Coliseum Capital Ups Stake in Lazydays (LAZY) After Positive Q3 Results

Investing

Published: November 10, 2022 4:14 am

Last Updated: November 10, 2022 11:49 am

Fintel reports Coliseum Capital Management, LLC has filed a 13D/A form with the SEC disclosing ownership of 6,738,424 shares of Lazydays Holdings Inc (LAZY). This represents 41.9% of the company.

In their previous filing dated December 14, 2021 they reported 6,656,565 shares and 36.80% of the company, an increase in shares of 1.23% and an increase in total ownership of 5.10% (calculated as current – previous percent ownership).

In their most recent Q3 update, the company reported the following highlights:

Third quarter revenue increased to $333.8 million from $318.7 million in the third quarter of 2021.

Third quarter 2022 net income per diluted share was $0.35 compared to $1.16 in the third quarter of 2021. Adjusted third quarter 2022 net income per diluted share was $0.54 compared to $1.16 for the same period in 2021. Third quarter net income for the quarter was $7.7 million, compared to $31.0 million in the third quarter of 2021. Third quarter 2022 adjusted net income was $11.1 million, compared to $28.8 million for the same period in 2021.
In July 2022 we acquired Dave’s Claremore RV in Tulsa, Oklahoma. In October 2022 we added sales operations to our existing service store in Houston, Texas. We estimate these locations will add anticipated annual revenues of over $60 million. With these additions, we operate 18 stores across the United States.
We ended the third quarter with $100.8 million in cash and $61.7 million in availability under our credit facility. Additionally, approximately $20 million of our real estate is currently unfinanced, which we estimate could provide $15 million in capital, for total potential liquidity of $177.5 million.
Year to date through November 3, 2022, we have deployed $44.3 million to repurchase approximately 2.7 million shares of common stock at a weighted average price of $16.54 per share. This represents 18.6% of shares outstanding. Under our existing repurchase authorization, approximately $13.7 million remains available.

What are other large shareholders doing?

B. Riley Financial, Inc. holds 1,777,911 shares representing 16.87% ownership of the company. In it’s prior filing, the firm reported owning 1,738,125 shares, representing an increase of 2.24%. The firm decreased its portfolio allocation in LAZY by 38.26% over the last quarter.

Kanen Wealth Management LLC holds 785,667 shares representing 7.46% ownership of the company. In it’s prior filing, the firm reported owning 789,240 shares, representing a decrease of 0.45%. The firm increased its portfolio allocation in LAZY by 76.86% over the last quarter.

State of New Jersey Common Pension Fund D holds 731,627 shares representing 6.94% ownership of the company. No change in the last quarter.

Royce & Associates Lp holds 483,911 shares representing 4.59% ownership of the company. In it’s prior filing, the firm reported owning 448,320 shares, representing an increase of 7.35%. The firm increased its portfolio allocation in LAZY by 35.88% over the last quarter.

What is the overall institutional sentiment?

There are 179 funds or institutions reporting positions in Lazydays Holdings Inc. This is a decrease of 21 owner(s) or 10.50%.

Average portfolio weight of all funds dedicated to Lazydays Holdings Inc is 0.2136%, an increase of 5.3372%. Total shares owned by institutions decreased in the last three months by 1.85% to 10,169,163 shares.

This article originally appeared on Fintel

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