Heritage Global Inc. Appoints Emmett Demoss to Serve as a Class III Director; Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017
August 09, 2017 at 09:19 pm
Share
Board of Directors of Heritage Global Inc. appointed Emmett DeMoss to serve as a Class III director, effective as of August 7, 2017. He served as Chief Operating Officer of Grubb & Ellis. He also held positions as a director and senior officer of Docutel.
The company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the period, the company announced total revenues of $4,782,000 compared to $3,961,000 a year ago. Operating income was $27,000 compared to loss of $234,000 a year ago. Loss before income tax expense was $184,000 compared to income of $626,000 a year ago. Net loss was $199,000 or $0.01 per basic and diluted share compared to net income of $624,000 or $0.02 per basic and diluted share a year ago. LBITDA was $75,000 compared to EBITDA of $772,000 a year ago. Adjusted EBITDA was $166,000 compared to adjusted LBITDA of $132,000 a year ago. The increase in total Revenue was due to the company executing a greater number of principal transactions in the second quarter of 2017, with asset sales revenue increasing by 223% to $0.8 million in the second quarter of 2017 from $0.3 million in the second quarter of 2016.
For the six months, the company announced total revenues of $9,815,000 compared to $9,381,000 a year ago. Operating income was $420,000 compared to loss of $42,000 a year ago. Income before income tax expense was $83,000 compared to $702,000 a year ago. Net income was $55,000 compared to $684,000 or $0.02 per basic and diluted share a year ago. EBITDA was $285,000 compared to $979,000 a year ago. Adjusted EBITDA was $707,000 compared to $179,000 a year ago.
Heritage Global Inc. is an asset services company specializing in financial and industrial asset transactions. The Company provides a full suite of services, including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. The Company segments include Industrial Assets Division and Financial Assets Division. Industrial Assets Division includes Auction and Liquidation, which operates a global full-service auction, appraisal and asset advisory firm, including the acquisition of turnkey manufacturing facilities and used industrial machinery and equipment, and Refurbishment & Resale, which acquire, refurbish and supply specialized laboratory equipment. Financial Assets Division includes Brokerage, which charges-off receivables in the United States and Canada on behalf of lenders including banks, mortgage companies, and auto and alternative lending sources, and Specialty Lending, which provides specialty financing solutions to investors.
Heritage Global Inc. Appoints Emmett Demoss to Serve as a Class III Director; Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017