Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Steel Excel Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 11,966,904 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000709804 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net revenues | $45,159 | $26,351 |
Cost of revenues | 34,310 | 18,665 |
Gross profit | 10,849 | 7,686 |
Operating expenses: | ' | ' |
Selling, general and administrative expenses | 8,262 | 5,312 |
Amortization of intangibles | 2,641 | 2,400 |
Total operating expenses | 10,903 | 7,712 |
Operating loss | -54 | -26 |
Interest income, net | 721 | 623 |
Other income, net | 2,928 | 1,139 |
Income from continuing operations before income taxes and equity method loss | 3,595 | 1,736 |
Benefit from income taxes | 1,903 | 1,633 |
Loss from equity method investees, net of taxes | -1,433 | 0 |
Net income from continuing operations | 4,065 | 3,369 |
Loss from discontinued operations, net of taxes | 0 | -395 |
Net income | 4,065 | 2,974 |
Net loss attributable to non-controlling interests in consolidated entities | ' | ' |
Continuing operations | 326 | 20 |
Discontinued operations | 0 | 316 |
Net income attributable to Steel Excel Inc. | $4,391 | $3,310 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ' | ' |
Net income from continuing operations (in dollars per share) | $0.37 | $0.26 |
Loss from discontinued operations, net of taxes (in dollars per share) | $0 | ($0.01) |
Net income (in dollars per share) | $0.37 | $0.26 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ' | ' |
Net income from continuing operations (in dollars per share) | $0.37 | $0.26 |
Loss from discontinued operations, net of taxes (in dollars per share) | $0 | ($0.01) |
Net income (in dollars per share) | $0.37 | $0.26 |
Shares used in computing income (loss) per share: | ' | ' |
Basic (in Shares) | 11,981 | 12,886 |
Diluted (in Shares) | 11,999 | 12,909 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $4,065 | $2,974 |
Other comprehensive income (loss), net of taxes | ' | ' |
Foreign currency translation adjustment, net of taxes | 0 | -59 |
Net unrealized gain on marketable securities, net of taxes | 3,991 | 2,871 |
Comprehensive income | 8,056 | 5,786 |
Comprehensive loss attributable to non-controlling interest | 326 | 336 |
Comprehensive income attributable to Steel Excel Inc. | $8,382 | $6,122 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $60,285 | $73,602 |
Marketable securities | 198,965 | 178,485 |
Accounts receivable, net of allowance for doubtful accounts of $0 | 25,055 | 24,864 |
Deferred income taxes | 15 | 0 |
Prepaid expenses and other current assets | 6,647 | 4,979 |
Current assets of discontinued operations | 31 | 31 |
Total current assets | 290,998 | 281,961 |
Property and equipment, net | 106,204 | 106,476 |
Goodwill | 68,139 | 68,139 |
Intangible assets, net | 42,257 | 44,388 |
Other investments | 28,826 | 25,844 |
Investments in equity method investees | 6,906 | 8,339 |
Deferred income taxes | 3,732 | 1,556 |
Other long-term assets | 1,647 | 1,754 |
Total assets | 548,709 | 538,457 |
Current liabilities: | ' | ' |
Accounts payable | 3,640 | 4,754 |
Accrued expenses and other liabilities | 13,068 | 7,526 |
Current portion of long-term debt | 13,214 | 13,214 |
Current portion of capital lease obligations | 412 | 412 |
3/4% convertible senior subordinated notes due 2023 | 0 | 346 |
Deferred income taxes | 3,838 | 3,612 |
Current liabilities of discontinued operations | 987 | 987 |
Total current liabilities | 35,159 | 30,851 |
Capital lease obligations, net of current portion | 471 | 572 |
Long-term debt, net of current portion | 75,982 | 79,286 |
Deferred income taxes | 2,043 | 0 |
Other long-term liabilities | 3,823 | 3,813 |
Total liabilities | 117,478 | 114,522 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 15 | 14 |
Additional paid-in capital | 275,442 | 274,826 |
Accumulated other comprehensive income | 10,507 | 6,516 |
Retained earnings | 218,358 | 213,967 |
Treasury stock, at cost (2014 - 2,550 shares; 2013 - 2,503 shares) | -72,378 | -71,001 |
Total Steel Excel Inc. stockholders' equity | 431,944 | 424,322 |
Non-controlling interest | -713 | -387 |
Total stockholders' equity | 431,231 | 423,935 |
Total liabilities and stockholders' equity | $548,709 | $538,457 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $0 | $0 |
Par Value (in dollars per share) | $0.00 | $0.00 |
Shares Authorized (in shares) | 40,000 | 40,000 |
Shares Issued (in shares) | 14,517 | 14,508 |
Shares Outstanding (in shares) | 14,517 | 14,508 |
Treasury stock (in shares) | 2,550 | 2,503 |
3/4% convertible senior subordinated notes due 2023 | Convertible Senior Subordinated Notes | ' | ' |
Interest rate (as a percent) | 0.75% | 0.75% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $4,065 | $2,974 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Loss from discontinued operations | 0 | 394 |
Loss from equity method investees | 1,433 | 0 |
Stock-based compensation expense | 617 | 620 |
Depreciation and amortization | 6,163 | 4,994 |
Deferred income tax benefit | -2,020 | -1,818 |
Loss (gain) on sales of marketable securities | -2,991 | 23 |
Other | 27 | 258 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Accounts receivable | -160 | 2,119 |
Prepaid expenses and other assets | -1,802 | -1,897 |
Accounts payable and other liabilities | 4,526 | 1,139 |
Net cash used in operating activities of discontinued operations | 0 | -728 |
Net cash provided by operating activities | 9,858 | 8,078 |
Cash Flows From Investing Activities: | ' | ' |
Purchases of businesses, net of cash acquired | -530 | 0 |
Purchases of property and equipment | -3,279 | -2,347 |
Proceeds from sale of property and equipment | 26 | 0 |
Investments in equity method investees | 0 | -4,000 |
Purchases of marketable securities | -51,843 | -47,192 |
Sales of marketable securities | 40,579 | 8,315 |
