Live Ventures Incorporated (NASDAQ:LIVE) Q3 2022 Earnings Conference Call August 11, 2022 5:00 PM ET

Company Participants

Greg Powell - Director of Investor Relations

David Verret - Chief Financial Officer

Jon Isaac - President and Chief Executive Officer

Eric Althofer - Chief Operating Officer

Conference Call Participants

Joseph Kowalsky - Upstream Investment Partners, LLC

Operator

Good day, everyone, and welcome to today's Live Ventures Incorporated Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call maybe recorded and I will be standing by, should you need any assistance.

It is now my pleasure to turn today's program over to Greg Powell, Director of Investor Relations. Please go ahead.

Greg Powell

Thank you, Brittany. Good afternoon, everyone, and welcome to the Live Ventures third quarter fiscal 2022 conference call. I'm here this afternoon joined by Jon Isaac, our Chief Executive Officer and President; Eric Althofer, our Chief Operating Officer; and David Verret, our Chief Financial Officer.

Some of the statements we are making today are forward-looking and are based on our best view of our businesses as we see them today. The actual results could differ material due to the number of factors, including those outlined in our latest Forms, 10-K and 10-Q filed with the Securities and Exchange Commission. We have no obligation to publicly update any forward-looking statements after this call. Whether as a result of new information, future events, changes in assumptions or otherwise, you can find our press release referenced on this call in the Investor Relations section of the Live Ventures website.

Earlier today, we filed our 10-Q with the SEC. I direct you to our website, www.liveventures.com or www.sec.gov for a copy of this quarter's 10-Q and other historical SEC filings.

I will now turn the remainder of our call over to David to walk through our financial performance.

David Verret

Thank you, Greg, and good afternoon, everyone. Overall, the company delivered a solid third quarter 2022 performance, representing the three months ended June 30, 2022, despite increasing economic headwinds and inflationary pressures. During the third quarter, we continue to execute our multi-pronged capital allocation strategy to maximize shareholder value. Before we jump into the numbers, we should discuss the biggest event of the quarter.

At the end of June, our Steel Manufacturing segment acquired The Kinetic Co., Inc., a 74-year old Wisconsin-based company. Kinetic is a highly recognizable and regarded brand name in the production of industrial knives and hardened wear products for the tissue, metals and wood industries. It is known as a one-stop shop for in-house grinding, machining and heat treating. We believe that Kinetic is a great fit within our growing Steel Manufacturing segment.