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Articles 

Liquidity Services Inc. Reports Operating Results (10-Q)

May 04, 2012 | About:

Liquidity Services Inc. (NASDAQ:LQDT) filed Quarterly Report for the period ended 2012-03-31.

Liquidity Svcs has a market cap of $1.67 billion; its shares were traded at around $64.17 with a P/E ratio of 47.8 and P/S ratio of 5.1.

Highlight of Business Operations:

Sales and marketing expenses. Sales and marketing expenses increased $1.0 million, or 16.2%, to $6.9 million for the three months ended March 31, 2012 from $5.9 million for the three months ended March 31, 2011, primarily due to (1) expenses of $0.4 million in staff wages, including stock based compensation; and (2) expenses of $0.6 million for the acquisitions of Jacobs Trading and TruckCenter.com. As a percentage of revenue, sales and marketing expenses decreased to 5.5% from 6.6%, primarily due to the increase in revenue, while leveraging our fixed costs, such as marketing staff.

General and administrative expenses. General and administrative expenses increased $1.4 million, or 21.1%, to $8.2 million for the three months ended March 31, 2012 from $6.8 million for the three months ended March 31, 2011, primarily due to (1) expenses of $0.6 million in staff wages, including stock based compensation; and (2) expenses of $0.6 million for the acquisitions of Jacobs Trading and TruckCenter.com. As a percentage of revenue, general and administrative expenses decreased to 6.5% from 7.6%, primarily due to the increase in revenue while leveraging our fixed costs, such as corporate staff.

Technology and operations expenses. Technology and operations expenses increased $5.5 million, or 21.1%, to $31.6 million for the six months ended March 31, 2012 from $26.1 million for the six months ended March 31, 2011, primarily due to (1) expenses of $0.8 million in staff and temporary wages, including stock based compensation, and consultant fees associated with technology infrastructure projects; and (2) expenses of $4.7 million from the acquisitions of Jacobs Trading and TruckCenter.com. As a percentage of revenue, technology and operations expenses decreased to 13.6% from 15.8%, primarily due to the increase in revenue, while leveraging our fixed costs, such as distribution centers.

Sales and marketing expenses. Sales and marketing expenses increased $1.7 million, or 14.8%, to $13.4 million for the six months ended March 31, 2012 from $11.7 million for the six months ended March 31, 2011, primarily due to (1) expenses of $0.5 million in staff wages, including stock based compensation; and (2) expenses of $1.0 million for the acquisitions of Jacobs Trading and TruckCenter.com. As a percentage of revenue, sales and marketing expenses decreased to 5.8% from 7.1%, primarily due to the increase in revenue, while leveraging our fixed costs, such as marketing staff.

General and administrative expenses. General and administrative expenses increased $2.9 million, or 22.6%, to $16.0 million for the six months ended March 31, 2012 from $13.1 million for the six months ended March 31, 2011, primarily due to (1) expenses of $1.2 million in staff wages, including stock based compensation; and (2) expenses of $1.5 million for the acquisitions of Jacobs Trading and TruckCenter.com. As a percentage of revenue, general and administrative expenses decreased to 6.9% from 7.9%, primarily due to the increase in revenue while leveraging our fixed costs, such as corporate staff.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

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