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Friday, Jul 19, 2024
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Heritage Global Reports Q2 Results

Heritage Global Inc., a San Diego-based company that conducts liquidation transactions and valuations for distressed and surplus corporate and financial assets, announced a second-quarter loss of about $200,000 on total revenue of about $4.8 million.

The loss was related to a fair value adjustment of contingent consideration from its acquisition of National Loan Exchange Inc., the company said. Without the non-operating loss the company’s net income in the second quarter would have been $27,000 compared with a loss in operating income of $234,000 in the same quarter of 2016.

In the second quarter of the prior year the company reported earnings of $624,000 on total revenues of about $4 million.

Heritage attributed the year-over-year increase in revenue to the timing of the company’s transactions, a greater number of which were executed during the second quarter of this year than in the same quarter in 2016.

That pushed asset sales revenue up by 223 percent to $800,000 in the second quarter of 2017 compared with $300,000 in the second quarter of 2016, while service revenue rose 7 percent to $3.9 million from $3.7 million in the same quarter of the prior year, Heritage said.

The company completed online sales in the second quarter for companies including Amgen, Pfizer, Textron Systems, Aerojet Rocketdyne, First Solar, SunEdison, Sun Power and Tellabs, Heritage said.

“We are very pleased with the initial success of our profitability and expansion initiatives and the progress we have made year-to-date in improving the company’s operations and financial performance,” CEO Ross Dove said. “Looking ahead, we expect the positive operating momentum will continue into the second half of the year.”

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