution management, risk and reporting software solutions for the financial services community, today reported results for the second quarter ended June 30, 2013.
Financial Highlights for the Second Quarter of 2013
Software services revenue increased 8.2% quarter over quarter to $0.7 million
GAAP EPS of $(1.04)
Adjusted EPS of $(0.18)
Liquid completes its Initial Public Offering ("IPO") on July 31, 2013
"We are pleased with our second quarter results and the recent completion of our IPO, and look forward to focusing our efforts on our sales and development plans. During the quarter, we continued to execute on our strategy by expanding our executive team and our sales team with several key hires, growing our customer base, and delivering important system enhancements and upgrades," said Brian Storms, CEO of Liquid Holdings. "The growth and market acceptance we have achieved at such a formative stage of the Company's development is a testament to the strength of our cloud based platform and unique SaaS business model."
Second Quarter 2013 Results
Total revenue for the second quarter of 2013 was $1.4 million compared to $1.8 million in the first quarter of 2013. During the second quarter, Liquid exited the over-the-counter ("OTC") brokerage business, which accounted for the decline in total revenue.
Software services revenue, however, increased during the second quarter of 2013 to $0.7 million, or 8.2%, from $0.6 million in the first quarter of 2013.
GAAP net loss for the second quarter of 2013 was $21.7 million, or $1.04 per basic share, compared to a net loss of $5.1 million, or $0.26 per basic share, in the first quarter of 2013. The net loss for the second quarter was due primarily to share-based compensation of $16.1 million and amortization of acquisition-related intangible assets of $1.8 million, both non-cash expenses on our statement of operations.