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Stock Market & Financial Investment News

News Breaks
July 28, 2014
15:00 EDTLQDTIronPlanet awarded contract for DoD rolling stock surplus
IronPlanet announced that it was awarded the U.S. Defense Logistics Agency contract to manage and sell rolling stock surplus assets of the U.S. Department of Defense. The DLA issued the final contract award to IronPlanet on July 25, pursuant to a competitive bid process that was held on April 1. Bids for the Surplus Contract were based on a percentage of the sales price of the items that bidders will share with the DLA. IronPlanet estimates $50M-$70M of rolling stock annually, and its bid was equal to 75.29% revenue share to the DLA. The Surplus Contract has a base term of two years with four one-year renewal options. Following the bid process, Liquidity Services (LQDT) filed a bid protest with the Government Accountability Office. This protest and supplemental protests filed were denied by the GAO on July 23. Rolling stock includes surplus trucks, trailers, generators, wheel loaders, cranes, crawler tractors, and other equipment. While Surplus Contract volume will begin to flow to IronPlanet in the third quarter of 2014, the contract is scheduled to fully commence late 2014 into 2015. “We are very pleased and excited to be officially awarded this contract, and to partner with the Defense Logistics Agency. We have already begun moving forward leveraging our existing infrastructure and resources to build the dedicated capabilities necessary to maximize the returns for the U.S. Department of Defense, and ultimately the U.S. taxpayer, in selling their surplus rolling stock assets,” said Greg Owens, CEO, IronPlanet.
News For LQDT From The Last 14 Days
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February 4, 2016
07:14 EDTLQDTLiquidity Services remains cautious for FY16 outlook
Cites the changing mix and volume of supply in our DoD and commercial business, in part due to lower commodity prices and macro weakness in the energy sector. The company adds, "While we anticipate a benefit to earnings in FY16 compared to FY15 from the sale of the Jacobs Trading business, client engagements and the mix of property received under select retail client programs are unpredictable, resulting in lower supply and lower per unit prices in certain categories. In the longer term, we expect our business to benefit from: innovative new service capabilities and more efficient business operations from our LiquidityOne investment program; improved monetization of our buyer base through the deployment of our new integrated marketplace system and data warehouse; increased outsourcing of reverse supply chain activities in response to our new model and the rise of e-commerce and sustainability programs; and (iv) increased brand recognition as a market leader due to our proven track record, innovative scalable solutions and the ability to make a strategic impact in the reverse supply chain."
07:14 EDTLQDTLiquidity Services says difficult to forecast sales as DoD business seen changes
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06:59 EDTLQDTLiquidity Services reports Q1-end registered buyers 2.88M
Reports Q1-end auction participants 561K. Reports Q1 completed transactions 133K.
06:58 EDTLQDTLiquidity Services sees Q2 adjusted EPS (11c)-0c, consensus 3c
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06:57 EDTLQDTLiquidity Services: Q1 dampened by lower commodity prices
The company commented, "Our Q1 results were dampened by lower commodity prices which have adversely affected the pricing and volume of transactions in our DoD and capital assets marketplaces. However, we continue to expand our commercial and municipal government client base as our marketplace and integrated services are highly relevant to organizations seeking to manage total supply chain costs in the current business climate. We also continued to make progress on the design and build of our LiquidityOne platform to provide customers the next generation of cloud based marketplace, analytics and returns management solutions. We are testing our new product and service capabilities with customers and are excited by the initial feedback and the new opportunities we are uncovering to grow our business over the long term."
06:56 EDTLQDTLiquidity Services reports Q1 EPS (17c), consensus (5c)
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