ALJJ - ALJ Regional Holdings Announces Third Quarter Earnings
Aug 14, 2014
OTC Disclosure & News Service
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ALJ Regional Holdings Announces Third Quarter Earnings
PR Newswire
NEW YORK, Aug. 14, 2014
NEW YORK, Aug. 14, 2014 /PRNewswire/ -- ALJ Regional Holdings, Inc. (OTC Markets: ALJJ) announced results for its third quarter ended June 30, 2014.
For the three months ended June 30, 2014, ALJ posted net income of $3.8 million and earnings per share of $0.13. For the nine months ended June 30, 2014, ALJ posted net income of $8.8 million and earnings per share of $0.30.
ALJ acquired Faneuil, Inc. ("Faneuil") in October 2013 and Floors-N-More, LLC, dba Carpets N' More ("Carpets") in April 2014. In February 2013, ALJ sold its subsidiary, KES Acquisition Company ("KES"). Therefore, KES' prior year operations are disclosed as a discontinued operation in our financial statements and year over year comparisons for on-going operations are not possible.
Faneuil is a leading provider of outsourcing and co-sourced services to both commercial and government entities in the healthcare, utility, toll and transportation industries. Carpets is one of the largest floor covering retailers in Las Vegas and a provider of multiple finishing products for commercial, retail and home builder markets including all types of flooring, countertops, cabinets, window coverings and garage/closet organizers, with 5 retail locations.
Our financial statements reflect the full operations of Faneuil from October 18, 2013 through June 30, 2014 and Carpets from April 1, 2014 through June 30, 2014, and the discontinued operations of KES from October 1, 2012 through February 5, 2013.
ALJ Regional Holdings, Inc.
(in thousands except per share)
2014
2013
3 months Ended June 30,
Net Sales
$
43,325
$
0
Net Income
3,837
132
Net Income Per Share (Diluted)
0.13
0.00
9 months Ended June 30,
Net Sales
$
105,567
$
0
Net Income
8,787
66,438
Net Income Per Share (Diluted)
0.30
1.57
According to Jess Ravich, ALJ's Executive Chairman, "We are pleased with the performance of Faneuil and Carpets. The Carpets integration has gone smoothly and Faneuil continues to produce impressive results." Anna Van Buren, Faneuil's CEO stated, "We had another strong quarter with better than expected results in all verticals, especially our health care vertical." Mr. Ravich also stated, "Our management teams for Faneuil and Carpets continue to perform well and I am looking forward to a strong close to the end of our fiscal year."
About ALJ Regional Holdings, Inc.
ALJ Regional Holdings, Inc. is the parent company of Faneuil, Inc., a leading provider of outsourcing and co-sourced services to both commercial and government entities in the healthcare, utility, toll and transportation industries and Floors-N-More, LLC, dba Carpets N' More, one of the largest floor covering retailers in Las Vegas and a provider of multiple finishing products for commercial, retail and home builder markets including all types of flooring, countertops, cabinets, window coverings and garage/closet organizers, with 5 retail locations.
This press release contains forward-looking statements. Such statements include information regarding ALJ Regional Holdings, Inc.'s expectations, goals or intentions regarding the future, including but not limited to statements including the words "will" and "expect" and similar expressions. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially are discussed in ALJ's Annual Report for the fiscal year ended September 30, 2013 and in its other periodic reports issued through the OTC Markets News Service and available at www.otcmarkets.com. All forward-looking statements in this release are made as of the date hereof and ALJ assumes no obligation to update any forward-looking statement.
SOURCE ALJ Regional Holdings, Inc.
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