Los Angeles Business Journal

Great American Reports Smaller Loss

By James Rufus Koren Thursday, 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.