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Heritage Global Says Q2 Revenue Grew to $3.9 Million

Heritage Global Inc., a San Diego-based company that conducts liquidation transactions and valuations for distressed and surplus corporate and financial assets, announced it had earned $600,000 in net income during the second quarter of the year, an improvement from last year’s net loss of $700,000.

However, the income included a $900,000 non-operating gain related to its 2014 acquisition of National Loan Exchange Inc., the company said in a financial results report released Tuesday.

Revenue in the second quarter was up by 11 percent compared to the second quarter of 2015, reaching $3.9 million, Heritage reported.

“The increase in total revenues reflects a higher volume of transactions and the timing of certain asset liquidation transactions,” the company said.

Heritage said its gross profits in the quarter ending June 30 were up 14 percent to $2.9 million from $2.6 million in the second quarter of 2015.

The company also reported that it completed the sale of real estate worth $4.1 million in the second quarter and used the proceeds to eliminate $2.5 million in debt, a move Heritage said should save the company about $200,000 annually going forward.

Also announced Tuesday was the company’s Aug. 4 appointment of Michael Hexner, operating partner of private equity firm Fundamental Capital, to the company’s board of directors.

Hexner, who co-founded the independent tire distributor Wheel Works in 1976 and led it for 26 years, is a “proven executive leader who brings a unique perspective as well as significant financial and operational expertise to our board,” said Ross Dove, CEO of Heritage, in a statement.

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