Tag Archives: Reports Fourth Quarter

Business, Finance, Occupation & Industry

Steel Excel Inc. Reports Fourth Quarter and Year End 2012 Financial Results and Outlook for 2013

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Steel Excel Inc. Reports Fourth Quarter and Year End 2012 Financial Results and Outlook for 2013

SAN RAMON, Calif.–(BUSINESS WIRE)– Steel Excel Inc. (Other OTC: SXCL) (“Steel Excel“, “SXCL” or the “Company”), which operates in two reportable segments, Steel Energy and Steel Sports, 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 results, please see the Company’s Form 10-K, which can be found at www.steelexcel.com.

Fourth Quarter Results

Steel Excel reported aggregate revenues of $26.9 million for the quarter, as compared to $1.8 million for the same period of 2011. The loss from continuing operations before tax was $0.3 million in the fourth quarter of 2012, as compared to a loss of $1.3 million in the 2011 period. The net loss for the fourth quarter of 2012 was $0.1 million, or $0.01 per diluted common share, as compared to a net loss of $1.7 million, or $0.15 per diluted common share for the same period in 2011. For the quarter, Steel Energy net revenues were $26.4 million, compared to $1.4 million in 2011, while Steel Sports had net revenues of $0.5 million, versus $0.4 million in 2011.

Twelve Month Results

For the year, Steel Excel reported net revenues of $100.1 million, as compared to $2.5 million in 2011. Income from continuing operations before tax was $6.5 million, versus a loss of $0.2 million in 2011. Net income for the year was $20.7 million or $1.71 per diluted common share, which included a net loss from discontinued operations of $1.9 million, or $0.16 per share, as compared to net income of $6.8 million, or $0.62 per diluted common share in 2011, which included net income from discontinued operations of $6.6 million, or $0.61 per share.

Steel Energy reported net revenues for the year of $97.2 million, as compared to $1.4 million the prior year. Steel Sports reported revenues of $2.9 million compared to $1.1 million in 2011.

The principal reason for the increase in revenue and net income for both the fourth quarter and full year was related to the acquisitions completed in 2012 for Steel Energy and the release of $15.1 million of a deferred tax valuation allowance as a result of acquired deferred tax liabilities.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

HFF, Inc. Reports Fourth Quarter and Full Year 2012 Financial and Transaction Production Results

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HFF, Inc. Reports Fourth Quarter and Full Year 2012 Financial and Transaction Production Results

PITTSBURGH–(BUSINESS WIRE)– HFF, Inc. (NYS: HF) reported today its financial and production volume results for the fourth quarter and full year of 2012. Based on transaction volume, HFF, Inc. (the Company), through its Operating Partnerships, Holliday Fenoglio Fowler, L.P. (HFF LP) and HFF Securities L.P. (HFF Securities and, collectively with HFF LP, the Operating Partnerships), is one of the leading and largest full-service commercial real estate financial intermediaries in the U.S. providing commercial real estate and capital markets services to both the users and providers of capital in the commercial real estate sector.


Consolidated Earnings

Fourth Quarter Results

Since going public in 2007, the Company recorded its highest quarterly revenue of $97.3 million for the fourth quarter of 2012, an increase of $21.4 million, or approximately 28.1%, compared to $75.9 million in the fourth quarter of 2011. The Company generated operating income of $21.6 million for the fourth quarter of 2012, which was also a new high-watermark for any quarter and represents an increase of $3.2 million, or approximately 17.4%, compared to $18.4 million for the fourth quarter of 2011. This increase in operating income is primarily attributable to the $21.4 million increase in revenue which was partially offset by (a) increases in the Company’s compensation-related costs and expenses associated with, in part, (i) the net growth in headcount of 76 new associates over the past twelve months, (ii) an increase in our incentive compensation including firm and office profit participation expenses directly tied to performance-based metrics and (iii) an increase in compensation expenses directly tied to transaction professionals recruited in 2009 and 2010 who have successfully achieved contractual performance-based metrics, and (b) increased operating, administrative and other costs related, in part, to the Company’s headcount growth and production volume, such as office expansion-related occupancy costs and travel and entertainment expenses.

