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Steel Partners Holdings L.P. reports developments for a diversified global holding company identified with the SPLP symbol on OTCQX. Recurring updates cover operating and financial results, limited-partner voting matters, board and governance actions at its general partner, and capital-structure activity under its limited partnership agreement.
Company news also includes preferred-unit distributions and redemptions, actions affecting common units, and initiatives across its family of companies. Steel Sports, a wholly owned subsidiary, appears in updates about youth-sports programs, advisory board appointments, and its values-based Steel Coaching System - The Lasorda Way.
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Steel Partners Holdings L.P. (NYSE: SPLP) released its annual letter from Executive Chairman Warren Lichtenstein, detailing the Company’s 2022 financial results and strategic outlook. The letter highlights the diversified portfolio within industries such as energy and defense, emphasizing ongoing commitment to growth and shareholder value. Investors are encouraged to access the full letter for insights into company performance and future strategies. Notably, potential risks affecting performance, including economic downturns and regulatory compliance challenges, were also outlined, underscoring the importance of careful consideration in investment decisions.
Steel Partners Holdings L.P. (NYSE: SPLP) reported its Q4 2022 results with revenue of $422.6 million, a 2.1% decline year-over-year. Despite the drop, net income from continuing operations increased to $73.1 million, leading to earnings of $2.82 per diluted common unit. Full year revenue reached $1.7 billion, an increase of 11.2% compared to 2021. The company reduced total debt by $90.7 million to $180.3 million. Adjusted EBITDA for Q4 was $44.6 million, yielding an adjusted EBITDA margin of 10.6%, lower than the previous year's 14.6%.
Steel Partners Holdings L.P. (NYSE: SPLP) has announced a quarterly cash distribution of $.375 per unit for its 6% Series A Preferred Units. This payment is scheduled for March 15, 2023, to unitholders of record as of March 1, 2023. The decision to declare future distributions will depend on various factors, including the company's operational results, cash flows, and financial position. Steel Partners is a diversified global holding company with interests in multiple sectors such as industrial products, energy, and logistics.
Steel Partners Holdings L.P. (NYSE: SPLP) and Steel Sports have announced OMG Inc. as the winner of the 2022 Kids First Cup, recognizing their commitment to community development and youth engagement. Following their inaugural victory in 2021, OMG hosted a soccer camp for 40 local kids, emphasizing teamwork and respect. OMG positively impacted 757 kids through its Sponsorship program, providing $10,000 and coach support. Steel Partners Executive Chairman, Warren Lichtenstein, highlighted the extensive impact of their programs, reaching over 2,500 children. OMG President, Hubert McGovern, expressed gratitude for the recognition and commitment to fostering future leaders.
Steel Partners Holdings (NYSE: SPLP) has terminated its merger agreement with Steel Connect (NASDAQ: STCN), initially dated June 12, 2022. The agreement was called off after failing to gain majority approval from Steel Connect's shareholders not affiliated with Steel Partners. As a result, Steel Connect will remain publicly traded on NASDAQ under the ticker 'STCN'. Further shareholder meeting results will be disclosed in future SEC filings. This decision marks a significant change in the anticipated corporate structure for both companies.
Steel Connect, Inc. (NASDAQ: STCN) announced the termination of its merger agreement with Steel Partners Holdings L.P. (NYSE: SPLP). The merger, intended to transfer all STCN common stock not already owned by SPLP, failed due to lack of approval from a majority of outstanding shares held by non-affiliated shareholders. Consequently, Steel Connect remains a publicly traded entity on NASDAQ. The final results of the recent stockholder annual meeting will be disclosed in filings with the U.S. Securities and Exchange Commission.
Steel Partners Holdings L.P. (SPLP) reported strong Q3 2022 results, with revenue of $425.7 million, up 8.6% year-over-year. Net income surged 64.8% to $36.4 million, translating to $1.45 per diluted common unit. However, Adjusted EBITDA fell to $60.2 million, marking a decrease from $72.5 million in Q3 2021, with a 14.1% EBITDA margin. Year-to-date revenue totaled $1.27 billion, a 16.4% increase, alongside a net income of $133.1 million, a 29.2% rise. The company managed to reduce its total debt to $177.6 million.