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Wednesday, Apr 24, 2024

Great American Group Reports Net Loss for Q2

Reduced revenues in its auction and liquidation segment contributed to Great American Group Inc. reporting a net loss during the second quarter. The Woodland Hills-based company which provides asset disposition, valuation and appraisal services, generated a net loss of $6.6 million, or $0.24 per diluted share, on revenues of $5.2 million for the period ended June 30. For the same quarter in 2009 the company reported net income of $2.7 million or 0.25 per diluted share on revenues of $15 million. “We are disappointed with our results during the second quarter. The auction and liquidations business environment continues to be challenging, as economic conditions for retailers and credit markets have improved. The result of this has been limited opportunities across our industry and a prolonged slowdown in retail disposition activity,” said Great American Chief Executive Officer Andrew Gumaer. The company will evaluate its current business plan to streamline operations and reduce operating expenses in an effort to help position itself for improved performance in the long term, Gumaer said.

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