Steel Partners Holdings L.P. Reports First Quarter 2014 Financial Results
SPLP reported revenues of
|
Financial Summary ($000s) |
||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2014 | 2013 | |||||||||||
| Revenues | $ | 214,217 | $ | 183,462 | ||||||||
| Costs and Expenses | 202,419 | 177,673 | ||||||||||
| Income before taxes and equity method investments | 11,798 | 5,789 | ||||||||||
| Income tax provision | 2,680 | 648 | ||||||||||
| Loss of associated companies, net of taxes | (18,258 | ) | (10,368 | ) | ||||||||
| (Loss) Income from other investments - related party | (2 | ) | 1,069 | |||||||||
| Loss from investments held at fair value | (2,446 | ) | (9,278 | ) | ||||||||
| Net loss from continuing operations | (11,588 | ) | (13,436 | ) | ||||||||
| Income from discontinued operations | 42 | 5,424 | ||||||||||
| Net loss | (11,546 | ) | (8,012 | ) | ||||||||
| Income attributable to noncontrolling interests | (1,160 | ) | (3,938 | ) | ||||||||
| Net loss attributable to common unit holders | $ | (12,706 | ) | $ | (11,950 | ) | ||||||
| Net loss per common unit - basic | $ | (0.41 | ) | $ | (0.40 | ) | ||||||
| Net loss per common unit - diluted | $ | (0.41 | ) | $ | (0.40 | ) | ||||||
|
Segment Results ($000s) |
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| Three Months Ended March 31, | ||||||||||||
| 2014 | 2013 | |||||||||||
| Revenue: | ||||||||||||
| Diversified industrial | $ | 161,847 | $ | 148,956 | ||||||||
| Energy | 45,159 | 26,351 | ||||||||||
| Financial services | 6,966 | 6,309 | ||||||||||
| Corporate | 245 | 1,846 | ||||||||||
| Total | $ | 214,217 | $ | 183,462 | ||||||||
| Income (loss) from continuing operations before income taxes: | ||||||||||||
| Diversified industrial | $ | 9,055 | $ | 7,828 | ||||||||
| Energy | 3,393 | 3,692 | ||||||||||
| Financial services | 4,078 | 3,756 | ||||||||||
| Corporate | (25,434 | ) | (28,064 | ) | ||||||||
| Loss from continuing operations before income taxes | (8,908 | ) | (12,788 | ) | ||||||||
| Income tax provision | 2,680 | 648 | ||||||||||
| Net loss from continuing operations | $ | (11,588 | ) | $ | (13,436 | ) | ||||||
| (Loss) Income from equity method investments: | ||||||||||||
| Diversified industrial | $ | 690 | $ | 129 | ||||||||
| Energy | (1,433 | ) | — | |||||||||
| Corporate | (17,517 | ) | (9,428 | ) | ||||||||
| Total | $ | (18,260 | ) | $ | (9,299 | ) | ||||||
About
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 2014 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
Source:
Investor contact:
Steel Partners Holdings GP Inc.
James F.
McCabe, Jr., 212-520-2300
Chief Financial Officer
jmccabe@steelpartners.com