Maturities of marketable securities | 0 | 56,045 |
Other investments | -3,000 | 0 |
Net cash used in investing activities of discontinued operations | 0 | -112 |
Net cash provided by (used in) investing activities | -18,047 | 10,709 |
Cash Flows From Financing Activities: | ' | ' |
Repurchases of common stock | -1,377 | -2,098 |
Repayment of subordinated notes | -346 | 0 |
Repayments of capital lease obligations | -101 | -106 |
Repayments of long-term debt | -3,304 | -13,000 |
Net cash used in financing activities | -5,128 | -15,204 |
Net increase (decrease) in cash and cash equivalents | -13,317 | 3,583 |
Cash and cash equivalents, beginning balance | 73,602 | 71,556 |
Cash and cash equivalents, ending balance | $60,285 | $75,139 |
Description_and_Basis_of_Prese
Description and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
BusinessDescriptionAndBasisOfPresentationTextBlockAbstract | ' |
Description and Basis of Presentation | ' |
Description and Basis of Presentation | |
Steel Excel Inc. (“Steel Excel” or the “Company”) currently operates in two reporting segments - Energy and Sports. Through its wholly-owned subsidiary Steel Energy Ltd. ("Steel Energy"), the Company’s Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., the Company’s Sports business provides event-based sports services and other health-related services. The Company also continues to identify business acquisition opportunities in other unrelated industries. | |
The accompanying unaudited consolidated financial statements of Steel Excel and its subsidiaries, which have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles, should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2013. The Company believes that all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation have been included in the Financial Statements. The operating results of any period are not necessarily indicative of the results for the entire year or any future period. | |
In December 2013, the Company acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk”), a provider of drilling and production services to the oil and gas industry. The fair values recognized at December 31, 2013, were provisional pending further analysis and third-party valuations. In 2014, the Company recorded measurement period adjustments to reflect revised fair values of the assets and liabilities of Black Hawk. The Company's balance sheet at December 31, 2013, has been revised to reflect such measurement period adjustments as if they were recorded at the acquisition date (see Note 3). | |
The Company shut down the operations of Ruckus Sports LLC (“Ruckus”), a provider of obstacle course and mass-participation events, in November 2013. The consolidated financial statements reflect Ruckus as a discontinued operation in all periods presented (see Note 4). | |
Commencing with the quarterly period ended June 30, 2013, the Company's quarter-end dates coincide with the calendar quarter-end dates. Prior to that time, the Company's quarter-end dates were based on fiscal quarters ending on the thirteenth Saturday of such fiscal quarter. The Company's quarter-end dates were March 31 and March 30 for the 2014 and 2013 periods, respectively. | |
Certain other prior period amounts have been reclassified to conform to the 2014 presentation. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), which changes the requirements for reporting discontinued operations. Pursuant to this pronouncement, the disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on an entity’s operations and financial results. This pronouncement also requires additional disclosures for discontinued operations and requires disclosures about disposals of individually significant components of an entity that do not qualify for discontinued operations presentation in the financial statements. ASU No. 2014-08 is effective for annual reporting periods beginning after December 15, 2014, and for interim reporting period within those years. The Company does not expect the adoption of ASU No. 2014-08 to have a material effect on the consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions | ' | |||||||||||
Acquisitions | ||||||||||||
On December 16, 2013, the Company acquired the business and substantially all of the assets of Black Hawk for approximately $60.8 million in cash, subject to a post-closing working capital adjustment. The fair values recognized in 2013 in connection with the Black Hawk transaction were provisional pending the Company's continued evaluation, including assessing any identifiable intangible assets acquired, and completing a valuation of the tangible and intangible assets. During 2014, the Company recorded adjustments to the initial fair values based on the Company's continued assessment of the fair values of the assets and liabilities acquired, including a preliminary valuation. The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired. | ||||||||||||
Previously Reported | Measurement Period Adjustments | Revised | ||||||||||
(in thousands) | ||||||||||||
Accounts receivable | $ | 9,663 | $ | (40 | ) | $ | 9,623 | |||||
Prepaid expenses and other current assets | 208 | 420 | 628 | |||||||||
Property and equipment | 30,581 | 93 | 30,674 | |||||||||
Intangible assets | — | 12,160 | 12,160 | |||||||||
Accounts payable | (1,333 | ) | (251 | ) | (1,584 | ) | ||||||
Accrued expenses | (1,756 | ) | (167 | ) | (1,923 | ) | ||||||
Total identifiable net assets acquired | 37,363 | 12,215 | 49,578 | |||||||||
Goodwill | 23,400 | (12,215 | ) | 11,185 | ||||||||
Net assets acquired | $ | 60,763 | $ | — | $ | 60,763 | ||||||
