Forum Home Page [see Broadridge note belo

w]

The Shareholder Forumtm

support for fair value realization

of stock investments in

DBM Global Incorporated

(f/k/a Schuff International Inc.)

 

 

Support of Minority Shareholder Interests

The Shareholder Forum had offered to support Appraised Value Rights ("AVR") of DBM (f/k/a Schuff International) minority shareholders in 2014 following a $31.50 per share tender offer by the company's controlling shareholder, HC2 Holdings, Inc., with the stated intent to proceed with a short-form merger "as soon as practicable.”

HC2 acquired DBM shares in the 2014 tender offer and other purchases bringing its total holdings to 92% of outstanding DBM shares, but has not proceeded with a merger. The Forum has continued to support the minority shareholder interests of its AVR participants in this context.

 

     
Forum Home Page [see Broadridge note belo

w]

The Shareholder Forumtm

support for appraised intrinsic value realization

of stock investments in

DBM Global Incorporated

(f/k/a Schuff International Inc.)

 

 

AVR Status

Following its $31.50 per share tender offer to acquire 89% of Schuff stock and subsequent open market purchases to secure 90.6% ownership, HC2 Holdings, Inc., has stated its intent to proceed with a short-form merger "as soon as practicable.”

Upon HC2's notice of merger, the Forum will support demands for appraisal of DBM (f/k/a Schuff) stock for which Participants have reserved AVR Management.

 

     
 

 

For the company's detailed report of quarterly results summarized in the press release below, see

 

Source: HC2 Holdings, Inc. (published by Marketwired): August 10, 2015 press release


News Room

SOURCE: HC2 Holdings, Inc.

 

August 10, 2015 16:01 ET

HC2 Holdings Reports Second Quarter 2015 Results

Net Revenue Up 39% Quarter-Over-Quarter to $281.0 Million; Adjusted EBITDA of $30.8 Million From Our Primary Operating Subsidiaries, Up 117% From Q1

NEW YORK, NY--(Marketwired - Aug 10, 2015) - HC2 Holdings, Inc. ("HC2" or the "Company") (NYSE MKT: HCHC), a diversified holding company that focuses on acquiring, investing in and operating businesses that it considers to be under- or fairly valued and growing its acquired businesses, today announced its consolidated results for the second quarter of fiscal 2015 ended on June 30, 2015.

"We were very pleased with the results of our operating subsidiaries during the second quarter, particularly with Schuff and Global Marine, which more than doubled their combined Adjusted EBITDA compared to the first quarter," said Philip Falcone, HC2's Chairman, President and Chief Executive Officer. "We remain focused on our objective to build long-term value through our methodical and value added acquisition approach. As a result, we will continue to pursue highly attractive, cash flow positive businesses in order to create value."

Second Quarter 2015 Financial Highlights:

  • Net revenue: HC2 recorded total net revenues of $281.0 million for the second quarter of 2015. Net revenue for the second quarter of 2015 increased $79.2 million, or 39%, when compared to last quarter's net revenue of $201.8 million, primarily driven by the $57.2 million growth of our Telecommunications segment. During the quarter, our Telecommunications segment increase resulted from PTGi ICS's successful overhaul of their global sales team and the expansion into Latin America and other emerging markets.

  • Operating income: Operating income for the second quarter was $3.3 million compared to $0.8 million during the first quarter. The increase in operating profit was largely the result of running our fabrication facilities at or near full capacity for the quarter and our ability to sub contract work at lower costs in our Manufacturing segment. This was offset, in part by, early stage investments and increases in deal related diligence expenses in Corporate and Other segments.

  • Adjusted EBITDA: HC2 recorded consolidated Adjusted EBITDA of $19.5 million for the second quarter of 2015, an increase of 230% when compared to last quarter's Adjusted EBITDA of $5.9 million. Adjusted EBITDA for the company's primary operating subsidiaries, Schuff and Global Marine, was a combined $30.8 million during the quarter, an increase of $16.6 million when compared to the first quarter largely due to the factors listed above at Schuff along with seasonal trends at Global Marine.

  • Balance sheet: As of June 30, 2015, HC2 had consolidated cash, cash equivalents and short-term investments of $81.2 million.

Additional Second Quarter Highlights and Recent Developments:

  • Schuff's backlog was $329.3 million as of June 30, 2015 compared to $306.1 million as of March 31, 2015. Notable projects include the Wilshire Grand Center in Los Angeles, the Sacramento Kings Arena, and the new Apple headquarters in Cupertino, CA.