Interest and other income, net, totaled $7.5 million in the fourth quarter of 2012, an increase of $3.8 million, or approximately 102.6%, compared to $3.7 million in the fourth quarter of 2011. This was primarily a result of increased income recognized on the Company’s initial recording of mortgage servicing rights as well as increased other income earned in …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Asset Acceptance Capital Corp. Reports Fourth Quarter and Full Year 2012 Results

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Asset Acceptance Capital Corp. Reports Fourth Quarter and Full Year 2012 Results

Earnings per fully diluted share for the full year 2012 of $0.35; strong quarter of investment in purchased receivables

WARREN, Mich.–(BUSINESS WIRE)– Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading purchaser and collector of charged-off consumer debt, today reported results for the quarter and fiscal year ended December 31, 2012.

In a separate press release, the Company also announced today that it had entered into an agreement in which Encore Capital Group, Inc. will acquire Asset Acceptance for $6.50 per share for a total equity value of approximately $200 million.

Fourth Quarter 2012 Financial Highlights

Cash collections for the fourth quarter of 2012 increased 4.3% compared to the same period of the prior year, to $85.7 million.

Fourth quarter revenues were $51.7 million, a decrease of 8.3% from the prior year period. The Company reported net impairments on purchased receivables of $0.9 million, which decreased revenues for the quarter, versus net impairment reversals of $2.6 million in the prior year period.

Rion Needs, President and CEO of Asset Acceptance Capital Corp, commented: “During the fourth quarter we continued to focus on our key initiatives, specifically, growing legal channel collections as well as identifying and implementing initiatives to improve our cost structure and productivity. Mr. Needs continued, “We continued to show progress in key performance metrics and have ambitious goals to further improve efficiency. While industry dynamics remained challenging, particularly the supply and pricing of charged-off receivables, we believe we remain well positioned to reach our operational and profitability goals in 2013 and beyond.”

Operating expenses were $46.8 million, an increase of $1.6 million compared to the prior year period. Results reflected a continued strategic investment in the Company’s legal channel and an increase in the related up-front costs ahead of associated collections. Legal investments increased to $9.4 million during the quarter compared to $7.2 million in the prior year period. Operating expenses also included restructuring charges in the fourth quarter of 2012 and 2011 of $0.4 million and $0.1 million, respectively. The restructuring charges were related to actions taken to close the Tempe, AZ and San Antonio, TX collection offices. Cost to collect for the quarter was 54.7%, an improvement of …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Lumos Networks Corp. Reports Fourth Quarter 2012 Financial Results

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Lumos Networks Corp. Reports Fourth Quarter 2012 Financial Results


Year over Year Growth in 4Q12 Revenue and Adjusted EBITDA


Strategic Data Revenue was 52% of Total 4Q12 Revenue and Grew 5% Sequentially


Adjusted EBITDA Margins Expand for Second Consecutive Quarter to 44.1%


Cash Dividend of $0.14 per Share Declared

WAYNESBORO, Va.–(BUSINESS WIRE)– Lumos Networks Corp. (“Lumos Networks” or “the Company”) (NAS: LMOS) , a fiber-based service provider of data, voice and IP-based telecommunication services in the Mid-Atlantic region, today announced financial results for its fourth quarter of 2012.

Total revenue for the fourth quarter of 2012 was $52.7 million, compared to $51.1 million for the fourth quarter of 2011 and $52.0 million in the third quarter of 2012. Total adjusted EBITDA was $23.2 million for the fourth quarter of 2012, compared to $23.0 million in the fourth quarter of 2011 and to $22.3 million in the third quarter of 2012.

“Our strong execution continued in the fourth quarter as our Strategic Data revenue grew 5% sequentially and represented 52% of total sales, up from 50% in the prior quarter,” said Tim Biltz, CEO and President of Lumos Networks. “Our Strategic Data revenue grew 17% from the same quarter in the prior year, which is the third straight quarter of accelerating revenue growth for this product segment.”

“Our adjusted EBITDA margins reached 44.1%, marking the second straight quarter of sequential margin improvements, and we are making clear progress towards our longer term margin target of 47%,” Mr. Biltz continued. “I view this quarter’s results as a true inflection point in our operating results and I am confident that our current momentum will carry through 2013.”

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Source: FULL ARTICLE at DailyFinance