The intangible assets acquired represented customer relationships, a trade name, and a non-compete arrangement with estimated fair values of $11.3 million, $0.8 million, and $0.1 million, respectively. The intangible assets are being amortized over five-year periods. The revised amounts are subject to further revision pending the Company's continued assessment of the fair values of the assets and liabilities acquired, including completion of the valuation. The Company's balance sheet at December 31, 2013, has been revised to reflect the measurement period adjustments as if they had been recognized at the acquisition date. The measurement period adjustments did not have a material effect on the Company's statement of operations. | ||||||||||||
In February 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports segment soccer operation, acquired the business and assets of a provider of soccer clinics and camps for approximately $0.5 million in cash. In connection with this acquisition, the Company recognized approximately $0.5 million in intangible assets representing customer relationships. | ||||||||||||
The following unaudited pro forma financial information for the three months ended March 31, 2013, combines the results of operations of the Company with the results of operations of Black Hawk and UK Elite, which were acquired in December 2013 and June 2013, respectively, as if those acquisitions had occurred at the beginning of the year prior to the date of acquisition. The pro forma financial information does not include the results of Ruckus, which was acquired in January 2013 and is reported as a discontinued operation in the Company's consolidated financial statements. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future. | ||||||||||||
Amount | ||||||||||||
(in thousands) | ||||||||||||
Net revenues | $ | 41,747 | ||||||||||
Net income from continuing operations | $ | 3,281 | ||||||||||
Net income | $ | 2,886 | ||||||||||
Net income attributable to Steel Excel Inc. | $ | 3,255 | ||||||||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2014 | |
DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlockAbstract | ' |
Discontinued Operations | ' |
Discontinued Operations | |
In November 2013, the Company shut down the operations of Ruckus after it did not meet operational and financial expectations. For the three months ended March 31, 2013, Ruckus did not report any revenues and incurred a loss from discontinued operations of $0.4 million. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||
All of the Company's marketable securities at March 31, 2014, and December 31, 2013, were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as "other comprehensive income (loss)". Marketable securities at March 31, 2014, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 41,035 | $ | — | $ | — | $ | 41,035 | ||||||||||||||||
Mutual funds | 15,722 | 4,945 | — | 20,667 | ||||||||||||||||||||
United States government securities | 23,889 | 26 | — | 23,915 | ||||||||||||||||||||
Corporate securities | 105,272 | 13,881 | (3,957 | ) | 115,196 | |||||||||||||||||||
Corporate obligations | 35,949 | 1,642 | (3 | ) | 37,588 | |||||||||||||||||||
Commercial paper | 4,499 | — | — | 4,499 | ||||||||||||||||||||
Total available-for-sale securities | 226,366 | 20,494 | (3,960 | ) | 242,900 | |||||||||||||||||||
Amounts classified as cash equivalents | (43,935 | ) | — | — | (43,935 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 182,431 | $ | 20,494 | $ | (3,960 | ) | $ | 198,965 | |||||||||||||||
Marketable securities at December 31, 2013, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 60,909 | $ | — | $ | — | $ | 60,909 | ||||||||||||||||
Mutual funds | 15,722 | 5,061 | — | 20,783 | ||||||||||||||||||||
United States government securities | 50,356 | 23 | — | 50,379 | ||||||||||||||||||||
Corporate securities | 69,806 | 9,961 | (5,208 | ) | 74,559 | |||||||||||||||||||
Corporate obligations | 31,356 | 885 | (276 | ) | 31,965 | |||||||||||||||||||
Commercial paper | 1,799 | — | — | 1,799 | ||||||||||||||||||||
Total available-for-sale securities | 229,948 | 15,930 | (5,484 | ) | 240,394 | |||||||||||||||||||
Amounts classified as cash equivalents | (61,909 | ) | — | — | (61,909 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 168,039 | $ | 15,930 | $ | (5,484 | ) | $ | 178,485 | |||||||||||||||
Proceeds from sales of marketable securities were $40.6 million and $8.3 million for the three months ended March 31, 2014 and 2013, respectively. The company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three months ended March 31, 2014 and 2013, were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Gross realized gains | $ | 3,200 | $ | 1,258 | ||||||||||||||||||||
Gross realized losses | (209 | ) | (42 | ) | ||||||||||||||||||||
Realized gains, net | $ | 2,991 | $ | 1,216 | ||||||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at March 31, 2014, and the duration of time that such losses had been unrealized, were as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 30,339 | $ | (3,299 | ) | $ | 551 | $ | (658 | ) | $ | 30,890 | $ | (3,957 | ) | |||||||||
Corporate obligations | 1,045 | (3 | ) | — | — | 1,045 | (3 | ) | ||||||||||||||||
Total | $ | 31,384 | $ | (3,302 | ) | $ | 551 | $ | (658 | ) | $ | 31,935 | $ | (3,960 | ) | |||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2013, and the duration of time that such losses had been unrealized, were as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 15,609 | $ | (4,757 | ) | $ | 803 | $ | (451 | ) | $ | 16,412 | $ | (5,208 | ) | |||||||||
Corporate obligations | 10,477 | (276 | ) | — | — | 10,477 | (276 | ) | ||||||||||||||||
Total | $ | 26,086 | $ | (5,033 | ) | $ | 803 | $ | (451 | ) | $ | 26,889 | $ | (5,484 | ) | |||||||||
