Live Ventures Inc (NASDAQ:LIVE) stock fell 2.99% (As on December 16, 11:52:35 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 22 has reported the  revenues of $73.8 million increased 4.6% due to increased revenues in the Steel Manufacturing Segment primarily as a result of the acquisition of The Kinetic Co., Inc. (“Kinetic”). The increase in revenues was partially offset by a decrease of approximately $2.7 million in the Corporate and Other Segment resulting from lower revenues at Salomon Whitney LLC. Operating income decreased to $1.2 million for the fourth quarter of 2022 as compared to $9.1 million in the prior year period. The decrease in operating income is attributable to the impairment of goodwill and other intangible assets at SW Financial as well as inflationary cost increases. Fourth quarter 2022 adjusted EBITDA of $7.2 million decreased approximately $4.3 million, or 37.5%, as compared to the prior year period. The decrease in adjusted EBITDA is primarily due to inflationary cost increases. For the three months ended September 30, 2022, net loss was $0.6 million as compared with net income of $7.1 million in the prior year period. The decrease in net income is attributable to the impairment charge and lower profit margins as a result of inflationary cost increases. Diluted net loss per share for the fourth quarter was $0.20 per share as compared to diluted EPS of $2.23 in the prior year period. As of September 30, 2022, the Company had total cash availability of $31.0 million, consisting of cash on hand of $4.6 million and cash availability under its various lines of credit of $26.4 million. Fourth quarter operating loss was approximately $6.9 million, as compared to an operating loss of approximately $1.9 million in the prior period.

Moreover, fourth quarter 2022 Retail Segment revenues of $20.0 million decreased approximately $0.8 million or 3.7%, as compared with the prior year period. The decrease is primarily due to inflationary pressures, supply chain issues, and overall product sales mix. Fourth quarter 2022 Flooring Manufacturing Segment revenues of $33.0 million increased approximately $0.2 million, or 0.7%, as compared with the prior year period. The increase is primarily due to the Better Backers acquisition and sales price increases partially offset by decreased sales volume. Fourth quarter 2022 Steel Manufacturing Segment revenues of $19.3 million increased approximately $6.5 million, or 50.9%, as compared with the prior year period