Steel Excel Inc. (Other OTC: SXCL) (¡°Steel Excel¡±, ¡°SXCL¡± or the ¡°Company¡±), which operates Energy and Sports segments, today announced operating results for the fourth quarter and year ended December 31, 2014. The results are summarized in the following paragraphs. For a full discussion of the results, please see the Company''s annual report on Form 10-K for the year ended December 31, 2014, which can be found at www.steelexcel.com.
Steel Excel reported net revenues of $54.5 million for the fourth quarter of 2014, as compared to $33.5 million for the same period of 2013. The Company incurred a loss from continuing operations before income taxes of $33.7 million in the fourth quarter of 2014, as compared to income of $2.5 million in the 2013 period. The net loss attributable to Steel Excel for the fourth quarter of 2014 was $35.8 million, or $3.13 per diluted common share, as compared to net income of $7.3 million, or $0.60 per diluted common share, for the same period in 2013.
For the year ended December 31, 2014, the Company reported net revenues of $210.1 million, as compared to $120.0 million in 2013. The Company incurred a loss from continuing operations before income taxes of $19.5 million in 2014, as compared to income of $7.9 million in 2013. The net loss attributable to Steel Excel for 2014 was $23.8 million, or $2.04 per diluted common share, as compared to net income of $14.2 million, or $1.13 per diluted common share, for 2013. At December 31, 2014, the Company had cash and marketable securities totaling $190.4 million.
Net income for the year and quarter ended December 31, 2014, includes a goodwill impairment charge of $36.7 million related to the Company''s Energy segment. Net income for the year ended December 31, 2013, includes a benefit from income taxes of $9.3 million due primarily to a reversal of reserves for foreign taxes upon the expiration of the statute of limitations and the reversal of a portion of the valuation allowance for deferred tax assets.
The Company generated Adjusted EBITDA of $9.6 million in the fourth quarter of 2014, as compared to Adjusted EBITDA of $5.8 million in the 2013 quarter, an increase of $3.8 million or 66.4%. For the year ended December 31, 2014, the Company generated Adjusted EBITDA of $40.2 million, as compared to Adjusted EBITDA of $23.8 million in 2013, an increase of $16.4 million, or 69.1%. See "Note Regarding Use of Non-GAAP Financial Measurements" below for the definition of Adjusted EBITDA.
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