Gross unrealized losses primarily related to losses on corporate securities. The Company has evaluated such securities, which primarily consist of investments in publicly-traded entities, as of March 31, 2014, and has determined that there was no indication of other-than-temporary impairments. This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the entity, and the Company's intent and ability to hold the corporate securities for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale debt securities at March 31, 2014, by contractual maturity, were as follows: | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Mature in one year or less | $ | 9,029 | $ | 9,030 | ||||||||||||||||||||
Mature after one year through three years | 21,681 | 21,812 | ||||||||||||||||||||||
Mature in more than three years | 33,627 | 35,160 | ||||||||||||||||||||||
Total debt securities | 64,337 | 66,002 | ||||||||||||||||||||||
Securities with no contractual maturities | 162,029 | 176,898 | ||||||||||||||||||||||
Total | $ | 226,366 | $ | 242,900 | ||||||||||||||||||||
Equity-Method Investments | ||||||||||||||||||||||||
In January 2013, the Company acquired a 40% membership interest in Again Faster LLC, a fitness equipment company, for total cash consideration of $4.0 million. In August 2013, the Company acquired 1,316,866 shares of the common stock of iGo, Inc. (“iGo”), in a cash tender offer for total consideration of $5.2 million. The shares of common stock of iGo acquired by the Company represent approximately 44.7% of the issued and outstanding shares of iGo. | ||||||||||||||||||||||||
The following table summarizes the Company's equity method investments. | ||||||||||||||||||||||||
Ownership | Carrying Value | Income (Loss) Recognized | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | March 31, 2014 | March 31, 2013 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Again Faster | 40 | % | 40 | % | $ | 3,542 | $ | 3,671 | $ | (129 | ) | $ | — | |||||||||||
iGo | 44.7 | % | 44.7 | % | 3,364 | 4,668 | (1,304 | ) | — | |||||||||||||||
Total | $ | 6,906 | $ | 8,339 | $ | (1,433 | ) | $ | — | |||||||||||||||
Based on the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $4.1 million at March 31, 2014. | ||||||||||||||||||||||||
The Company recognizes its equity in the losses of iGo on a one-quarter lag basis. The following table presents summarized income statement information for iGo for the three months ended December 31, 2013, the period on which the loss recognized by the Company for the three months ended March 31, 2014, was based. | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenues | $ | 3,210 | ||||||||||||||||||||||
Gross loss | $ | (1,146 | ) | |||||||||||||||||||||
Net loss | $ | (2,917 | ) | |||||||||||||||||||||
Other Investments | ||||||||||||||||||||||||
The Company's other investments at March 31, 2014, include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. The investment in the limited partnership had an approximate fair value of $28.5 million at March 31, 2014, based on the net asset value indicated in the monthly statement received from the partnership. The Company's other investments at March 31, 2014, also include investments in two venture capital funds totaling $0.8 million and a promissory note with an amortized cost of $3.0 million, which is a reasonable approximation of fair value at March 31, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
FairValueDisclosuresTextBlockAbstract | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. | ||||||||||||||||
Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data. The Company uses quoted prices of similar instruments with an active market to determine the fair value of its Level 2 investments. | ||||||||||||||||
Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available, and may include data developed by the Company. The Company uses the net asset value included in quarterly statements it receives in arrears from two venture capital funds to determine the fair value of such funds. The Company determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at March 31, 2014, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 57,385 | $ | 57,385 | $ | — | $ | — | ||||||||
Mutual funds(2) | 20,667 | 20,667 | — | — | ||||||||||||
United States government securities(2) | 23,915 | 23,915 | — | — | ||||||||||||
Corporate securities(2) | 115,196 | 107,259 | — | 7,937 | ||||||||||||
Commercial paper(3) | 4,499 | — | 4,499 | — | ||||||||||||
Corporate obligations(2) | 37,588 | — | 15,960 | 21,628 | ||||||||||||
Investments in certain funds(4) | 826 | — | — | 826 | ||||||||||||
Total | $ | 260,076 | $ | 209,226 | $ | 20,459 | $ | 30,391 | ||||||||
-1 | Reported within "Cash and cash equivalents". | |||||||||||||||
-2 | Reported within “Marketable securities”. | |||||||||||||||
-3 | $2.9 million reported within "Cash and cash equivalents" and $1.6 million reported within "Marketable securities." | |||||||||||||||
-4 | Reported within "Other investments". | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 72,602 | $ | 72,602 | $ | — | $ | — | ||||||||
Mutual funds(2) | 20,783 | 20,783 | — | — | ||||||||||||
United States government securities(2) | 50,379 | 50,379 | — | — | ||||||||||||
Corporate securities(2) | 74,559 | 68,624 | — | 5,935 | ||||||||||||
Commercial paper(3) | 1,799 | — | 1,799 | — | ||||||||||||
Corporate obligations(2) | 31,965 | — | 14,535 | 17,430 | ||||||||||||
Investments in certain funds(4) | 844 | — | — | 844 | ||||||||||||
Total | $ | 252,931 | $ | 212,388 | $ | 16,334 | $ | 24,209 | ||||||||
-1 | Reported within "Cash and cash equivalents." | |||||||||||||||
-2 | Reported within “Marketable securities.” | |||||||||||||||
-3 | $1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities." | |||||||||||||||
-4 | Reported within "Other investments." | |||||||||||||||
There were no transfers of securities among the various measurement input levels during the three months ended March 31, 2014. | ||||||||||||||||
Changes in the fair value of assets valued using Level 3 measurement inputs during the three months ended March 31, 2014, were as follows: | ||||||||||||||||
