LMP Automotive Holdings, Inc. Provides a Corporate Update and Announces Delay of its First Quarter 2022 Financial Results
17 Maio 2022 - 9:30PM
LMP Automotive Holdings, Inc. (NASDAQ: LMPX)
(“LMP” or the “Company”), an e-commerce and facilities-based
automotive retailer in the United States, today provided a
corporate update and announced a delay of its first quarter 2022
financial results for the period ended March 31, 2022.
Delay of its First Quarter 2022 Financial
Results
As LMP continues its evaluation of (i) the proper identification
and elimination of intercompany transactions, (ii) estimates of
chargeback reserves for finance and insurance products and (iii)
various financial presentation matters related to the Company’s
business, in each case, in the context of its ongoing preparation
of its Annual Report on Form 10-K for the year ended December 31,
2021, LMP will be unable to timely report its financial results for
the first quarter of 2022.
There is a significant change in our results of operations in
the first fiscal quarter of 2022 when compared to the results from
the corresponding period in the prior year, primarily as a result
of acquisitions that closed during the course of calendar year
2021. During the first ten months of 2021, the Company acquired a
majority interest in 15 new vehicle franchises, comprising 8 new
dealership locations. The Company also acquired a majority interest
in LTO Holdings, LLC, a Connecticut based automotive leasing
company with an associated collision center that was subsequently
disposed during the fourth quarter. These acquisitions transformed
the Company, enabling it to offer a wide array of products and
services fulfilling the entire vehicle ownership lifecycle,
including new and used vehicles, finance and insurance products and
automotive repair and maintenance.
The following is an approximation of these changes:
- Revenue for the
quarter ended March 31, 2022 increased approximately $116 million
when compared to the same period a year ago; and
- Gross Profit for the
quarter ended March 31, 2022 increased approximately $23 million
when compared to the same period a year ago
The following are preliminary estimates of our performance for
the quarter ending March 31, 2022:
- Revenue to be
approximately $149 million
- Overall Gross Profit
to be approximately $29 million
- Cash at
approximately $30 million
Year to Date 2022 Financial Update
- Year to date, we are witnessing robust gross profits and
revenue growth month-over-month. Revenue in the month of March was
at its highest levels as compared to monthly revenue in the
trailing 9 months and April revenue and gross profits are the
highest in the Company’s history
- Cash at the end of April 2022 was approximately $34.6 million,
our highest on record
Sam Tawfik, the Company’s Chairman and Chief Executive Officer
commented, "With our current cash position which continues to build
as we generate profits and modest leverage, we are committed to
responsibly managing our business and prudently creating value for
our shareholders. We continue to seek strategic options to maximize
shareholder value."
LMP intends to both release its financial results for 2021 and
file its Annual Report on Form 10-K and release its financial
results for the first quarter of 2022 and file its Periodic Report
on Form 10-Q for the first quarter of 2022 as soon as reasonably
practicable.
The Company will hold a conference call to discuss these
financial results when it ascertains a definitive filing date.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is
a growth company with a long-term plan to profitably consolidate
and partner with automotive dealership groups in the United States.
We offer a wide array of products and services fulfilling the
entire vehicle ownership lifecycle, including new and used
vehicles, finance and insurance products and automotive repair and
maintenance.
Our proprietary e-commerce technology and
strategy are designed to disrupt the industry by leveraging our
experienced teams, growing selection of owned inventories and
physical logistics network. We seek to provide customers with a
seamless experience both online and in person. Our physical
logistics network enables us to provide convenient free delivery
points for customers and provide services throughout the entire
ownership life cycle. We use digital technologies to lower our
customer acquisition costs, achieve operational efficiencies and
generate additional revenues. Our unique growth model generates
significant cash flows, which funds our innovation and expansion
into new geographical markets, along with strategically building
out dealership networks, creating personal transportation solutions
that consumers desire.
Investor Relations:
LMP Automotive Holdings, Inc.500 East Broward
Boulevard, Suite 1900Fort Lauderdale, FL
33394investors@lmpah.com
For more information visit:
www.lmpmotors.com
FORWARD-LOOKING STATEMENTS:This press release
may contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. Such statements
include, but are not limited to, any statements relating to our
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar matters that are not
historical facts. These statements may be preceded by, followed by
or include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” will,” the negatives thereof and other
words and terms of similar meanings. Forward-looking statements are
based on management’s current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock value. Factors
that could cause actual results to differ materially from those
currently anticipated include: our dependence upon external sources
for the financing of our operations; our ability to effectively
executive our business plan; our ability to maintain and grow our
reputation and to achieve and maintain the market acceptance of our
services and platform; our ability to manage the growth of our
operations over time; our ability to maintain adequate protection
of our intellectual property and to avoid violation of the
intellectual property rights of others; our ability to maintain
relationships with existing customers and automobile suppliers, and
develop relationships; and our ability to compete and succeed in a
highly competitive and evolving industry; as well as other risks
described in our SEC filings. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. We expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
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