  • Global Marine secured a submarine fibre optic link contract with Subsea 7, a global leader in subsea engineering and construction, and won a pair of high-profile contracts from Tampnet, who operates the largest offshore high-capacity communication network in the world in the North Sea and the Gulf of Mexico. Global Marine will also be collaborating again with Prysmian Group on a new project for the Wikinger Offshore Wind Farm in the Baltic Sea.

  • Novatel Wireless announced it has signed a definitive agreement to acquire 100% of the issued share capital of DigiCore Holdings Limited, a leading provider of advanced machine-to-machine (M2M) communication and telematics solutions.

  • HC2 signed a definitive agreement for the acquisition of long-term care and life insurance businesses, United Teacher Associates Insurance Company and Continental General Insurance Company, establishing HC2's insurance platform, Continental Insurance Group Ltd. This transaction is still on track to close by the end of the third quarter.

  • Nervve announced an exclusive partnership with Wasserman Media Group, a leading sports and entertainment agency, to bring Nervve's visual search technology to market.

  • HC2 invested CAD$20 million (or approximately $16 million) in convertible debentures of Gaming Nation Acquisition Corporation. Gaming Nation, headquartered in Toronto, Ontario, is a leading provider of both games of skill and games of chance designed for the avid sports fan and daily fantasy sports participants.

  • Dusenberry Martin Racing, or DMi, Inc., launched its NASCAR® '15 racing game exclusively at GameStop for the Xbox 360 and PlayStation 3 in May 2015.

Non-GAAP Financial Measures and Other Information

The calculation of Adjusted EBITDA, as defined by us, consists of Net income (loss) as adjusted for gain (loss) on sale or disposal of assets; interest expense; amortization of debt discount; other income (expense), net; foreign currency transaction gain (loss); income tax (benefit) expense; loss from discontinued operations; noncontrolling interest; share-based compensation expense; acquisition costs and depreciation and amortization expense.

Management believes that Adjusted EBITDA is significant to gaining an understanding of the Company's results as it is frequently used by the financial community to provide insight into an organization's operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation, amortization and other adjustments can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA can also be a useful measure of a company's ability to service debt. While management believes that non-US GAAP measurements are useful supplemental information, such adjusted results are not intended to replace the Company's US GAAP financial results.

Conference Call

HC2 Holdings, Inc. will host a live conference call to discuss its results on Monday, August 10, 2015 at 4:30 p.m. Eastern Daylight Time. To join the event, participants may call 1.866.395.3893 (U.S. callers) or 1.678.509.7540 (international callers), using conference ID number 98524143. Alternatively, a live webcast of the conference call can be accessed by interested parties through the Investor Relations section of the HC2 Website, www.HC2.com.

For those unable to listen to the live broadcast of the conference call, a telephonic replay of the call will be available through midnight August 14, 2015 by dialing 1.855.859.2056 (U.S. callers) or 1.404.537.3406 (international callers), ID number 98524143. A replay will also be available on the HC2 website.

Cautionary Statement Regarding Forward-Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. These statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions, trading characteristics of the HC2 common stock, the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities, our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions, integrating financial reporting of acquired or target businesses, completing pending and future acquisitions and dispositions, litigation and other contingent liabilities, changes in regulations, taxes and risks that may affect the performance of the operating subsidiaries of HC2. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

About HC2

HC2 Holdings, Inc. is a publicly traded (NYSE MKT: HCHC), diversified holding company, which seeks to acquire and grow attractive businesses that generate sustainable free cash flow. HC2 has a diverse array of operating subsidiaries, across a broad set of industries, including, but not limited to, telecom/infrastructure, large-scale U.S. construction, energy, subsea services and life sciences. HC2 seeks opportunities that generate attractive returns and significant cash flow in order to maximize value for all stakeholders. Currently, HC2's largest operating subsidiaries are Schuff, a leading structural steel fabricator in the United States, and Global Marine, a leading global offshore engineering company focused on subsea cable installation and maintenance. Founded in 1994, HC2 is headquartered in Herndon, Virginia.

