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Steel Partners Holdings L.P. Reports First Quarter 2013 Financial Results

May 10, 2013 at 4:15 PM EDT

NEW YORK--(BUSINESS WIRE)--May. 10, 2013-- Steel Partners Holdings L.P. (NYSE: SPLP) (“SPLP” or the “Company”), a global diversified holding company, today announced operating results for the first quarter ended March 31, 2013. They are summarized in the following paragraph. For a full discussion of the operating results, please read the Company's Form 10-Q, which can be found at www.steelpartners.com.

SPLP reported revenues of $193.4 million for the quarter, as compared to $175.7 million for the same period of 2012. Income before taxes and equity method investments was $5.3 million in the first quarter of 2013, as compared to a loss of $0.7 million in the same period of 2012. Net loss attributable to the Company's common unitholders for the first quarter of 2013 was $12.0 million, or $0.40 per diluted common unit, as compared to net income of $46.0 million, or $1.83 per diluted common unit, for the same period in 2012.

Financial Summary ($000s)

 
  Three Months Ended
March 31,
2013   2012
Revenues $   193,394 $   175,673
Costs and Expenses 188,113   176,409  
Income (loss) before taxes and equity method investments 5,281   (736 )
Income tax provision 697 1,693
(Loss) Income of associated companies, net of taxes (10,368 ) 50,540
Income (Loss) from other investments - related party 1,069 (10,800 )
(Loss) Income from investments held at fair value (9,140 ) 8,638  
Net (loss) income from continuing operations (13,855 ) 45,949
Income from discontinued operations 5,843     4,189  
Net (loss) income (8,012 ) 50,138
Income attributable to noncontrolling interests (3,938 ) (4,168 )
Net (loss) income attributable to common unit holders $   (11,950 ) $   45,970  
 
Net (loss) income per common unit - basic $   (0.40 ) $   1.83  
Net (loss) income per common unit - diluted $   (0.40 ) $   1.83  
 

Segment Results ($000s)

 
Three Months Ended
2013   2012
Revenue:
Diversified industrial $   158,888 $   156,713
Energy 26,351 12,362
Financial services 6,309 4,036
Corporate 1,846   2,562  
Total $   193,394   $   175,673  
(Loss) Income from continuing operations before income taxes:
Diversified industrial $ 7,851 $ 11,710
Energy 3,299 20,270
Financial services 3,756 2,296
Corporate (28,064 ) 13,366  
(Loss) Income from continuing operations before income taxes (13,158 ) 47,642
Income tax provision 697   1,693
Net (loss) income from continuing operations $   (13,855 ) $   45,949  
(Loss) Income from equity method investments:
Diversified industrial $ 129 $ 3,339
Energy — 17,538
Corporate (9,428 ) 18,863  
Total $   (9,299 ) $   39,740  
 

About Steel Partners Holdings L.P.

Steel Partners Holdings L.P. is a global diversified holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests. It owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking, food products and services, oilfield services, sports, training, education, and the entertainment and lifestyle industries.

Forward-Looking Statements

This press release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect SPLP's current expectations and projections about its future results, performance, prospects and opportunities. Forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities in 2013 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These factors include, without limitation, SPLP's subsidiaries need for additional financing and the terms and conditions of any financing that is consummated, their customers' acceptance of its new and existing products, the risk that the Company and its subsidiaries will not be able to compete successfully, and the possible volatility of the Company's unit price and the potential fluctuation in its operating results. Although SPLP believes that the expectations reflected in its forward-looking statements are reasonable and achievable, any such statements involve significant risks and uncertainties and no assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company's filings with the SEC, including the Company's Form 10-K for the year ended December 31, 2012 for information regarding risk factors that could affect the Company's results. Except as otherwise required by federal securities laws, SPLP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Source: Steel Partners Holdings L.P.

Steel Partners Holdings GP Inc.
Michael McNamara, 212-520-2356
Director of Public and Investor Relations
mmcnamara@steelpartners.com

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