NEW YORK, NY / ACCESSWIRE / February 12, 2024 / 1847 Holdings LLC (NYSE American:EFSH) ("1847 Holdings" or the "Company"), a unique holding company that combines the attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today announced that it has restated the financial results of its subsidiary ICU Eyewear Holdings, Inc. ("ICU") for the fiscal years ending December 31, 2021 and December 31, 2022. The financial impact of the restatement on ICU was a decrease in loss from operations of approximately $3.6 million for the year ended December 31, 2022, and an increase in total assets of $642,000, as well as a decrease in accumulated deficit as of December 31, 2022.
Mr. Ellery W. Roberts, CEO of 1847, commented, "As the majority of our business lines have demonstrated positive demand and operating trends, we are pleased that we have been able to amend a previous write down and return that positive value to shareholders."
The determination to restate the financial statements was based on the discovery that an impairment of an intangible asset related to a trademark that was recorded in 2022 was overstated based on a formal third-party asset valuation report. Additional details related to the restatement are available in the Company's Form 8-K, which has been filed with the Securities & Exchange Commission, which is available on the Company's website.
About 1847 Holdings
1847 Holdings LLC (NYSE American:EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and former Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
Forward Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
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SOURCE: 1847 Holdings LLC