B. Riley Financial (RILY) Prelim. Q3 adj.-EBITDA Exceeds Expectations
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B. Riley Financial, Inc. (Nasdaq: RILY) has reported certain preliminary results for its third quarter ended September 30, 2016.
Based on preliminary unaudited information, B. Riley Financial expects to report adjusted EBITDA for the third quarter of 2016 in the range of $20 million to $21 million. This would exceed the company's guidance of $15 million to $20 million issued on August 5, 2016, and represents a significant increase from $3.1 million reported in the same year-ago period.
"Our preliminary third quarter results reflect strong performance in our liquidation segment, along with consistent performance in our appraisal business, as well as an improvement in our brokerage business," said company chairman and CEO, Bryant Riley. "United Online, which we acquired in early July, performed in line with our expectations, generating a steady stream of cash flow."
"We continue to seek other strategic investment opportunities similar to United Online, in addition to seeking investment opportunities in our Auction and Liquidation segment," added Riley. "We believe our balance sheet provides us with significant flexibility to pursue attractive opportunities that can expand and diversify our business."
B. Riley Financial plans to report complete Q3 2016 financial results the second week of November 2016. The conference call details will be announced at least a week prior to the call.
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Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Hot Guidance, Management Comments
Related EntitiesB. Riley, Earnings, Definitive Agreement
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