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steel excel inc (SXCL) Key Developments

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. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Year Ending December 31, 2014

Steel Excel Inc. reported earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net revenues of $33.5 million as compared to $26.9 million for the same period of 2012. Income from continuing operations before income taxes was $1.9 million in the fourth quarter of 2013, as compared to a loss of $0.3 million in the 2012 period. Net income attributable to Steel Excel for the fourth quarter of 2013 was $7.3 million, or $0.60 per diluted common share, as compared to a loss of $0.1 million, or $0.01 per diluted common share, for the same period in 2012. The Company generated Adjusted EBITDA of $5.8 million in the fourth quarter of 2013, as compared to Adjusted EBITDA of $5.1 million in the 2012 quarter, an increase of $0.7 million or 13.2%. For the year ended December 31, 2013, the company reported net revenues of $120.0 million, as compared to $100.1 million for the same period of 2012. Income from continuing operations before income taxes was $7.0 million in 2013, as compared to $6.5 million in 2012. Net income attributable to Steel Excel for 2013 was $14.2 million, or $1.13 per diluted common share, as compared to $20.7 million, or $1.71 per diluted common share, for 2012. For the year ended December 31, 2013, the Company generated Adjusted EBITDA of $23.8 million, as compared to Adjusted EBITDA of $22.6 million in the 2012 period, an increase of $1.2 million, or 5.2%. Based on current information, the company anticipates revenue and Adjusted EBITDA for the year ending December 31, 2014, to be in the range of $180.0 million to $220.0 million and $38.5 million to $47.5 million respectively. The Company anticipates revenue and Adjusted EBITDA for the first quarter of 2014 to be in the range of $39.0 million to $48.0 million and $6.5 million to $8.5 million respectively.

Steel Excel Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Revises Earnings Guidance for the Year Ended December 31, 2013

Steel Excel Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company's net revenues were $31,845,000 compared to $34,293,000 for the same period of last year. Operating income was $61,000 compared to $3,287,000 for the same period of last year. Income from continuing operations before income taxes was $1,862,000 compared to $3,760,000 for the same period of last year. Net income attributable to company was $2,470,000 compared to $5,349,000 for the same period of last year. Net income attributable to company per diluted share of common stock was $0.2 compared to $0.41 for the same period of last year. Net income from continuing operations was $2,159,000 compared to $4,865,000 for the same period of last year. Adjusted EBITDA from continuing operations was $4,924,000 compared to $8,905,000 for the same period of last year. For the nine months, the company's net revenues were $87,571,000 compared to $73,189,000 for the same period of last year. Operating income was $178,000 compared to $6,306,000 for the same period of last year. Income from continuing operations before income taxes was $3,709,000 compared to $6,797,000 for the same period of last year. Net income attributable to company was $6,851,000 compared to $20,769,000 for the same period of last year. Net income attributable to company per diluted share of common stock was $0.54 compared to $1.75 for the same period of last year. Net income from continuing operations was $6,019,000 compared to $22,175,000 for the same period of last year. Adjusted EBITDA from continuing operations was $16,574,000 compared to $17,487,000 for the same period of last year. The company previously provided revenue and Adjusted EBITDA guidance for the year ended December 31, 2013, of $114.0 million to $127.0 million and $22.0 million to $26.0 million, respectively. Based on current information, the company anticipates full year revenue and Adjusted EBITDA to be in the range of $110.0 million to $120.0 million and $18.0 million to $22.0 million, respectively.

Steel Excel Inc. to Report Q3, 2013 Results on Nov 07, 2013

Steel Excel Inc. announced that they will report Q3, 2013 results After-Market on Nov 07, 2013

Steel Excel Inc. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Revised Earnings Guidance for the Year 2013

Steel Excel Inc. announced consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported net revenues of $29.4 million as compared to $24.5 million for the same period of 2012. Income from continuing operations before income taxes was $0.5 million as compared to $3.0 million in the 2012 period. Net income attributable to the company was $1.1 million, or $0.08 per basic and diluted common share, as compared to $17.3 million, or $1.49 per basic and diluted common share, for the same period in 2012. The company reported operating income of $0.5 million compared to $2.8 million, net income from continuing operations of $0.9 million compared to $17.4 million, consolidated adjusted EBITDA from continuing operations of $6.4 million compared to $6.5 million for the last year. For the six months, the company reported net revenues of $55.7 million, as compared to $38.9 million for the same period of 2012. Income from continuing operations before income taxes was $1.8 million as compared to $3.0 million in the 2012 period. Net income attributable to the company was $4.4 million, or $0.34 per basic and diluted common share, as compared to $15.4 million, or $1.37 per basic and diluted common share, for the same period in 2012. The company reported operating income of $0.1 million compared to $3.0 million, net income from continuing operations of $3.9 million compared to $17.3 million, consolidated adjusted EBITDA from continuing operations of $11.7 million compared to $8.6 million for the last year. The company previously provided revenue and adjusted EBITDA guidance for the year ending December 31, 2013, of $114 million to $127 million and $25 million to $29 million, respectively. Based on current information, the Company anticipates full year adjusted EBITDA to be in the range of $22 million to $26 million.

 

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