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Steel Partners Holdings L.P. Reports Fourth Quarter and Year End 2013 Financial Results

March 12, 2014 at 5:28 PM EDT

NEW YORK--(BUSINESS WIRE)--Mar. 12, 2014-- Steel Partners Holdings L.P. (NYSE: SPLP) (“SPLP” or the “Company”), a global, diversified holding company, today announced operating results for the fourth quarter and year ended December 31, 2013. They are summarized in the following paragraphs. For a full discussion of the operating results, please read the Company's Form 10-K, which can be found at www.steelpartners.com.

SPLP reported revenue of $192.9 million for the quarter, as compared to $162.9 million for the same period of 2012. Loss before taxes and equity method investments was $4.6 million in the fourth quarter of 2013, as compared to income of $8.1 million in 2012. Net income attributable to the Company's common unitholders for the fourth quarter of 2013 was $30.8 million, or $0.99 per diluted common unit, as compared to a loss of $1.0 million, or $0.03 per diluted common unit, for the same period in 2012.

For the year ended December 31, 2013 SPLP reported revenues of $805.2 million, as compared to $711.6 million in 2012. Income before taxes and equity method investments was $26.9 million for the year, as compared to income of $44.4 million in 2012. Net income attributable to the Company's common unitholders for the year was $19.5 million, or $0.63 per diluted common unit, as compared to net income of $41.0 million, or $1.38 per diluted common unit, for 2012.

 

Financial Summary ($000s)

 
    Three Months Ended   Year Ended
December 31, December 31,
2013   2012 2013   2012
Revenues $ 192,919 $ 162,909 $ 805,174 $ 711,586
Costs and Expenses 197,504   154,804   778,271   667,158  
(Loss) Income before taxes and equity method investments (4,585 ) 8,105   26,903   44,428  
Income tax (benefit) provision (5,829 ) 2,467 10,244 16,833
Income (Loss) of associated companies, net of taxes 40,227 (11,180 ) 27,786 14,204
(Loss) Income from other investments - related party (1,013 ) 95 (271 ) (8,329 )
Income from investments held at fair value 5,476   6,102   811   18,967  
Net income from continuing operations 45,934 655 44,985 52,437
(Loss) Income from discontinued operations (4,267 )   5,396     (165 ) 11,328  
Net income 41,667 6,051 44,820 63,765
Income attributable to noncontrolling interests (10,908 ) (7,071 ) (25,360 ) (22,747 )
Net income (loss) attributable to common unit holders $ 30,759   $ (1,020 ) $ 19,460   $ 41,018  
 
Net income (loss) per common unit - basic $ 1.04   $ (0.03 ) $ 0.65   $ 1.38  
Net income (loss) per common unit - diluted $ 0.99   $ (0.03 ) $ 0.63   $ 1.38  
 
 

Segment Results ($000s)

     
Three Months Ended Year Ended
December 31, December 31,
2013   2012 2013   2012
Revenue:
Diversified industrial $ 152,309 $ 126,083 $ 655,224 $ 579,528
Energy 33,498 26,915 120,029 92,834
Financial services 7,443 7,636 28,185 21,155
Corporate (331 ) 2,275   1,736   18,069  
Total $ 192,919   $ 162,909   $ 805,174   $ 711,586  

Income (loss) from continuing operations before income taxes:

Diversified industrial $ 11,977 $ 7,597 $ 62,278 $ 39,903
Energy 2,705 1,564 12,641 25,034
Financial services 4,501 5,318 17,668 12,913
Corporate 20,922   (11,357 ) (37,358 ) (8,580 )
Income from continuing operations before income taxes 40,105 3,122 55,229 69,270
Income tax (benefit) provision (5,829 ) 2,467   10,244   16,833  
Net income from continuing operations $ 45,934   $ 655   $ 44,985   $ 52,437  
Income (loss) from equity method investments:
Diversified industrial $ 7,060 $ 3,094 $ 18,257 $ 1,796
Energy (646 ) — (863 ) 13,139
Corporate 32,800   (14,179 ) 10,121   (9,060 )
Total $ 39,214   $ (11,085 ) $ 27,515   $ 5,875  
 

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 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 SEC, including the Company's Form 10-K for the year ended December 31, 2013 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.

Investor:
Steel Partners Holdings GP Inc.
James F. McCabe, Jr., Chief Financial Officer
212-520-2300
jmccabe@steelpartners.com

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