Liquidity Services, Inc. Announces Fourth Quarter And Fiscal Year 2013 Financial Results

Liquidity Services, Inc. (NASDAQ: LQDT; www.liquidityservicesinc.com) today reported its financial results for its fiscal year (FY-13) and fourth quarter (Q4-13) ended September 30, 2013. 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 record consolidated FY-13 revenue of $505.9 million, an increase of approximately 6% from the prior year. Adjusted EBITDA, which excludes stock-based compensation and acquisition costs including changes in acquisition earn out payment estimates, for FY-13 was $104.6 million, a decrease of approximately 5% from the prior year. FY-13 GMV, the total sales volume of all merchandise sold through the Company’s marketplaces, was a record $973.3 million, an increase of approximately 13% from the prior year.

The Company reported consolidated Q4-13 revenue of $129.1 million, an increase of approximately 6% from the prior year’s comparable period. Adjusted EBITDA for Q4-13 was $24.9 million, an increase of approximately 8% from the prior year’s comparable period. GMV was $250.5 million for Q4-13, an increase of approximately 4% from the prior year’s comparable period.

Net income in FY-13 was $41.1 million or $1.26 diluted earnings per share. Adjusted net income in FY-13, which excludes stock-based compensation and acquisition costs including changes in acquisition earn out payment estimates and amortization of contract-related intangible assets associated with the Jacobs Trading acquisition – net of tax, was $57.0 million, a decrease of approximately 6% from the prior year, or $1.75 adjusted diluted earnings per share based on 32.7 million fully diluted shares outstanding. Net income in Q4-13 was $10.4 million or $0.32 diluted earnings per share. Adjusted net income in Q4-13 was $13.4 million, an increase of approximately 3% from the prior year’s comparable period, or $0.41 adjusted diluted earnings per share based on 32.7 million fully diluted shares outstanding.

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