 

HC2 HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Services revenue

 

$

147,841

 

 

$

42,111

 

 

$

221,559

 

 

$

85,465

 

Sales revenue

 

 

133,141

 

 

 

54,475

 

 

 

261,231

 

 

 

54,475

 

Net revenue

 

 

280,982

 

 

 

96,586

 

 

 

482,790

 

 

 

139,940

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue - services

 

 

134,589

 

 

 

39,530

 

 

 

196,509

 

 

 

80,637

 

 

Cost of revenue - sales

 

 

110,909

 

 

 

43,330

 

 

 

221,445

 

 

 

43,330

 

 

Selling, general and administrative

 

 

26,476

 

 

 

14,032

 

 

 

49,529

 

 

 

20,236

 

 

Depreciation and amortization

 

 

5,236

 

 

 

344

 

 

 

10,242

 

 

 

554

 

 

Loss on sale or disposal of assets

 

 

498

 

 

 

447

 

 

 

971

 

 

 

367

 

 

 

Total operating expenses

 

 

277,708

 

 

 

97,683

 

 

 

478,696

 

 

 

145,124

 

 

 

Income (loss) from operations

 

 

3,274

 

 

 

(1,097

)

 

 

4,094

 

 

 

(5,184

)

Interest expense

 

 

(10,041

)

 

 

(1,012

)

 

 

(18,649

)

 

 

(1,013

)

Amortization of debt discount

 

 

(84

)

 

 

(576

)

 

 

(176

)

 

 

(576

)

Other income (expense), net

 

 

(4,937

)

 

 

1,665

 

 

 

(4,744

)

 

 

1,616

 

Foreign currency transaction gain (loss)

 

 

1,822

 

 

 

437

 

 

 

1,051

 

 

 

403

 

 

 

Loss from continuing operations before income (loss) from equity investees and income tax benefit (expense)

 

 

(9,966

)

 

 

(583

)

 

 

(18,424

)

 

 

(4,754

)

Income (loss) from equity investees

 

 

1,429

 

 

 

-

 

 

 

(1,259

)

 

 

-

 

Income tax benefit (expense)

 

 

(2,464

)

 

 

(1,946

)

 

 

3,369

 

 

 

(1,955

)

 

 

Loss from continuing operations

 

 

(11,001

)

 

 

(2,529

)

 

 

(16,314

)

 

 

(6,709

)

Gain (loss) from discontinued operations

 

 

(11

)

 

 

27

 

 

 

(20

)

 

 

44

 

Loss from sale of discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(784

)

 

 

Net loss

 

 

(11,012

)

 

 

(2,502

)

 

 

(16,334

)

 

 

(7,449

)

Less: Net (income) loss attributable to noncontrolling interest

 

 

(204

)

 

 

(1,059

)

 

 

57

 

 

 

(1,059

)

 

 

Net loss attributable to HC2 Holdings, Inc.

 

 

(11,216

)

 

 

(3,561

)

 

 

(16,277

)

 

 

(8,508

)

Less: Preferred stock dividends and accretion

 

 

1,089

 

 

 

200

 

 

 

2,177

 

 

 

200

 

 

 

Net loss attributable to common stock and participating preferred stockholders

 

$

(12,305

)

 

$

(3,761

)

 

$

(18,454

)

 

$

(8,708

)

Basic loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations attributable to HC2 Holdings, Inc.

 

$

(0.48

)

 

$

(0.22

)

 

$

(0.74

)

 

$

(0.50

)

 

Gain (loss) from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Loss from sale of discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.05

)

 

 

Net loss attributable to HC2 Holdings, Inc.

 

$

(0.48

)

 

$

(0.22

)

 

$

(0.74

)

 

$

(0.55

)

Diluted loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations attributable to HC2 Holdings, Inc.

 

$

(0.48

)

 

$

(0.22

)

 

$

(0.74

)

 

$

(0.50

)

 

Gain (loss) from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Loss from sale of discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.05

)

 

 

Net loss attributable to HC2 Holdings, Inc.

 

$

(0.48

)

 

$

(0.22

)

 

$

(0.74

)

 

$

(0.55

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,514

 

 

 

16,905

 

 

 

24,838

 

 

 

15,780

 

 

Diluted

 

 

25,514

 

 

 

16,905

 

 

 

24,838

 

 

 

15,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HC2 HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except per share amounts)

 

 

 

June 30,

 

December 31,

2015

 

 

2014

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,941

 

 

$

107,978

 

 

Short-term investments

 

 

12,265

 

 

 

4,867

 

 

Accounts receivable (net of allowance for doubtful accounts receivable of $2,345 and $2,760 at June 30, 2015 and December 31, 2014, respectively)

 

 

214,027

 

 

 

151,558

 

 

Costs and recognized earnings in excess of billings on uncompleted contracts

 

 

35,573

 

 

 

28,098

 

 

Deferred tax asset - current

 

 

1,701

 

 

 

1,701

 

 

Inventories

 

 

17,796

 

 

 

14,975

 

 

Prepaid expenses and other current assets

 

 

23,746

 

 

 

22,455

 

 