Amount | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance, January 1, 2014 | $ | 24,209 | ||||||||||||||
Purchases | 5,299 | |||||||||||||||
Sales | (1,974 | ) | ||||||||||||||
Unrealized gains recognized in other comprehensive income | 2,857 | |||||||||||||||
Balance, March 31, 2014 | $ | 30,391 | ||||||||||||||
The Company’s 3/4% Convertible Senior Notes due December 22, 2023, had a carrying value of approximately $0.3 million at December 31, 2013, which was a reasonable approximation of fair value. The Company redeemed all outstanding Convertible Senior Notes in January 2014 with a cash payment of $0.3 million. |
Property_and_Equipment_Net
Property and Equipment Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
Property and Equipment, Net | ||||||||
Property and equipment at March 31, 2014, and December 31, 2013, consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Rigs and other equipment | $ | 102,208 | $ | 100,912 | ||||
Buildings and improvements | 19,370 | 19,167 | ||||||
Land | 1,164 | 1,164 | ||||||
Vehicles | 1,905 | 1,869 | ||||||
Furniture and fixtures | 576 | 512 | ||||||
Assets in progress | 2,756 | 1,114 | ||||||
127,979 | 124,738 | |||||||
Accumulated depreciation | (21,775 | ) | (18,262 | ) | ||||
Property and equipment, net | $ | 106,204 | $ | 106,476 | ||||
The amounts at December 31, 2013, have been revised to reflect measurement period adjustments for the three months ended March 31, 2014, related to Black Hawk as if they had been recognized at the acquisition date (see Note 3). Depreciation expense was $3.5 million and $2.6 million for the three months ended March 31, 2014, and 2013, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The Company's intangible assets at March 31, 2014, and December 31, 2013, all of which are subject to amortization, consisted of the following: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Energy segment: | ||||||||||||||||||||||||
Customer relationships | $ | 54,380 | $ | (15,970 | ) | $ | 38,410 | $ | 54,380 | $ | (13,700 | ) | $ | 40,680 | ||||||||||
Trade names | 4,860 | (2,584 | ) | 2,276 | 4,860 | (2,315 | ) | 2,545 | ||||||||||||||||
Non-compete agreement | 120 | (7 | ) | 113 | 120 | — | 120 | |||||||||||||||||
59,360 | (18,561 | ) | 40,799 | 59,360 | (16,015 | ) | 43,345 | |||||||||||||||||
Sports segment: | ||||||||||||||||||||||||
Customer relationships | 1,673 | (318 | ) | 1,355 | 1,163 | (230 | ) | 933 | ||||||||||||||||
Trade names | 122 | (19 | ) | 103 | 122 | (12 | ) | 110 | ||||||||||||||||
1,795 | (337 | ) | 1,458 | 1,285 | (242 | ) | 1,043 | |||||||||||||||||
Total | $ | 61,155 | $ | (18,898 | ) | $ | 42,257 | $ | 60,645 | $ | (16,257 | ) | $ | 44,388 | ||||||||||
The amounts for the Energy segment at December 31, 2013, have been revised to reflect measurement period adjustments for the three months ended March 31, 2014, related to Black Hawk as if they had been recognized at the acquisition date (see Note 3). | ||||||||||||||||||||||||
Amortization expense was $2.6 million and $2.4 million for the three months ended March 31, 2014 and 2013, respectively. Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows: | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
For the year ended December 31: | ||||||||||||||||||||||||
Remainder of 2014 | $ | 6,878 | ||||||||||||||||||||||
2015 | 8,097 | |||||||||||||||||||||||
2016 | 7,088 | |||||||||||||||||||||||
2017 | 5,858 | |||||||||||||||||||||||
2018 | 5,168 | |||||||||||||||||||||||
Thereafter | 9,168 | |||||||||||||||||||||||
Total | $ | 42,257 | ||||||||||||||||||||||
The changes to the Company’s carrying amount of goodwill were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 65,968 | $ | 2,171 | $ | 68,139 | $ | 52,939 | $ | 154 | $ | 53,093 | ||||||||||||
Acquisitions (see Note 3) | — | — | — | 11,185 | 5,594 | 16,779 | ||||||||||||||||||
Adjustments to fair value | — | — | — | 1,844 | — | 1,844 | ||||||||||||||||||
Impairments | — | — | — | — | (3,577 | ) | (3,577 | ) | ||||||||||||||||
Balance at end of period | $ | 65,968 | $ | 2,171 | $ | 68,139 | $ | 65,968 | $ | 2,171 | $ | 68,139 | ||||||||||||
The amounts for the Energy segment at December 31, 2013, have been revised to reflect measurement period adjustments for the three months ended March 31, 2014, related to Black Hawk as if they had been recognized at the acquisition date (see Note 3). The adjustment to fair value in 2013 represents an adjustment to reflect additional acquisition-date deferred income tax liabilities and non-current deferred compensation obligations related to the acquisition of Sun Well Service, Inc. (“Sun Well”) in May 2012. During the year ended December 31, 2013, the Company recognized a goodwill impairment of $3.6 million related to shutdown of Ruckus. | ||||||||||||||||||||||||
The components of goodwill at March 31, 2014, and December 31, 2013, were as follows: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 73,704 | $ | 73,704 | ||||||||||||||||||||
Accumulated impairment | (5,565 | ) | (5,565 | ) | ||||||||||||||||||||
Net goodwill | $ | 68,139 | $ | 68,139 | ||||||||||||||||||||
Longterm_Debt
Long-term Debt | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Long-term Debt | ' | |||||
Long-term Debt | ||||||
In 2013, Steel Energy entered into a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provided for a borrowing capacity of $105.0 million consisting of a $95.0 million secured term loan (the “Term Loan”) and up to $10.0 million in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable. | ||||||
Borrowings under the Amended Credit Agreement are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well, Rogue Pressure Services, LLC (“Rogue”), and Black Hawk, and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk. The carrying values as of March 31, 2014, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Cash and cash equivalents | $ | 14,523 | ||||
