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

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

NEW YORK--(BUSINESS WIRE)-- Steel Partners Holdings L.P. (NYS: SPLP) ("SPLP" or the "Company"), a global diversified holding company, today announced operating results for the second quarter and six months ended June 30, 2013. They are summarized in the following paragraphs. 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 $219.1 million for the quarter, as compared to $201.6 million for the same period of 2012. Income before taxes and equity method investments was $15.4 million in the second quarter of 2013, as compared to $28.4 million in the same period of 2012. Net income attributable to the Company's common unitholders for the first quarter of 2013 was $16.1 million, or $0.53 per diluted common unit, as compared to a net loss of $7.4 million, or $0.24 per diluted common unit, for the same period in 2012.


For the six months ended June 30, 2013, revenues were $402.6 million as compared to $365.0 million for the same period in 2012. Income before taxes and equity method investments was $20.7 million in the first six months of 2013, as compared to $27.5 million in the same period of 2012. Net income attributable to the Company's common unitholders for the first six months of 2013 was $4.1 million, or $0.14 per diluted common unit, as compared to net income of $38.6 million, or $1.37 per diluted common unit, for the same period in 2012.

 

Financial Summary ($000s)

 
    Three Months Ended June 30,   Six Months Ended June 30,
2013   20122013   2012
Revenues$219,096$201,626$402,558$364,972
Costs and Expenses203,649 173,214 381,854 337,518 
Income before taxes and equity method investments15,447 28,412 20,704 27,454 
Income tax provision8,06710,5518,71412,120
Income (Loss) of associated companies, net of taxes13,381(21,921)3,01328,619
(Loss) Income from other investments - related party(1,227)1,790(158)(9,010)
Income (Loss) from investments held at fair value4,599 340 (4,541)8,978 
Net income (loss) from continuing operations24,133(1,930)10,30443,921
(Loss) Income from discontinued operations(2,386) 437  3,431 4,724 
Net income (loss)21,747(1,493)13,73548,645
Income attributable to noncontrolling interests(5,650)(5,926)(9,588)(10,094)
Net income (loss) attributable to common unit holders$16,097 $(7,419)$4,147 $38,551 
 
Net income (loss) per common unit - basic$0.53 $(0.24)$0.14 $1.37 
Net income (loss) per common unit - diluted$0.53 $(0.24)$0.14 $1.37 
 
 

Segment Results ($000s)

 
    Three Months Ended June 30,   Six Months Ended June 30,
2013   20122013   2012
Revenue:
Diversified industrial$182,085$164,430$331,041$308,816
Energy29,37619,26455,72731,626
Financial services7,2714,09913,5808,135
Corporate364 13,833 2,210 16,395 
Total$219,096 $201,626 $402,558 $364,972 
Income (loss) from continuing operations before income taxes:
Diversified industrial$31,692$10,531$39,519$22,019
Energy2,157(3,008)5,45617,262
Financial services4,6802,0708,4364,366
Corporate(6,329)(972)(34,393)12,394 
Income from continuing operations before income taxes32,2008,62119,01856,041
Income tax provision8,067 10,551 8,714 12,120 
Net income (loss) from continuing operations$24,133 $(1,930)$10,304 $43,921 
Income (loss) from equity method investments:
Diversified industrial$15,073$(6,321)$15,202$(2,982)
Energy(80)(4,399)(80)13,139
Corporate(2,839)(9,411)(12,267)9,452 
Total$12,154 $(20,131)$2,855 $19,609 
 

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.



Investors:
Steel Partners Holdings GP Inc.
James F. McCabe, Jr., 212-520-2376
Chief Financial Officer
jmccabe@steelpartners.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

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