Steel Excel Inc. Reports 2016 Third Quarter Financial Results

Steel Excel Inc. (Other OTC:SXCL) ("Steel Excel" or the "Company"), which operates Energy and Sports segments, today announced operating results for the third quarter and nine months ended September 30, 2016.

Steel Excel reported net revenues of $27.2 million for the third quarter of 2016, as compared to $33.5 million for the same period of 2015. The Company incurred a loss before income taxes and equity method income of $4.5 million in the third quarter of 2016, as compared to a loss of $3.7 million in the 2015 period. The net loss attributable to Steel Excel for the third quarter of 2016 was $2.4 million, or $0.23 per diluted common share, as compared to a net loss of $14.5 million, or $1.27 per diluted common share, for the same period in 2015. At September 30, 2016, the Company had cash and marketable securities totaling $165.3 million and total debt of $42.9 million.

For the nine months ended September 30, 2016, Steel Excel reported net revenues of $68.9 million, as compared to $108.0 million for the same period of 2015. The Company incurred a loss before income taxes and equity method income of $14.2 million in the first nine months of 2016, as compared to a loss of $31.8 million in the 2015 period. The net loss attributable to Steel Excel for the first nine months of 2016 was $5.0 million, or $0.47 per diluted common share, as compared to a net loss of $32.3 million, or $2.81 per diluted common share, for the same period in 2015.

For the third quarter of 2016, net revenues in the Energy segment were $19.1 million, as compared to $23.8 million in the 2015 quarter; net revenues in the Sports segment were $8.1 million in the 2016 quarter, as compared to $9.7 million in the comparable 2015 period. For the first nine months of 2016, net revenues in the Energy segment were $53.1 million, as compared to $90.4 million in the 2015 period; net revenues in the Sports segment were $15.8 million in the first nine months of 2016, as compared to $17.6 million in the comparable 2015 period.

If you liked this article you might like

Fishing for Acquisition Candidates in a Shallow Deep-Value Pond

A Flyby Over Value's Backwater

Don't Bother Looking for Cheap Stocks

Insider Trading Alert - RP, QTS And SXCL Traded By Insiders

Insider Trading Alert - SXCL, LCI And CLCT Traded By Insiders