Accounts receivable | 24,328 | |||||
Property and equipment, net | 97,702 | |||||
Intangible assets, net | 40,798 | |||||
Total | $ | 177,351 | ||||
The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3.3 million and a balloon payment due on the maturity date. At March 31, 2014, $89.2 million was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Amended Credit Agreement for the remainder of 2014 and subsequent years are as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Remainder of 2014 | $ | 9,911 | ||||
2015 | 13,214 | |||||
2016 | 13,214 | |||||
2017 | 13,214 | |||||
2018 | 39,643 | |||||
Total | 89,196 | |||||
Less current portion | 13,214 | |||||
Total long-term debt | $ | 75,982 | ||||
The interest rate on the borrowings under the Amended Credit Agreement was 3.0% at March 31, 2014. For the three months ended March 31, 2014, the Company incurred interest expense of $0.8 million in connection with the Amended Credit Agreement, consisting of $0.7 million in interest on the Term Loans and $0.1 million of amortization of deferred financing fees. The Company was in compliance with all financial covenants as of March 31, 2014. | ||||||
Sun Well previously had a credit agreement (the "Sun Well Credit Agreement") with Wells Fargo Bank, National Association, that included a term loan of $20.0 million and a revolving line of credit for up to $5.0 million. All amounts due under the Sun Well Credit Agreement were fully repaid in 2013 and the facility was terminated in July 2013. For three months ended March 31, 2013, the Company incurred interest expense of $0.2 million in connection with the Sun Well Credit Agreement. |
Other_Liabilities
Other Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
OtherLiabilitiesDisclosureTextBlockAbstract | ' | |||||||
Other Liabilities | ' | |||||||
Other Liabilities | ||||||||
“Accrued expenses and other current liabilities” consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Accrued compensation and related taxes | $ | 4,255 | $ | 4,207 | ||||
Deferred revenue | 2,799 | 857 | ||||||
Insurance | 3,992 | 310 | ||||||
Professional services | 660 | 608 | ||||||
Accrued fuel and rig-related charges | 514 | 652 | ||||||
Tax-related | 258 | 385 | ||||||
Other | 590 | 507 | ||||||
Total | $ | 13,068 | $ | 7,526 | ||||
“Other long-term liabilities” consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Deferred compensation | $ | 3,718 | $ | 3,709 | ||||
Tax-related | 105 | 104 | ||||||
Total | $ | 3,823 | $ | 3,813 | ||||
Interest_and_Other_Income
Interest and Other Income | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Statement [Abstract] | ' | |||||||
Interest and Other Income | ' | |||||||
Interest and Other Income | ||||||||
“Interest income, net” consisted of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest income | $ | 1,589 | $ | 794 | ||||
Interest expense | (868 | ) | (171 | ) | ||||
Interest income, net | $ | 721 | $ | 623 | ||||
"Other income (expense), net" consisted of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Realized gain on sale of marketable securities, net | $ | 2,991 | $ | 1,216 | ||||
Other | (63 | ) | (77 | ) | ||||
Other income, net | $ | 2,928 | $ | 1,139 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
IncomeTaxDisclosureTextBlockAbstract | ' |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires that deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. Based on its history of operating losses, the Company has offset its net deferred tax assets by a full valuation allowance. Any reversal of the corresponding valuation allowance will generally result in a tax benefit being recorded in the consolidated statement of operations in the respective period. | |
The Company recognized a benefit from income taxes of $1.9 million and $1.6 million for the three months ended March 31, 2014 and 2013, respectively, primarily due to a partial reversal of the Company's valuation allowance for deferred tax assets. In the 2014 and 2013 periods, the Company reversed $2.1 million and $1.8 million, respectively, of the valuation allowance as a result of recognizing deferred tax liabilities related to unrealized gains on marketable securities recorded during the period. |
Stock_Benefit_Plans
Stock Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract | ' | |||||||
Stock Benefit Plans | ' | |||||||
Stock Benefit Plans | ||||||||
The Company grants equity-based awards to employees under its 2004 Equity Incentive Plan, as amended (the “2004 Plan”), and grants equity-based awards to non-employee directors under its 2006 Director Plan, as amended (the "2006 Plan", and together with the “2004 Plan”, the "Equity Plans"). Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three months ended March 31, 2014 and 2013, was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Stock options | $ | 22 | $ | 25 | ||||
Restricted stock | 595 | 595 | ||||||
Total stock-based compensation | $ | 617 | $ | 620 | ||||
During the three months ended March 31, 2014, the Company granted 9,105 shares of restricted stock to its employees. The Company did not grant any stock options during the first three months of 2014. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
EarningsPerShareTextBlockAbstract | ' | |||||||
Net Income (Loss) Per Share | ' | |||||||
Net Income (Loss) Per Share | ||||||||
Basic net income (loss) attributable to Steel Excel per share of common stock is computed by dividing net income (loss) attributable to Steel Excel by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share attributable to Steel Excel gives effect to all potentially dilutive common shares outstanding during the period. | ||||||||
Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three months ended March 31, 2014 and 2013, were as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerators: | ||||||||