Assets held for sale

 

 

8,597

 

 

 

3,865

 

 

 

Total current assets

 

 

382,646

 

 

 

335,497

 

Restricted cash

 

 

7,188

 

 

 

6,467

 

Long-term investments

 

 

71,793

 

 

 

48,674

 

Property, plant and equipment, net

 

 

235,862

 

 

 

239,851

 

Goodwill

 

 

29,649

 

 

 

27,990

 

Other intangible assets, net

 

 

27,987

 

 

 

31,144

 

Deferred tax asset - long-term

 

 

20,998

 

 

 

15,811

 

Other assets

 

 

18,429

 

 

 

18,614

 

 

 

Total assets

 

$

794,552

 

 

$

724,048

 

Liabilities, temporary equity and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

81,644

 

 

$

79,794

 

 

Accrued interconnection costs

 

 

31,551

 

 

 

9,717

 

 

Accrued payroll and employee benefits

 

 

19,222

 

 

 

20,023

 

 

Accrued expenses and other current liabilities

 

 

51,640

 

 

 

34,042

 

 

Billings in excess of costs and recognized earnings on uncompleted contracts

 

 

29,859

 

 

 

41,959

 

 

Accrued income taxes

 

 

912

 

 

 

512

 

 

Accrued interest

 

 

2,847

 

 

 

3,125

 

 

Current portion of long-term debt

 

 

12,752

 

 

 

10,444

 

 

Current portion of pension liability

 

 

6,037

 

 

 

5,966

 

 

 

Total current liabilities

 

 

236,464

 

 

 

205,582

 

Long-term debt

 

 

374,321

 

 

 

332,927

 

Pension liability

 

 

28,501

 

 

 

31,244

 

Other liabilities

 

 

7,754

 

 

 

1,617

 

 

 

Total liabilities

 

 

647,040

 

 

 

571,370

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Temporary equity (See Note 13)

 

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value - 20,000,000 shares authorized; Series A - 30,000 shares issued and outstanding at June 30, 2015 and December 31, 2014; Series A-1 - 10,000 and 11,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively; Series A-2 - 14,000 and 0 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively

 

 

53,013

 

 

 

39,845

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par value - 80,000,000 shares authorized; 25,623,982 and 23,844,711 shares issued and 25,592,356 and 23,813,085 shares outstanding at June 30, 2015 and December 31, 2014, respectively

 

 

26

 

 

 

24

 

 

Additional paid-in capital

 

 

150,537

 

 

 

147,081

 

 

Accumulated deficit

 

 

(58,157

)

 

 

(41,880

)

 

Treasury stock, at cost - 31,626 shares at June 30, 2015 and December 31, 2014, respectively

 

 

(378

)

 

 

(378

)

 

Accumulated other comprehensive loss

 

 

(20,139

)

 

 

(15,178

)

 

 

Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest

 

 

71,889

 

 

 

89,669

 

 

Noncontrolling interest

 

 

22,610

 

 

 

23,164

 

 

 

Total stockholders' equity

 

 

94,499

 

 

 

112,833

 

Total liabilities, temporary equity and stockholders' equity

 

$

794,552

 

 

$

724,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                               

 

 

HC2 HOLDINGS, INC.

ADJUSTED EBITDA

(in thousands)

 

 

 

Manufacturing
Three Months Ended
June 30, 2015

 

 

Marine Services
Three Months Ended
June 30, 2015

 

 

Telecommunications
Three Months Ended
June 30, 2015

 

 

Other (1)
Three Months Ended
June 30, 2015

 

 

HC2 Holdings, Inc.
Three Months Ended
June 30, 2015

 

Net income (loss)

 

$

5,878

 

 

$

10,360

 

 

$

587

 

 

$

(28,041

)

 

$

(11,216

)

Adjustments to reconcile net income (loss) to Adjusted EBIT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on sale or disposal of assets

 

 

498

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

498

 

 

Interest expense

 

 

366

 

 

 

963

 

 

 

-

 

 

 

8,712

 

 

 

10,041

 

 

Amortization of debt discount

 

 

-

 

 

 

-

 

 

 

-

 

 

 

84

 

 

 

84

 

 

Other (income) expense, net

 

 

(7

)

 

 

(35

)

 

 

(1

)

 

 

4,980

 

 

 

4,937

 

 

Foreign currency transaction (gain) loss

 

 

-

 

 

 

(1,354

)

 

 

(468

)

 

 

-

 

 

 

(1,822

)

 

Income tax (benefit) expense

 

 

4,334

 

 

 

6

 

 

 

-

 

 

