LAS VEGAS—Shareholders of Live Ventures Incorporated, a company specializing in retail and miscellaneous retail services, completed their Annual Meeting with key decisions on the company's governance. The meeting, held on Thursday, resulted in the election of directors and the ratification of the company's independent accounting firm for the upcoming fiscal year.
During the meeting, shareholders voted on two major proposals. The first was the election of directors, where all five nominees were elected to serve until the 2025 Annual Meeting or until their successors are duly elected and qualified. Jon Isaac, Tony Isaac, Richard D. Butler, Jr., Dennis (De) Gao, and Tyler Sickmeyer received the majority of votes, with Jon Isaac receiving 2,391,417 votes for and 8,077 votes withheld. The other nominees also saw a significant number of votes in their favor, with the least number of votes for being 2,175,891 for Richard D. Butler, Jr. The number of broker non-votes for each nominee was 305,125.
The second proposal involved the ratification of Frazier & Deeter, LLC as the independent registered accounting firm for Live Ventures for the fiscal year ending September 30, 2024. This proposal received overwhelming support, with 2,687,817 votes for, 16,614 against, and 188 abstentions.
Live Ventures, operating under the Central Index Key 0001045742, is incorporated in Nevada and has its principal executive offices in Las Vegas. The company, formerly known as LiveDeal Inc, YP Corp, and YP Net Inc, has undergone several name changes, with the most recent in 2007.
In other recent news, Live Ventures Incorporated reported a significant 30.2% increase in total revenue for the second quarter of fiscal year 2024, amassing $118.6 million, largely due to the acquisitions of PMW and Flooring Liquidators. However, the company also reported a net loss of approximately $3.3 million, contrasting with a net income of $1.6 million in the same quarter the previous year. The company's Board of Directors has authorized a new stock repurchase program of up to $10 million, replacing the previous plan.
In addition to these financial developments, Live Ventures announced the acquisition of Central Steel Fabricators, a Chicago-based company specializing in metal products for data centers and the communications industry. This acquisition aligns with Live Ventures' long-term strategy and existing steel manufacturing operations.
InvestingPro Insights
In light of Live Ventures Incorporated's recent shareholder meeting, it is valuable to consider some key financial metrics and InvestingPro Tips that could influence investor perspectives. According to InvestingPro data, Live Ventures boasts a market capitalization of $72.44 million, which reflects the company's value in the eyes of investors. Additionally, the company has experienced a robust revenue growth of 42.73% over the last twelve months as of Q2 2024, signaling a strong expansion in its business activities.
Despite not being profitable over the last twelve months, with a negative P/E ratio of -9.75, the company's liquid assets exceed its short-term obligations, indicating a solid liquidity position. Moreover, the stock is trading near its 52-week low, which could potentially offer a buying opportunity for value investors. It's worth noting that Live Ventures does not pay a dividend to shareholders, which may be a consideration for those seeking regular income from their investments.
For those interested in deeper analysis, there are additional InvestingPro Tips available that provide further insights into Live Ventures' performance and valuation. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to comprehensive tips and metrics that can guide investment decisions.
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