Net income from continuing operations | $ | 4,065 | $ | 3,369 | ||||
Non-controlling interest | 326 | 20 | ||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 4,391 | $ | 3,389 | ||||
Loss from discontinued operations, net of taxes | $ | — | $ | (395 | ) | |||
Non-controlling interest | — | 316 | ||||||
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | $ | — | $ | (79 | ) | |||
Net income attributable to Steel Excel Inc. | $ | 4,391 | $ | 3,310 | ||||
Denominators: | ||||||||
Basic weighted average common shares outstanding | 11,981 | 12,886 | ||||||
Effect of dilutive securities: | ||||||||
Stock-based awards | 18 | 23 | ||||||
Diluted weighted average common shares outstanding | 11,999 | 12,909 | ||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income from continuing operations | $ | 0.37 | $ | 0.26 | ||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | |||
Net income | $ | 0.37 | $ | 0.26 | ||||
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income from continuing operations | $ | 0.37 | $ | 0.26 | ||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | |||
Net income | $ | 0.37 | $ | 0.26 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
Changes in the components of "Accumulated other comprehensive income" were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Unrealized | Cumulative | Total | Unrealized | Cumulative | Total | |||||||||||||||||||
Gain on | Translation | Gain on | Translation | |||||||||||||||||||||
Securities | Adjustment | Securities | Adjustment | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 6,921 | $ | (405 | ) | $ | 6,516 | $ | 927 | $ | 19 | $ | 946 | |||||||||||
Unrealized gain (loss) - pretax | 8,023 | — | 8,023 | 5,854 | (59 | ) | 5,795 | |||||||||||||||||
Tax effect on unrealized gain | (2,764 | ) | — | (2,764 | ) | (2,230 | ) | — | (2,230 | ) | ||||||||||||||
Unrealized gain (loss) - net of tax | 5,259 | — | 5,259 | 3,624 | (59 | ) | 3,565 | |||||||||||||||||
Reclassification to realized gain - pretax | (1,934 | ) | — | (1,934 | ) | (1,216 | ) | — | (1,216 | ) | ||||||||||||||
Tax effect on reclassification | 666 | — | 666 | 463 | — | 463 | ||||||||||||||||||
Reclassification to realized gain - net of tax | (1,268 | ) | — | (1,268 | ) | (753 | ) | — | (753 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | 3,991 | — | 3,991 | 2,871 | (59 | ) | 2,812 | |||||||||||||||||
Balance at end of period | $ | 10,912 | $ | (405 | ) | $ | 10,507 | $ | 3,798 | $ | (40 | ) | $ | 3,758 | ||||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
SegmentReportingDisclosureTextBlockAbstract | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
The Company currently reports its business in two reportable segments - Energy and Sports. The Company measures profit or loss of its segments based on operating income (loss). | ||||||||
Segment information relating to the Company's results of continuing operations was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Revenues | ||||||||
Energy | $ | 43,913 | $ | 26,039 | ||||
Sports | 1,246 | 312 | ||||||
Total revenues | $ | 45,159 | $ | 26,351 | ||||
Operating income (loss) | ||||||||
Energy | $ | 5,467 | $ | 3,227 | ||||
Sports | (2,032 | ) | (986 | ) | ||||
Total segment operating income | 3,435 | 2,241 | ||||||
Corporate and other business activities | (3,489 | ) | (2,267 | ) | ||||
Interest income, net | 721 | 623 | ||||||
Other income, net | 2,928 | 1,139 | ||||||
Income from continuing operations before income taxes and equity method loss | $ | 3,595 | $ | 1,736 | ||||
Depreciation and amortization expense: | ||||||||
Energy | $ | 5,793 | $ | 4,855 | ||||
Sports | 370 | 139 | ||||||
Total depreciation and amortization expense | $ | 6,163 | $ | 4,994 | ||||
Segment information related to the Company's assets was as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Sports | $ | 18,718 | $ | 20,495 | ||||
Energy | 247,780 | 244,164 | ||||||
Corporate and other business activities | 282,211 | 273,798 | ||||||
Total assets | $ | 548,709 | $ | 538,457 | ||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
RelatedPartyTransactionsDisclosureTextBlockAbstract | ' |
Related Party Transactions | ' |
Related Party Transactions | |
SPLP beneficially owned approximately 55.2% of the Company’s outstanding common stock as of March 31, 2014. The power to vote and dispose of the securities held by SPLP is controlled by Steel Partners Holdings GP Inc. (“SPH GP”). Warren G. Lichtenstein, the Chairman of the Board of Directors and President of the Company's Sports segment, is also the Executive Chairman of SPH GP. Certain other affiliates of SPH GP hold positions with the Company, including Jack L. Howard, as Vice Chairman and principal executive officer, James F. McCabe, Jr., as Chief Financial Officer, and Leonard J. McGill, as Vice President, General Counsel, and Secretary. Each of Warren G. Lichtenstein and Jack L. Howard is compensated with cash compensation and equity awards or equity-based awards in amounts that are consistent with the Company’s Non-employee Director Compensation Policy. | |
Effective January 1, 2014, the services provided by SP Corporate Services LLC (“SP Corporate”), a SPLP affiliate, were expanded, with the Company paying SP Corporate $0.7 million per month for such services. The services agreement with SP Corporate and subsequent amendments were approved by a committee of the Company’s independent directors. In addition, the Company reimburses SP Corporate and other SPLP affiliates for certain expenses incurred on the Company’s behalf. During the three months ended March 31, 2014 and 2013, the Company incurred expenses of $2.2 million and $1.0 million, respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. The Company owed SP Corporate and its affiliates $0.5 million at March 31, 2014. | |