 

(1,876

)

 

 

2,464

 

 

Loss from discontinued operations

 

 

11

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

 

Noncontrolling interest

 

 

499

 

 

 

-

 

 

 

-

 

 

 

(295

)

 

 

204

 

 

Share-based payment expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,365

 

 

 

2,365

 

 

Acquisition costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,969

 

 

 

1,969

 

 

 

Adjusted EBIT

 

 

11,579

 

 

 

9,940

 

 

 

118

 

 

 

(12,102

)

 

 

9,535

 

 

Depreciation and amortization

 

 

498

 

 

 

4,080

 

 

 

98

 

 

 

560

 

 

 

5,236

 

 

Depreciation and amortization (included in cost of revenue)

 

 

1,932

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,932

 

 

Foreign currency (gain) loss (included in cost of revenue)

 

 

-

 

 

 

2,758

 

 

 

-

 

 

 

-

 

 

 

2,758

 

 

 

Adjusted EBITDA

 

$

14,009

 

 

$

16,778

 

 

$

216

 

 

$

(11,542

)

 

$

19,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other also includes Utilities, Life Sciences and Corporate.                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing
Three Months Ended
March 31, 2015

 

 

Marine Services
Three Months Ended
March 31, 2015

 

 

Telecommunications
Three Months Ended
March 31, 2015

 

 

Other (1)
Three Months Ended
March 31, 2015

 

 

HC2 Holdings, Inc.
Three Months Ended
March 31, 2015

 

Net income (loss)

 

$

3,188

 

 

$

1,607

 

 

$

(524

)

 

$

(9,332

)

 

$

(5,061

)

Adjustments to reconcile net income (loss) to Adjusted EBIT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on sale or disposal of assets

 

 

423

 

 

 

-

 

 

 

50

 

 

 

-

 

 

 

473

 

 

Interest expense

 

 

344

 

 

 

996

 

 

 

-

 

 

 

7,268

 

 

 

8,608

 

 

Amortization of debt discount

 

 

-

 

 

 

-

 

 

 

-

 

 

 

92

 

 

 

92

 

 

Other (income) expense, net

 

 

(17

)

 

 

-

 

 

 

(5

)

 

 

(171

)

 

 

(193

)

 

Foreign currency transaction (gain) loss

 

 

-

 

 

 

448

 

 

 

322

 

 

 

1

 

 

 

771

 

 

Income tax (benefit) expense

 

 

2,569

 

 

 

6

 

 

 

-

 

 

 

(8,408

)

 

 

(5,833

)

 

Loss from discontinued operations

 

 

9

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9

 

 

Noncontrolling interest

 

 

85

 

 

 

-

 

 

 

-

 

 

 

(346

)

 

 

(261

)

 

Share-based payment expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,235

 

 

 

2,235

 

 

 

Adjusted EBIT

 

 

6,601

 

 

 

3,057

 

 

 

(157

)

 

 

(8,661

)

 

 

840

 

 

Depreciation and amortization

 

 

478

 

 

 

4,030

 

 

 

98

 

 

 

400

 

 

 

5,006

 

 

Depreciation and amortization (included in cost of revenue)

 

 

1,875

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,875

 

 

Foreign currency (gain) loss (included in cost of revenue)

 

 

-

 

 

 

(1,823

)

 

 

-

 

 

 

-

 

 

 

(1,823

)

 

 

Adjusted EBITDA

 

$

8,954

 

 

$

5,264

 

 

$

(59

)

 

$

(8,261

)

 

$

5,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other also includes Utilities, Life Sciences and Corporate.                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contact Information

For More Information on HC2 Holdings, Inc., Please Contact: Ashleigh Douglas
ir@HC2.com
212-339-5875

 

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The project supporting investor interests in Schuff International, Inc. is being conducted by the Shareholder Forum for the benefit of Participants that have reserved Appraised Value Rights ("AVR") Managment, subject to conditions including standard Forum policies that each Participant is expected to make independent use of information obtained through the Forum and that participation is considered private unless the Participant specifically authorizes identification.

Inquiries may be sent to shfk@shareholderforum.com.

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.

 

 

 

The project supporting investor interests in DBM Global Incorporated (f/k/a Schuff International, Inc.) is being conducted by the Shareholder Forum for the benefit of Participants that have reserved Appraised Value Rights ("AVR") Management, subject to conditions including standard Forum policies that each Participant is expected to make independent use of information obtained through the Forum and that participation is considered private unless the Participant specifically authorizes identification.

Inquiries may be sent to shfk@shareholderforum.com.

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.