|
Steel Excel Inc. (Other OTC: SXCL) (“Steel Excel”, “SXCL” or the “Company”), which operates Energy and Sports segments, today announced operating results for the fourth quarter and year ended December 31, 2014. The results are summarized in the following paragraphs. For a full discussion of the results, please see the Company''s annual report on Form 10-K for the year ended December 31, 2014, which can be found at www.steelexcel.com.
Steel Excel reported net revenues of $54.5 million for the fourth quarter of 2014, as compared to $33.5 million for the same period of 2013. The Company incurred a loss from continuing operations before income taxes of $33.7 million in the fourth quarter of 2014, as compared to income of $2.5 million in the 2013 period. The net loss attributable to Steel Excel for the fourth quarter of 2014 was $35.8 million, or $3.13 per diluted common share, as compared to net income of $7.3 million, or $0.60 per diluted common share, for the same period in 2013.
For the year ended December 31, 2014, the Company reported net revenues of $210.1 million, as compared to $120.0 million in 2013. The Company incurred a loss from continuing operations before income taxes of $19.5 million in 2014, as compared to income of $7.9 million in 2013. The net loss attributable to Steel Excel for 2014 was $23.8 million, or $2.04 per diluted common share, as compared to net income of $14.2 million, or $1.13 per diluted common share, for 2013. At December 31, 2014, the Company had cash and marketable securities totaling $190.4 million.
Net income for the year and quarter ended December 31, 2014, includes a goodwill impairment charge of $36.7 million related to the Company''s Energy segment. Net income for the year ended December 31, 2013, includes a benefit from income taxes of $9.3 million due primarily to a reversal of reserves for foreign taxes upon the expiration of the statute of limitations and the reversal of a portion of the valuation allowance for deferred tax assets.
The Company generated Adjusted EBITDA of $9.6 million in the fourth quarter of 2014, as compared to Adjusted EBITDA of $5.8 million in the 2013 quarter, an increase of $3.8 million or 66.4%. For the year ended December 31, 2014, the Company generated Adjusted EBITDA of $40.2 million, as compared to Adjusted EBITDA of $23.8 million in 2013, an increase of $16.4 million, or 69.1%. See "Note Regarding Use of Non-GAAP Financial Measurements" below for the definition of Adjusted EBITDA.
-The
16th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
|
