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Liquid Holdings Group, Inc. (LIQDQ) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2013

Liquid Holdings Group, Inc.

CIK: 1562594 Ticker: LIQDQ

 

 

 August 14, 2013

 

Liquid Holdings Group Reports Second Quarter 2013 Results

 

 

New York, New York – August 14, 2013 – Liquid Holdings Group, Inc. (NASDAQ: LIQD) (“Liquid” or the “Company”), a provider of cloud-based order and execution management, risk and reporting software solutions for the financial services community, today reported results for the second quarter ended June 30, 2013.

 

Financial Highlights for the Second Quarter of 2013

 

·Software services revenue increased 8.2% quarter over quarter to $0.7 million

 

·GAAP EPS of $(1.04)

 

·Adjusted EPS of $(0.18)

 

·Liquid completes its Initial Public Offering (“IPO”) on July 31, 2013

 

“We are pleased with our second quarter results and the recent completion of our IPO, and look forward to focusing our efforts on our sales and development plans. During the quarter, we continued to execute on our strategy by expanding our executive team and our sales team with several key hires, growing our customer base, and delivering important system enhancements and upgrades,” said Brian Storms, CEO of Liquid Holdings. “The growth and market acceptance we have achieved at such a formative stage of the Company’s development is a testament to the strength of our cloud based platform and unique SaaS business model.”

 

Second Quarter 2013 Results

 

Total revenue for the second quarter of 2013 was $1.4 million compared to $1.8 million in the first quarter of 2013. During the second quarter, Liquid exited the over-the-counter (“OTC”) brokerage business, which accounted for the decline in total revenue.

 

Software services revenue, however, increased during the second quarter of 2013 to $0.7 million, or 8.2%, from $0.6 million in the first quarter of 2013.

 

GAAP net loss for the second quarter of 2013 was $21.7 million, or $1.04 per basic share, compared to a net loss of $5.1 million, or $0.26 per basic share, in the first quarter of 2013. The net loss for the second quarter was due primarily to share-based compensation of $16.1 million and amortization of acquisition-related intangible assets of $1.8 million, both non-cash expenses on our statement of operations.

 

Excluding share-based compensation and amortization of acquisition-related intangible assets, as well as the related income tax effect of each, on a non-GAAP basis, adjusted net loss for the second quarter of 2013 was $3.8 million, or $0.18 per basic share, compared to an adjusted net loss of $2.4 million, or $0.12 per basic share, in the first quarter of 2013.

 

Cash used in operating activities totaled $4.0 million in the second quarter of 2013, compared to $2.7 million in the first quarter of 2013.

 

On July 26, 2013 Liquid priced its initial public offering of 3,175,000 shares of its common stock at $9.00 per share.

 


The following information was filed by Liquid Holdings Group, Inc. (LIQDQ) on Wednesday, August 14, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: LIQDQ
CIK: 1562594
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-13-049829
Submitted to the SEC: Mon Sep 09 2013 4:25:48 PM EST
Accepted by the SEC: Mon Sep 09 2013
Period: Sunday, June 30, 2013
Industry: Prepackaged Software

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