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Steel Partners Holdings L.P. Reports Fourth Quarter And Year End 2012 Financial Results

Steel Partners Holdings L.P. (NYSE: SPLP) (“SPLP” or the “Company”), a global diversified holding company, today announced operating results for the fourth quarter and year ended December 31, 2012. They are summarized in the following paragraphs. For a full discussion of the operating results, please read the Company's Form 10-K, which can be found at www.steelpartners.com.

SPLP reported revenue of $174.9 million for the quarter, as compared to $156.4 million for the same period of 2011. Income before taxes and equity method investments was $8.8 million in the fourth quarter of 2012, as compared to $6.0 million in 2011. Net income attributable to the Company's common unitholders for the fourth quarter of 2012 was $1.8 million, or $0.06 per diluted common unit, as compared to $22.8 million, or $0.81 per diluted common unit, for the same period in 2011. In the fourth quarter of 2011, the Company recorded a tax benefit of $63,865, of which $35,426 was attributable to common unitholders, or $1.22 per diluted common unit, relating to the release of valuation reserves on deferred tax assets.

For the year ended December 31, 2012 SPLP reported revenues of $761.5 million, as compared to $679.4 million in 2011. Income before taxes and equity method investments was $46.1 million for the year, as compared to $43.0 million in 2011. Net income attributable to the Company's common unitholders for the year was $41.0 million, or $1.38 per diluted common unit, as compared to $35.5 million, or $0.99 per diluted common unit, for 2011.

Financial Summary ($000s)

  Three Months Ended   Year Ended
December 31, December 31,
2012   2011 2012   2011
Revenues $ 174,893 $ 156,448 $ 761,454 $ 679,384
Costs and Expenses 166,068   150,467   715,319   636,365  
Income before taxes and equity method investments 8,825   5,981   46,135   43,019  
Income tax (benefit) provision (2,727 ) (62,929 ) 17,647 (65,119 )
(Loss) Income of associated companies, net of taxes (11,179 ) (13,909 ) 14,204 (13,823 )
Income (Loss) from other investments - related party 94 (3,889 ) (8,329 ) (15,743 )
Income (loss) from investments held at fair value 6,101   1,892   18,967   (183 )
Net income from continuing operations 6,568 53,004 53,330 78,389
Income (Loss) from discontinued operations 4,992     (520 )   10,435   2,888  
Net income 11,560 52,484 63,765 81,277
Income attributable to noncontrolling interests (9,762 ) (29,714 ) (22,747 ) (45,808 )
Net income attributable to common unit holders $ 1,798   $ 22,770   $ 41,018   $ 35,469  
 
Net income per common unit - basic $ 0.06   $ 0.92   $ 1.38   $ 1.41  
Net income per common unit - diluted $ 0.06   $ 0.81   $ 1.38   $ 0.99  

Segment Results ($000s)

  Three Months Ended   Year Ended
December 31, December 31,
2012   2011 2012   2011
Revenue:
Diversified industrial $ 138,067 $ 137,895 $ 629,396 $ 634,964
Energy 26,915 9,686 92,834 32,984
Financial services 7,636 4,722 21,155 14,921
Corporate 2,275   4,145   18,069   (3,485 )
Total $ 174,893   $ 156,448   $ 761,454   $ 679,384  
Income (loss) from continuing operations before income taxes:
Diversified industrial $ 8,316 $ 2,019 $ 41,610 $ 46,568
Energy 1,564 1,969 25,034 6,558
Financial services 5,318 1,733 12,913 6,165
Corporate (11,357 ) (15,646 ) (8,580 ) (46,021 )
Income (loss) from continuing operations before income taxes 3,841 (9,925 ) 70,977 13,270
Income tax (benefit) provision (2,727 ) (62,929 ) 17,647   (65,119 )
Net income from continuing operations $ 6,568   $ 53,004   $ 53,330   $ 78,389  
Income (loss) from equity method investments:
Diversified industrial $ 3,094 $ (1,929 ) $ 1,796 $ 8,712
Energy 13,139
Corporate (14,179 ) (15,869 ) (9,060 ) (38,278 )
Total $ (11,085 ) $ (17,798 ) $ 5,875   $ (29,566 )

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.

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