Liquid Holdings Group, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
October 30, 2014 at 08:00 am EDT
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Liquid Holdings Group, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues of $1,485,007 against $732,388 a year ago. Loss from operations was $7,923,495 against $10,460,611 a year ago. Loss before income taxes was $8,068,015 against $10,939,261 a year ago. Net loss was $8,068,015 or $0.13 basic and diluted per share against $12,249,164 or $0.52 basic and diluted per share a year ago. Adjusted net loss was $5,283,513 or $0.09 basic and diluted per share against $4,294,712 or $0.18 basic and diluted per share a year ago. The net loss was due primarily to compensation expense of $3.4 million (including $1.1 million of share-based compensation), depreciation and amortization of $1.8 million, and computer-related and software development expense of $1.4 million. Cash used in operating activities totaled $5.7 million compared to $2.7 million in the third quarter of 2013.
For the nine months, the company reported revenues of $4,308,876 against $3,888,806 a year ago. Loss from operations was $22,370,795 against $37,386,681 a year ago. Loss before income taxes was $22,515,074 against $37,899,971 a year ago. Net loss was $22,515,074 or $0.53 basic and diluted per share against $39,025,668 or $1.82 basic and diluted per share a year ago. Net cash used in operating activities was $17,347,973 against $9,404,081 a year ago. Adjusted net loss was $14,572,671 or $0.34 basic and diluted per share against $10,477,348 or $0.49 basic and diluted per share a year ago.
Liquid Holdings Group, Inc. (Liquid) is a software as a service (SaaS) provider of investment management solutions for the buy side. The Company offers the Liquid platform or any of its components on a subscription basis to hedge fund managers, asset managers, family offices and financial institutions across the world. The Liquid platform combines multi-asset order, execution and risk management with shadow net asset value and investor reporting capabilities. The Liquid platform is real-time and broker-neutral. The Liquid platform provides unified workflows and capabilities across order, execution and risk management. Liquid allows its clients to invest in and track multiple strategies and multiple portfolios through custom interfaces built for traders, portfolio managers, heads of risk, chief information officers (CIOs) and investor reporting teams. Its LiquidTrade is a single order and execution management system that combines the workflow, design and trading tools of a broker.