Market Overview

CCUR Holdings Reports EPS of $0.39 for First Quarter of FY2020; Generates $537,000 Operating Cash Flow


DULUTH, GA / ACCESSWIRE / November 1, 2019 / CCUR Holdings, Inc. (OTCQB:CCUR) today reported net income attributable to its stockholders of $3,406,000, or $0.39 per share, for the first fiscal quarter of 2020. During the prior year period, the Company reported a net loss of $3,000, or $0.00 per share.

Revenue for the quarter increased to $1,731,000 compared to $131,000 during the prior year period. The revenue increase is primarily due to Merchant Cash Advance (MCA) revenue of $1,448,000 compared to zero MCA revenue in the first fiscal quarter of 2019. The Company's MCA business commenced revenue generation in the second fiscal quarter of 2019. Revenue from interest on loans increased greater than 100% to $283,000. Other interest, dividend and investment income for the period totaled $3,703,000 compared to $688,000 in the year-ago fiscal first quarter.

"Our performance in the quarter reflects the solid execution of our strategic plan," said Wayne Barr, President and CEO. "The strength of our MCA offering coupled with the continuing track record and performance of our real estate business give us confidence we can build on this progress and achieve our near, short and long-term objectives - enhancing stockholder value by expanding on our MCA business and prudently managing our strong balance sheet."

General and administrative expenses for the first quarter of fiscal year 2020 increased to $1,029,000 compared to $835,000 and reflected increased salaries from additional personnel and financial performance bonuses accrued for the period. Total operating expenses for the first quarter of fiscal 2020 were $1,680,000 and included sales and marketing expenses of $305,000 as the Company continues to invest in awareness programs for its MCA operations, as well as a $216,000 provision for MCA losses. The Company incurred no sales and marketing expenses in the first quarter of fiscal 2019. Operating cash flow for the first quarter of fiscal 2020 was $537,000.

The Company's operating income for the first quarter of fiscal 2020 was $51,000 as compared to an operating loss of $704,000 for the first fiscal quarter of fiscal 2019. Total working capital as of September 30, 2019 was $49.4 million as compared with $48.8 million as of June 30, 2019.

About CCUR Holdings, Inc.

CCUR Holdings, Inc. operates MCA and real estate business segments through its subsidiaries Recur Holdings LLC and LM Capital Solutions, LLC and actively pursues other business opportunities to maximize the value of its assets through evaluation of additional operating businesses or assets for acquisition. More information on the Company is available at

Forward Looking Statements

Certain statements made or incorporated by reference herein may constitute "forward-looking statements" within the meaning of federal securities laws. When used or incorporated by reference in this report, the words "believes," "expects," "estimates," "anticipates," and similar expressions are intended to identify forward-looking statements. Statements regarding future events and developments such as future financial performance or returns, as well as expectations, beliefs, plans, estimates or projections relating to the future and current assessments of business opportunities, are forward-looking statements within the meaning of these laws. These statements are based on beliefs and assumptions of CCUR's management, which are based on currently available information. Except for the historical information contained herein, the matters discussed in this communication may contain forward-looking statements that involve risks and uncertainties that may cause CCUR's actual results to be materially different from such forward-looking statements and could materially adversely affect its business, financial condition, operating results and cash flows. These risks and uncertainties include, but are not limited to, CCUR's ability to successfully negotiate, perform due diligence and consummate any additional acquisitions, expected cash and liquidity positions, expected financial performance and revenue streams, market fluctuations in or material financial or regulatory changes impacting the MCA and real estate industry and general business conditions, as well as other risks listed in the Company's Form 10-K filed on August 28, 2019 and subsequent quarterly reports filed with the Securities and Exchange Commission and risk and uncertainties not presently known to CCUR or that CCUR currently deems immaterial.

CCUR wishes to caution against placing undue reliance on any forward-looking statements, which speak only as of the date on which they were made. CCUR does not undertake any obligation to update forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

(Tables to follow)


Michael Polyviou

(Amounts in thousands, except share and per share data)

September 30,
June 30,
Current assets:
Cash and cash equivalents
$ 8,767 $ 8,083
Equity securities, fair value
6,991 7,405
Fixed maturity securities, available-for-sale, fair value
22,785 20,393
Current maturities of mortgage and commercial loans receivable
2,418 3,184
Advances receivable, net
7,660 9,389
Prepaid expenses and other current assets
2,256 1,779
Total current assets
50,877 50,233
Land investment
3,527 3,265
Deferred income taxes, net
475 475
Mortgage and commercial loans receivable, net of current maturities
6,460 3,680
Definite-lived intangibles, net
2,791 2,910
1,260 1,260
Other long-term assets, net
608 651
Total assets
$ 65,998 $ 62,474
Current liabilities:
Accounts payable and accrued expenses
$ 702 $ 660
Contingent consideration, current
750 750
Total current liabilities
1,452 1,410
Long-term liabilities:
Pension liability
3,979 4,136
Contingent consideration, long-term
2,350 2,340
Long-term debt
1,600 1,600
Other long-term liabilities
584 632
Total liabilities
9,965 10,118
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