Great American Reports Smaller LossThursday, August 14, 2014
Great American Group lost money in the quarter ended June 30, but it indicated Thursday that it could swing to a profit now that it’s combined with West L.A. investment bank and brokerage B. Riley & Co.
Great American reported a loss of $777,000 (16 cents a share), much smaller than the loss of $1.5 million ($1.07 a share) it reported for the same quarter a year ago. Revenue of $14.9 million for the quarter was up 22 percent.
B. Riley bought the Woodland Hills company, which trades over the counter, through a reverse merger completed on June 18. The financial results announced Thursday include only a few days of financials for the combined companies.
If Great American and B. Riley had been combined for the entire quarter, the company reported it would have had nearly $7 million in additional revenue, and net income of $795,000.
The company announced earnings after markets closed. Shares had fallen 2.6 percent to close Thursday at $7.90.