Liquidity Services Q2 Profit Misses Estimates; Trims FY14 Forecast - Quick Facts

(RTTNews) - Liquidity Services, Inc. (LQDT), a provider of online marketplaces and integrated services for surplus assets, reported Thursday that its second quarter net income was $5.63 million or $0.17 per share, sharply lower than prior year's $12.70 billion or $0.39 per share.

The latest results included stock based compensation, acquisition costs and amortization of contract-related intangible assets.

Adjusted net income, which excluded items, was $8.5 million or $0.26 per share, down 46 percent from the prior year.

On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA was $16.7 million, down 43 percent from the prior year.

Revenue for the quarter was $128.33 million, a decrease of approximately 1.5 percent from the prior year's $130.32 million. Analysts estimated revenues of $120.21 million for the quarter.

Looking ahead for the third quarter, the company expects adjusted earnings per share between $0.28 and $0.34, while analysts expect $0.48 per share. The company expects adjusted EBITDA to range from $18.0 million to $21.0 million.

For the year, the company now expects adjusted earnings per share to range from $1.10 to $1.27, lower than previous guidance range of $1.60 to $1.76. Analysts expect $1.65 per share in earnings for the year.

The company expects adjusted EBITDA to range from $70 million to $80 million, a decrease from previous guidance range of $100 million to $108 million.