$VATE
INNOVATE Corp.

2014 Q3 Form 10-Q Financial Statement

#000119312514404636 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $183.3M $61.08M
YoY Change 200.09% -13.99%
Cost Of Revenue $161.5M $58.75M
YoY Change 174.88% -12.44%
Gross Profit $21.79M $2.325M
YoY Change 837.38% -40.55%
Gross Profit Margin 11.89% 3.81%
Selling, General & Admin $20.25M $6.293M
YoY Change 221.72% 55.11%
% of Gross Profit 92.9% 270.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.800M $100.0K
YoY Change 2700.0% -98.68%
% of Gross Profit 12.85% 4.3%
Operating Expenses $179.4M $65.19M
YoY Change 175.13% 1506.46%
Operating Profit -$2.580M -$4.113M
YoY Change -37.27% -19.43%
Interest Expense $2.103M $3.000K
YoY Change 70000.0% -99.95%
% of Operating Profit
Other Income/Expense, Net -$1.092M
YoY Change
Pretax Income -$10.70M -$1.919M
YoY Change 457.69% 77.85%
Income Tax $4.515M -$3.308M
% Of Pretax Income
Net Earnings -$15.88M -$6.705M
YoY Change 136.82% -73.22%
Net Earnings / Revenue -8.66% -10.98%
Basic Earnings Per Share -$0.79 -$0.48
Diluted Earnings Per Share -$0.79 -$0.48
COMMON SHARES
Basic Shares Outstanding 23.37M shares 14.08M shares
Diluted Shares Outstanding 23.37M shares 14.08M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.7M $15.50M
YoY Change 620.65% -76.52%
Cash & Equivalents $111.7M $15.54M
Short-Term Investments
Other Short-Term Assets $63.50M $33.70M
YoY Change 88.43% 135.66%
Inventory $23.89M
Prepaid Expenses
Receivables $170.5M $51.00K
Other Receivables $1.400M $0.00
Total Short-Term Assets $363.6M $102.8M
YoY Change 253.63% -29.11%
LONG-TERM ASSETS
Property, Plant & Equipment $239.6M $683.0K
YoY Change 34974.96% -98.94%
Goodwill $35.51M
YoY Change
Intangibles
YoY Change
Long-Term Investments $47.10M
YoY Change
Other Assets $22.72M $6.257M
YoY Change 263.13% -62.51%
Total Long-Term Assets $366.3M $6.940M
YoY Change 5178.2% -96.89%
TOTAL ASSETS
Total Short-Term Assets $363.6M $102.8M
Total Long-Term Assets $366.3M $6.940M
Total Assets $729.9M $109.8M
YoY Change 565.03% -70.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.81M $0.00
YoY Change -100.0%
Accrued Expenses $83.80M $3.800M
YoY Change 2105.26% -86.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.41M
YoY Change
Total Short-Term Liabilities $212.3M $39.51M
YoY Change 437.18% -57.4%
LONG-TERM LIABILITIES
Long-Term Debt $290.4M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.726M $184.0K
YoY Change 838.04% -79.42%
Total Long-Term Liabilities $292.1M $184.0K
YoY Change 158660.87% -79.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.3M $39.51M
Total Long-Term Liabilities $292.1M $184.0K
Total Liabilities $562.9M $39.70M
YoY Change 1318.04% -84.01%
SHAREHOLDERS EQUITY
Retained Earnings -$54.16M -$16.32M
YoY Change 231.9% 15.56%
Common Stock $134.8M $100.6M
YoY Change 33.97% -28.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $378.0K $378.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 31.63K shares 31.63K shares
Shareholders Equity $64.37M $70.10M
YoY Change
Total Liabilities & Shareholders Equity $729.9M $109.8M
YoY Change 565.03% -70.19%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$15.88M -$6.705M
YoY Change 136.82% -73.22%
Depreciation, Depletion And Amortization $2.800M $100.0K
YoY Change 2700.0% -98.68%
Cash From Operating Activities -$16.80M -$5.700M
YoY Change 194.74% -174.03%
INVESTING ACTIVITIES
Capital Expenditures $3.400M $2.000M
YoY Change 70.0% -68.75%
Acquisitions
YoY Change
Other Investing Activities -$59.40M $101.3M
YoY Change -158.64% -25425.0%
Cash From Investing Activities -$62.80M $99.30M
YoY Change -163.24% -1560.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 152.6M -248.4M
YoY Change -161.43% 72.62%
NET CHANGE
Cash From Operating Activities -16.80M -5.700M
Cash From Investing Activities -62.80M 99.30M
Cash From Financing Activities 152.6M -248.4M
Net Change In Cash 73.00M -154.8M
YoY Change -147.16% 8.25%
FREE CASH FLOW
Cash From Operating Activities -$16.80M -$5.700M
Capital Expenditures $3.400M $2.000M
Free Cash Flow -$20.20M -$7.700M
YoY Change 162.34% -692.31%

Facts In Submission

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us-gaap Business Acquisition Date Of Acquisition Agreement1
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2014-05-29
us-gaap Earnings Per Share Diluted
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us-gaap Equity Method Investment Description Of Principal Activities
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us-gaap Segment Reporting Disclosure Of Major Customers
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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
HC2 Holdings, Inc.
