ALJ Regional Holdings Announces Second Quarter Earnings
NEW YORK, May 15, 2014 /PRNewswire/ -- ALJ Regional Holdings, Inc. (OTC Markets: ALJJ) announced results for its second quarter ended March 31, 2014.
For the three months ended March 31, 2014, ALJJ posted net income of $3.5 million and earnings per share of $0.11. For the six months ended March 31, 2014, ALJJ posted net income of $4.9 million and earnings per share of $0.16.
ALJJ acquired Faneuil, Inc. ("Faneuil") in October 2013 and Floors-N-More, LLC, dba Carpets N' More ("Carpets") in April 2014. In February 2013, ALJJ 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 the largest floor covering retailer in Las Vegas and 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 March 31, 2014, and the discontinued operations of KES from October 1, 2012 through February 5, 2013. They do not reflect any operations of Carpets as the acquisition occurred after the end of the quarter.
ALJ Regional Holdings, Inc.
(in thousands except per share)
2014
2013
3 months Ended March 31
Net Sales
$
36,408
$
0
Net Income
3,479
67,816
Net Income Per Share (Dilutive)
0.11
1.52
6 months Ended March 31
Net Sales
$
62,242
$
0
Net Income
4,950
66,306
Net Income Per Share (Dilutive)
0.16
1.49
According to Jess Ravich, ALJJ's Executive Chairman, "We were very pleased with Faneuil's results this quarter. We are running ahead of our expectations this year, due in part to growth in our healthcare vertical." Mr. Ravich also stated, "This is a very exciting time for ALJ. We have acquired two well-run companies in Faneuil and Carpets and are looking forward toward the next quarter when both are fully integrated into ALJ."
About ALJ Regional Holdings
ALJJ 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, the largest floor covering retailer in Las Vegas and 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 ALJJ'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 ALJJ'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 ALJJ assumes no obligation to update any forward-looking statement.
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