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Steel Excel Inc. Reports 2016 Third Quarter Financial Results

November 4, 2016

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-Steel Excel Inc, which operates Energy and Sports segments, today announced operating results for the third quarter and nine months ended September 30, 2016.

Steel Excel reported net revenues of $27.2 million for the third quarter of 2016, as compared to $33.5 million for the same period of 2015. The Company incurred a loss before income taxes and equity method income of $4.5 million in the third quarter of 2016, as compared to a loss of $3.7 million in the 2015 period. The net loss attributable to Steel Excel for the third quarter of 2016 was $2.4 million, or $0.23 per diluted common share, as compared to a net loss of $14.5 million, or $1.27 per diluted common share, for the same period in 2015. At September 30, 2016, the Company had cash and marketable securities totaling $165.3 million and total debt of $42.9 million.

For the nine months ended September 30, 2016, Steel Excel reported net revenues of $68.9 million, as compared to $108.0 million for the same period of 2015. The Company incurred a loss before income taxes and equity method income of $14.2 million in the first nine months of 2016, as compared to a loss of $31.8 million in the 2015 period. The net loss attributable to Steel Excel for the first nine months of 2016 was $5.0 million, or $0.47 per diluted common share, as compared to a net loss of $32.3 million, or $2.81 per diluted common share, for the same period in 2015.

For the third quarter of 2016, net revenues in the Energy segment were $19.1 million, as compared to $23.8 million in the 2015 quarter; net revenues in the Sports segment were $8.1 million in the 2016 quarter, as compared to $9.7 million in the comparable 2015 period. For the first nine months of 2016, net revenues in the Energy segment were $53.1 million, as compared to $90.4 million in the 2015 period; net revenues in the Sports segment were $15.8 million in the first nine months of 2016, as compared to $17.6 million in the comparable 2015 period.

Selling, general and administrative expenses during the nine months ended September 30, 2016, were favorably impacted by a legal settlement associated with a historical acquisition, which reduced expenses by $4.2 million.

On April 13, 2016, the Company's Board of Directors authorized a stock repurchase program to acquire up to 1,000,000 shares of the Company's common stock in addition to purchases authorized under previously approved repurchase programs. Any repurchases under the repurchase programs will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market in compliance with applicable laws and regulations. The current repurchase program is expected to continue indefinitely, unless shortened by the Board of Directors. During the nine months ended September 30, 2016, the Company repurchased 1,130,391 shares of its common stock under the repurchase programs; no such repurchases were made during the three months ended September 30, 2016. The maximum number of shares that may yet be repurchased under the current program was 401,234 as of September 30, 2016.

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