dei Trading Symbol
TradingSymbol
HCHC
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. ORGANIZATION AND BUSINESS</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> On April&#xA0;9, 2014, we changed our name from PTGi Holding, Inc. to HC2 Holdings, Inc. (&#x201C;HC2&#x201D; and, together with its subsidiaries, the &#x201C;Company&#x201D;, &#x201C;we&#x201D; and &#x201C;our&#x201D;). The name change was effected pursuant to Section&#xA0;253 of the General Corporation Law of the State of Delaware by the merger of our wholly owned subsidiary, HC2 Name Change, Inc., into us. In connection with the name change, we changed the ticker symbol of our common stock from &#x201C;PTGI&#x201D; to &#x201C;HCHC&#x201D;.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On May&#xA0;29, 2014, the Company completed the acquisition of 2.5&#xA0;million shares of common stock of Schuff International, Inc. (&#x201C;Schuff&#x201D;), a steel fabrication and erection company, and negotiated an agreement to purchase an additional 198,411 shares, representing an approximately 65% interest in Schuff. The aggregate consideration for the shares of Schuff acquired was approximately $85 million, which was funded using the net proceeds from (i)&#xA0;the issuance of $30 million of Series A Convertible Participating Preferred Stock of HC2 (the &#x201C;Series A Preferred Stock&#x201D;) and $6 million of common stock of HC2, and (ii)&#xA0;the entry into a senior secured credit facility providing for an eighteen month term loan of $80 million (&#x201C;May Credit Facility&#x201D;), each of which was also completed on May&#xA0;29, 2014. Schuff repurchased a portion of its outstanding common stock in June 2014, which had the effect of increasing the Company&#x2019;s ownership interest to 70%. In October 2014, the final results of a tender offer for all outstanding shares of Schuff were announced and the Company accepted for purchase 733,634 shares, which had the effect of increasing the Company&#x2019;s ownership interest to 89%. On October&#xA0;29, 2014, we entered into an open-market transaction to increase our ownership of Schuff to 90.6%, and we intend to execute a short-form merger as soon as practicable. Such short-form merger will increase our ownership of Schuff shares to 100%.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Schuff and its wholly-owned subsidiaries primarily operate as integrated fabricators and erectors of structural steel and heavy steel plates with headquarters in Phoenix, Arizona and operations in Arizona, Florida, Georgia, Texas, Kansas and California. Schuff&#x2019;s construction projects are primarily in the aforementioned states. In addition, Schuff has construction projects in select international markets, primarily Panama. Schuff has a 49% interest in Schuff Hopsa Engineering, Inc. (&#x201C;SHE&#x201D;), a Panamanian joint venture with Empresas Hopsa, S.A., that provides steel fabrication services. Schuff controls the operations of SHE, as provided in the operating agreement. Therefore, the assets, liabilities, revenues and expenses of SHE are included in the consolidated financial statements of Schuff. Empresas Hopsa, S.A.&#x2019;s 51% interest in SHE is presented as a non-controlling interest component of total equity.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On August&#xA0;1, 2014, the Company paid $15.5 million to acquire 15,500 shares of Series A Convertible Preferred Stock of American Natural Gas (&#x201C;ANG&#x201D;), representing an approximately 51% interest in ANG. ANG is a premier distributor of natural gas motor fuel headquartered in the Northeast that designs, builds, owns, operates and maintains compressed natural gas fueling stations for transportation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> On September&#xA0;22, 2014, the Company completed the acquisition of Bridgehouse Marine Limited (&#x201C;Bridgehouse&#x201D;), the parent holding company of Global Marine Systems Limited (&#x201C;GMSL&#x201D;). The purchase price reflects an enterprise value of approximately $260 million, including assumed indebtedness, and was funded using a portion of the net proceeds from (i)&#xA0;the issuance of $11 million of Series A-1 Convertible Participating Preferred Stock of HC2 (the &#x201C;Series A-1 Preferred Stock&#x201D;) and (ii)&#xA0;a senior secured credit facility providing for a twelve month (subject to extension for an additional twelve months if the Company meets certain requirements set forth in the credit agreement governing the senior secured credit facility) term loan of $214 million and a delayed draw term loan