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

Liquid Holdings Group, Inc.

CIK: 1562594 Ticker: LIQDQ

 

Liquid Holdings Group Reports Third Quarter 2013 Results

 

Annual Contract Value Grows 85% and Customer Base Grows 60% Sequentially

 

New York, New York – October 31, 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 third quarter ended September 30, 2013.

 

Financial Highlights for the Third Quarter of 2013

 

·Annual Contract Value rose 85% quarter over quarter to $3.2 million

 

·Customer base grew 60% from June 30, 2013 to 48 customers

 

·Total contracted software units rose 35% from June 30, 2013 to 565 units

 

·Software services revenue increased 10% quarter over quarter to $732,000

 

·GAAP basic and diluted EPS of $(0.52)

 

·Adjusted basic and diluted EPS of $(0.18)

 

“We are pleased with our third quarter performance and the continued momentum of our cloud-based platform in the market. During the quarter, we entered into two major strategic partnerships, expanded our presence in international markets and substantially grew our client base. We attribute this success to our next-generation OERMS platform, which is the only solution in the market that integrates real-time risk within an OEMS system,” said Brian Storms, CEO of Liquid Holdings. “In addition to executing on the large market opportunity in front of us, we are also exploring the potential to expand our product suite into new applications and customer segments.”

 

Third Quarter 2013 Results

 

Software services revenue increased during the third quarter of 2013 to $732,000, or 10%, from $667,000 in the second quarter of 2013. Total revenue decreased in the third quarter of 2013 to $732,000 from $1.4 million in the second quarter of 2013. As previously disclosed, during the second quarter of 2013, Liquid exited the over-the-counter brokerage business in order to focus on software services, which accounted for the decline in total revenue.

 

GAAP net loss for the third quarter of 2013 was $12.2 million, or $0.52 per basic and diluted share, compared to a net loss of $21.7 million, or $1.04 per basic and diluted share, in the second quarter of 2013. The net loss for the third quarter was due primarily to compensation expense of $6.1 million, depreciation and amortization of $1.8 million, professional fees of $1.3 million and income tax expense of $1.3 million. Compensation expense included $1.9 million of share-based compensation. Depreciation and amortization was predominantly for amortization of acquisition-related intangible assets. Professional fees included an increase in costs associated with Liquid now being a publicly traded company. During the third quarter, Liquid converted to a corporation from a limited liability company. As such, a tax adjustment was made to revalue deferred tax liabilities at current corporate income tax rates, the result of which was a charge to income tax expense of $1.3 million. Also contributing to the third quarter loss was an expense of $650,000 incurred in connection with the completion of last year’s Fundsolve acquisition via the settlement of a contingent consideration payable that was paid in shares of Liquid common stock (the “Fundsolve Issuance”).

 


The following information was filed by Liquid Holdings Group, Inc. (LIQDQ) on Thursday, October 31, 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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Document And Entity Information
Certain Relationships And Related Party Transactions (details)
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (parenthetical)
Condensed Consolidated Statements Of Operations And Comprehensive Income (loss)
Certain Relationships And Related Party Transactions
Certain Relationships And Related Party Transactions (details Textual)
Certain Relationships And Related Party Transactions (tables)
Commitment And Contingencies (tables)
Commitments And Contingencies
Commitments And Contingencies (details Textual)
Commitments And Contingencies (details)
Computation Of Earnings Per Share
Computation Of Earnings Per Share (details)
Computation Of Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details 2)
Fair Value Measurements (details 3)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (details 2)
Goodwill And Other Intangible Assets (details Textual)
Goodwill And Other Intangible Assets (details)
Goodwill And Other Intangible Assets (details1)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (details Textual)
Members' Equity
Members' Equity (details Textual)
Net Capital Requirement
Net Capital Requirement (details Textual)
Net Capital Requirement (details)
Net Capital Requirement (tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (details Textual)
Share-based Compensation
Share-based Compensation (details 1)
Share-based Compensation (details 2)
Share-based Compensation (details Textual)
Share-based Compensation (details)
Share-based Compensation (tables)
Subsequent Events
Subsequent Events (details Textual)
Ticker: LIQDQ
CIK: 1562594
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-13-061530
Submitted to the SEC: Thu Nov 14 2013 12:07:35 PM EST
Accepted by the SEC: Thu Nov 14 2013
Period: Monday, September 30, 2013
Industry: Prepackaged Software

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