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steel excel inc (SXCL) Key Developments

Steel Excel Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; provides earnings guidance for the fourth quarter and full year 2014

Steel Excel Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company's net revenues were $58,583,000 compared to $31,420,000 for the same period of last year. Operating income was $6,180,000 compared to $949,000 for the same period of last year. Income from continuing operations before income taxes and equity method income was $5,435,000 compared to $2,888,000 for the same period of last year. Net loss attributable to company was $1,183,000 or $0.10 per diluted share compared to net income attributable to company of $2,470,000 or $0.20 per diluted share for the same period of last year. Net loss from continuing operations was $945,000 compared to net income from continuing operations of $3,047,000 for the same period of last year. Adjusted EBITDA from continuing operations was $12,752,000 compared to $5,787,000 for the same period of last year. For the nine months, the company's net revenues were $155,666,000 compared to $86,532,000 for the same period of last year. Operating income was $10,149,000 compared to $1,651,000 for the same period of last year. Income from continuing operations before income taxes and equity method income was $14,195,000 compared to $5,400,000 for the same period of last year. Net income attributable to company was $11,951,000 or $1.01 per diluted share compared to $6,851,000 or $0.54 per diluted share for the same period of last year. Net income from continuing operations was $11,852,000 compared to $7,496,000 for the same period of last year. Adjusted EBITDA from continuing operations was $30,581,000 compared to $17,991,000 for the same period of last year. The company anticipates full year 2014 revenue and Adjusted EBITDA to be in the range of $185.0 million to $225.0 million and $34.0 million to $43.0 million, respectively. The company anticipates revenue and Adjusted EBITDA for the fourth quarter of 2014 to be in the range of $44.0 million to $55.0 million and $7.0 million to $9.5 million, respectively.

Steel Excel Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter of 2014; Revises Earnings Guidance for 2014

Steel Excel Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2014. The company reported net revenues of $51.9 million for the second quarter of 2014, as compared to $28.8 million for the same period of 2013. Income from continuing operations before income taxes and equity method income was $5.2 million in the second quarter of 2014, as compared to $0.7 million in the 2013 period. Net income attributable to the company for the second quarter of 2014 was $8.7 million, or $0.73 per diluted common share, as compared to $1.1 million, or $0.08 per diluted common share, for the same period in 2013. The company generated adjusted EBITDA of $11.1 million in the second quarter of 2014, as compared to Adjusted EBITDA of $6.6 million in the 2013 quarter, an increase of $4.5 million or 67.8%. Operating income was $4.0 million $0.7 million a year ago. For the six months ended June 30, 2014, the company reported net revenues of $97.1 million, as compared to $55.1 million for the same period of 2013. Income from continuing operations before income taxes and equity method income was $8.8 million in the first six months of 2014, as compared to $2.4 million in the 2013 period. Net income attributable to the company for the first six months of 2014 was $13.1 million, or $1.10 per diluted common share, as compared to $4.4 million, or $0.34 per diluted common share, for the same period in 2013. The company generated adjusted EBITDA of $11.1 million in the second quarter of 2014, as compared to Adjusted EBITDA of $6.6 million in the 2013 quarter, an increase of $4.5 million or 67.8%. For the six months ended June 30, 2014, the company generated adjusted EBITDA of $17.8 million, as compared to adjusted EBITDA of $12.2 million in the 2013 period, an increase of $5.6 million or 46.1%. Operating income was $4.0 million $0.7 million a year ago. The company previously provided revenue and adjusted EBITDA guidance for the year ended December 31, 2014, of $180.0 million to $220.0 million and $35.0 million to $43.0 million, respectively. Based on current information, the company anticipates full year 2014 revenue and adjusted EBITDA to be in the range of $175.0 million to $215.0 million and $33.0 million to $41.0 million, respectively. The company anticipates revenue and adjusted EBITDA for the third quarter of 2014 to be in the range of $46.5 million to $56.5 million and $9.5 million to $11.5 million, respectively. Income from continuing operations before income taxes and equity method income was $8.8 million against $0.2 million a year ago.

Steel Excel Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter of 2014; Revises Earnings Guidance for the Year Ending December 31, 2014

Steel Excel Inc. reported consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported that net revenues were $45,159,000 compared to $26,351,000 a year ago. Operating loss was $54,000 compared to $26,000 a year ago. Income from continuing operations before income taxes and equity method loss was $3,595,000 compared to $1,736,000 a year ago. Net income from continuing operations was $4,065,000 compared to $3,369,000 a year ago. Net income attributable to company was $4,391,000 or $0.37 per basic and diluted share compared to $3,310,000 or $0.26 per basic and diluted share a year ago. Consolidated Adjusted EBITDA from continuing operations was $6,726,000 compared to $5,588,000 a year ago. The company previously provided revenue and Adjusted EBITDA guidance for the year ending December 31, 2014, of $180.0 million to $220.0 million and $38.5 million to $47.5 million, respectively. Based on current information, the company anticipates full year 2014 revenue and Adjusted EBITDA to be in the range of $180.0 million to $220.0 million and $35.0 million to $43.0 million, respectively. The company anticipates revenue and Adjusted EBITDA for the second quarter of 2014 to be in the range of $44.0 million to $54.0 million and $9.0 million to $11.0 million, respectively.

Steel Excel Inc. to Amend By-Laws

Steel Excel Inc. announced that at the Annual Meeting of Stockholders, the company will seek shareholder's approval for the amendment to the company's Certificate of Incorporation to effect a 1-for-500 reverse stock split of the company's common stock followed by a 500-for-1 forward stock split of the company's common stock.

Steel Excel Inc., Annual General Meeting, May 27, 2014

Steel Excel Inc., Annual General Meeting, May 27, 2014., at 09:30 US Eastern Standard Time. Location: Olshan Frome Wolosky LLP, Park Avenue Tower. Agenda: To elect six directors to the Board of Directors of the Company; to approve, on a non-binding, advisory basis, named executive officer compensation; to ratify the selection of BDO USA, LLP as independent registered public accounting firm for the fiscal year ending December 31, 2014; to approve, subject to final action that may be taken by the Board at its sole discretion, an amendment to the Company's Certificate of Incorporation to effect a 1-for-500 reverse stock split of the Company's common stock followed by a 500-for-1 forward stock split of the Company's common stock; and to transact any other business as may properly come before the meeting or any postponement or adjournments of the meeting.

 

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