of $36&#xA0;million, each of which was also completed on September&#xA0;22, 2014. With a portion of these proceeds, the Company paid off its May Credit Facility and its senior unsecured credit facility consisting of a term loan of $17&#xA0;million entered into on September&#xA0;8, 2014 for the purpose of acquiring an ownership interest in Novatel Wireless, Inc. (&#x201C;September Credit Facility&#x201D;). GMSL is a leading provider of engineering and underwater services on submarine cables. In conjunction with the acquisition, approximately 3% of the Company&#x2019;s interest in GMSL was reserved for a group of individuals, leaving the Company&#x2019;s controlling interest as of September&#xA0;30, 2014 at approximately 97%.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> GMSL has a 65% interest in Global Cable Technology, Ltd., which manufactures jointing kits. The assets, liabilities, revenue and expenses of Global Cable Technology, Ltd. are included in the consolidated financial statements of GMSL and the 35% interest is presented as a non-controlling interest component of total equity.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We have historically operated a telecommunications business including a network of direct routes and provided premium voice communication services for national telecom operators, mobile operators, wholesale carriers, prepaid operators, Voice over Internet Protocol (&#x201C;VoIP&#x201D;) service operators and Internet service providers (&#x201C;ISPs&#x201D;). The Company has provided telecommunications services from its North America Telecom and International Carrier Services (&#x201C;ICS&#x201D;) business units. In the second quarter of 2013, the Company entered into a definitive purchase agreement to sell its North America Telecom business and sought shareholder approval of such transaction. On July&#xA0;31, 2013, the Company completed the initial closing of the sale of substantially all of its North&#xA0;America Telecom business. The sale of Primus Telecommunications, Inc. (&#x201C;PTI&#x201D;) was also contemplated as part of this transaction, and subject to regulatory approval. On July&#xA0;31, 2014, having received the necessary regulatory approvals for PTI, we completed the divestiture of the remainder of our North America Telecom business.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> During 2013, we also provided data center services in Canada through our BLACKIRON Data business unit. On April&#xA0;17, 2013, we consummated the divestiture of BLACKIRON Data.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company currently has five reportable operating segments based on management&#x2019;s organization of the enterprise&#x2014;Telecommunications which includes ICS, Life Sciences which includes Genovel Orthopedics, Inc. (&#x201C;Genovel&#x201D;) involved with the development of products to treat early osteoarthritis of the knee, Manufacturing which includes Schuff, Marine Services which includes GMSL, and Utilities which includes ANG.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> HC2 was formed as a corporation under the laws of Delaware in 1994 and operates as a holding company of operating subsidiaries primarily in the United States and the United Kingdom.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>Use of Estimates</i>&#x2014;The preparation of condensed consolidated financial statements in conformity with U.S.&#xA0;GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. Actual results may differ from these estimates. Significant estimates include allowance for doubtful accounts receivable, accrued interconnection cost disputes, the extent of progress towards completion on contracts, contract revenue and costs on long-term contracts, market assumptions used in estimating the fair values of certain assets and liabilities, the calculation used in determining the fair value of HC2&#x2019;s stock options required by ASC No.&#xA0;718, &#x201C;Compensation&#x2014;Stock Compensation&#x201D; (&#x201C;ASC&#xA0;718&#x201D;), income taxes and various other contingencies.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Estimates of fair value represent the Company&#x2019;s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.</p> </div>
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>Reclassification</i> &#x2014;Certain previous year amounts have been reclassified to conform with current year presentations, as related to the reporting of the Company&#x2019;s discontinued operations and new balance sheet line items.</p> </div>
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