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Star Equity Holdings announced a cash dividend of $0.25 per share for its 10% Series A Cumulative Perpetual Preferred Stock. This decision was approved by the Board of Directors and will affect shareholders on the record date of June 1, 2024, with the payment scheduled for June 11, 2024.
Star Equity Holdings, a diversified holding company, currently operates in two main divisions: Building Solutions and Investments. The Building Solutions division focuses on modular building manufacturing, structural wall panel, wood foundation, and glulam timber manufacturing. The Investments division manages the company's real estate assets and investment positions in various companies. The company recently sold its Healthcare division on May 4, 2023.
Star Equity Holdings (Nasdaq: STRR; STRRP) reported a significant decline in Q1 2024 financial results. Revenues dropped by 26.1% to $9.1 million from $12.3 million in Q1 2023, and gross profit decreased by 63.1% to $1.6 million. The company posted a net loss of $2.2 million, contrasting with a net income of $16 thousand in the same period last year. Non-GAAP adjusted net loss stood at $1.4 million, and adjusted EBITDA was a loss of $1.1 million. However, cash and cash equivalents rose to $14.7 million from $5.0 million a year ago, and debt increased to $1.9 million from $0.7 million. The acquisition of Timber Technologies marks a step forward in diversification and expansion. CEO Rick Coleman attributed the financial downturn to credit tightening and macroeconomic factors, but remains optimistic about future growth and continued strong demand.
Star Equity Holdings (Nasdaq: STRR; STRRP) announced its acquisition of Timber Technologies for $23 million on May 17, 2024. The deal includes $16 million upfront cash, $4 million deferred cash, and a $3 million earn-out. Timber Tech, based in Wisconsin, manufactures glue-laminated timber products and will enhance Star’s Building Solutions division. Timber Tech reported $18.8 million in revenue and $5.5 million Adjusted EBITDA in 2023. The acquisition aims to improve Star's profitability and diversify its market reach. Additionally, a $7 million loan from Bridgewater Bank partially financed the acquisition.
Star Equity Holdings (Nasdaq: STRR; STRRP) will release its first quarter 2024 financial results on May 20, 2024, before market open. The company will host a conference call at 10:00 a.m. ET (7:00 a.m. PT) on the same day to discuss these results and provide management's outlook. Interested parties can access the call via toll-free and international numbers or through a simultaneous webcast available on the company's investor relations webpage. An archived replay of the webcast will be available shortly after the call.
Star Equity Holdings operates through two divisions: Building Solutions and Investments. The Building Solutions division manufactures modular housing units for commercial and residential projects, including structural wall panels and wood foundations. The Investments division manages and finances real estate assets and investment positions in private and public companies.