FORT LAUDERDALE, Fla., July 15, 2022 (GLOBE NEWSWIRE) — LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (“LMP” or the “Firm”), an e-commerce and facilities-based automotive retailer in the US, at the moment supplied a monetary replace and introduced it has entered right into a $15.8 million all money settlement (the “Settlement”) to promote its Chrysler Jeep Dodge Ram Dealership in White Plains, New York.
- Anticipated closing is October of this 12 months, topic to the phrases of the Settlement.
Second Quarter 2022 Highlights
Yr up to now, we’re witnessing sturdy gross income and income progress quarter-over-quarter. Income, Gross Earnings and money for the quarter ending June 30, 2022 had been at their highest ranges within the Firm’s historical past.
The next are preliminary estimates of our general dealership portfolio efficiency for the quarter ending June 30, 2022:
Income of roughly $164 million, a ten% enhance in comparison with the primary quarter of this 12 months (an estimated $149 million).
Gross Revenue of roughly $32 million, a ten% enhance in comparison with the primary quarter of this 12 months (an estimated $29 million).
Money of roughly $36 million, a 20% enhance in comparison with the primary quarter of this 12 months (roughly $30 million).
We diminished our present time period mortgage debt by roughly $7.5 million, or 8.8%, within the second quarter of this 12 months, leading to an excellent mortgage steadiness of roughly $77.5 million.
We consider that our remaining actual property portfolio, which was appraised at roughly $50 million, plus our dealerships, together with the Chrysler Jeep Dodge Ram dealership in White Plains, New York that we’ve got contracted to promote, could be value roughly $104 million primarily based on a modest 0.16 a number of of quarterly annualized income.
We consider that our inventory worth doesn’t mirror internet asset worth of our firm and proceed to hunt strategic choices to maximise shareholder worth and we’ve got engaged BofA Securities to help us within the course of.
Sam Tawfik, the Firm’s Chairman and Chief Government Officer commented, “2022 is shaping as much as be a powerful 12 months for LMP, with the agency producing report income and gross income, in addition to quite a few different data in every of our traces of enterprise, all whereas sustaining credit score self-discipline and strengthening our steadiness sheet on a quarterly foundation. With our present money and fairness place, which continues to construct as we generate income and modest leverage, we’re dedicated to responsibly managing our enterprise and prudently creating worth for our shareholders.”
ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a progress firm with a long-term plan to profitably consolidate and associate with automotive dealership teams in the US. We provide a big selection of services and products fulfilling the whole automobile possession lifecycle, together with new and used automobiles, finance and insurance coverage merchandise and automotive restore and upkeep.
Our proprietary e-commerce know-how and technique are designed to disrupt the business by leveraging our skilled groups, rising choice of owned inventories and bodily logistics community. We search to supply clients with a seamless expertise each on-line and in individual. Our bodily logistics community allows us to supply handy free supply factors for purchasers and supply providers all through the whole possession life cycle. We use digital applied sciences to decrease our buyer acquisition prices, obtain operational efficiencies and generate further revenues. Our distinctive progress mannequin generates important money flows, which funds our innovation and enlargement into new geographical markets, together with strategically constructing out dealership networks, creating private transportation options that buyers need.
LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
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This press launch might include “forward-looking statements” inside the that means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Trade Act of 1934, every as amended. Such statements embody, however aren’t restricted to, any statements referring to our expectations, beliefs, projections, future plans and methods, anticipated occasions or traits and comparable issues that aren’t historic details. These statements could also be preceded by, adopted by or embody the phrases “purpose,” “anticipate,” “consider,” “estimate,” “count on,” “forecast,” “intend,” “probably,” “outlook,” “plan,” “potential,” “mission,” “projection,” “search,” “can,” “might,” “might,” “ought to,” “would,” will,” the negatives thereof and different phrases and phrases of comparable meanings. Ahead-looking statements are primarily based on administration’s present expectations and are topic to dangers and uncertainties that might negatively have an effect on our enterprise, working outcomes, monetary situation and inventory worth. Elements that might trigger precise outcomes to vary materially from these presently anticipated embody: our dependence upon exterior sources for the financing of our operations; our potential to successfully government our marketing strategy; our potential to take care of and develop our fame and to attain and keep the market acceptance of our providers and platform; our potential to handle the expansion of our operations over time; our potential to take care of enough safety of our mental property and to keep away from violation of the mental property rights of others; our potential to take care of relationships with present clients and vehicle suppliers, and develop relationships; and our potential to compete and achieve a extremely aggressive and evolving business; in addition to different dangers described in our SEC filings. There is no such thing as a assurance that any forward-looking statements will materialize. You might be cautioned to not place undue reliance on forward-looking statements, which mirror expectations solely as of this date. We expressly disclaim any obligation or enterprise to launch publicly any updates or revisions to any forward-looking statements contained herein to mirror any change in our expectations or any adjustments in occasions, situations or circumstances on which any such assertion relies, besides as required by legislation.