In October 2013, iGo contracted with SP Corporate to provide certain executive, other employee, and corporate services for a fixed annual fee of $0.4 million. In addition, iGo will reimburse SP Corporate for reasonable and necessary business expenses incurred on iGo’s behalf. The services agreement was approved by the independent directors of iGo. | |
The Company holds $15.2 million of short-term deposits at WebBank, an affiliate of SPLP, and recorded interest income of $7,000 and $25,000 for the three months ended March 31, 2014 and 2013. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
CashFlowSupplementalDisclosuresTextBlockAbstract | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
The Company did not have any non-cash investing and financing activities for the three months ended March 31, 2014 and 2013. Cash paid for interest and income taxes for the three months ended March 31, 2014 and 2013, was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest paid | $ | 735 | $ | 192 | ||||
Income taxes paid | $ | 44 | $ | 130 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||
The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired. | ||||||||||||
Previously Reported | Measurement Period Adjustments | Revised | ||||||||||
(in thousands) | ||||||||||||
Accounts receivable | $ | 9,663 | $ | (40 | ) | $ | 9,623 | |||||
Prepaid expenses and other current assets | 208 | 420 | 628 | |||||||||
Property and equipment | 30,581 | 93 | 30,674 | |||||||||
Intangible assets | — | 12,160 | 12,160 | |||||||||
Accounts payable | (1,333 | ) | (251 | ) | (1,584 | ) | ||||||
Accrued expenses | (1,756 | ) | (167 | ) | (1,923 | ) | ||||||
Total identifiable net assets acquired | 37,363 | 12,215 | 49,578 | |||||||||
Goodwill | 23,400 | (12,215 | ) | 11,185 | ||||||||
Net assets acquired | $ | 60,763 | $ | — | $ | 60,763 | ||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||
The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of the year prior to the date of acquisition or results that may occur in the future. | ||||||||||||
Amount | ||||||||||||
(in thousands) | ||||||||||||
Net revenues | $ | 41,747 | ||||||||||
Net income from continuing operations | $ | 3,281 | ||||||||||
Net income | $ | 2,886 | ||||||||||
Net income attributable to Steel Excel Inc. | $ | 3,255 | ||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investment | ' | |||||||||||||||||||||||
Marketable securities at March 31, 2014, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 41,035 | $ | — | $ | — | $ | 41,035 | ||||||||||||||||
Mutual funds | 15,722 | 4,945 | — | 20,667 | ||||||||||||||||||||
United States government securities | 23,889 | 26 | — | 23,915 | ||||||||||||||||||||
Corporate securities | 105,272 | 13,881 | (3,957 | ) | 115,196 | |||||||||||||||||||
Corporate obligations | 35,949 | 1,642 | (3 | ) | 37,588 | |||||||||||||||||||
Commercial paper | 4,499 | — | — | 4,499 | ||||||||||||||||||||
Total available-for-sale securities | 226,366 | 20,494 | (3,960 | ) | 242,900 | |||||||||||||||||||
Amounts classified as cash equivalents | (43,935 | ) | — | — | (43,935 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 182,431 | $ | 20,494 | $ | (3,960 | ) | $ | 198,965 | |||||||||||||||
Marketable securities at December 31, 2013, consisted of the following: | ||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | |||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Short-term deposits | $ | 60,909 | $ | — | $ | — | $ | 60,909 | ||||||||||||||||
Mutual funds | 15,722 | 5,061 | — | 20,783 | ||||||||||||||||||||
United States government securities | 50,356 | 23 | — | 50,379 | ||||||||||||||||||||
Corporate securities | 69,806 | 9,961 | (5,208 | ) | 74,559 | |||||||||||||||||||
Corporate obligations | 31,356 | 885 | (276 | ) | 31,965 | |||||||||||||||||||
Commercial paper | 1,799 | — | — | 1,799 | ||||||||||||||||||||
Total available-for-sale securities | 229,948 | 15,930 | (5,484 | ) | 240,394 | |||||||||||||||||||
Amounts classified as cash equivalents | (61,909 | ) | — | — | (61,909 | ) | ||||||||||||||||||
Amounts classified as marketable securities | $ | 168,039 | $ | 15,930 | $ | (5,484 | ) | $ | 178,485 | |||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||
Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three months ended March 31, 2014 and 2013, were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Gross realized gains | $ | 3,200 | $ | 1,258 | ||||||||||||||||||||
Gross realized losses | (209 | ) | (42 | ) | ||||||||||||||||||||
Realized gains, net | $ | 2,991 | $ | 1,216 | ||||||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | |||||||||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at March 31, 2014, and the duration of time that such losses had been unrealized, were as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 30,339 | $ | (3,299 | ) | $ | 551 | $ | (658 | ) | $ | 30,890 | $ | (3,957 | ) | |||||||||
Corporate obligations | 1,045 | (3 | ) | — | — | 1,045 | (3 | ) | ||||||||||||||||
Total | $ | 31,384 | $ | (3,302 | ) | $ | 551 | $ | (658 | ) | $ | 31,935 | $ | (3,960 | ) | |||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2013, and the duration of time that such losses had been unrealized, were as follows: | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Corporate securities | $ | 15,609 | $ | (4,757 | ) | $ | 803 | $ | (451 | ) | $ | 16,412 | $ | (5,208 | ) | |||||||||
Corporate obligations | 10,477 | (276 | ) | — | — | 10,477 | (276 | ) | ||||||||||||||||
Total | $ | 26,086 | $ | (5,033 | ) | $ | 803 | $ | (451 | ) | $ | 26,889 | $ | (5,484 | ) | |||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale debt securities at March 31, 2014, by contractual maturity, were as follows: | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Mature in one year or less | $ | 9,029 | $ | 9,030 | ||||||||||||||||||||
Mature after one year through three years | 21,681 | 21,812 | ||||||||||||||||||||||
Mature in more than three years | 33,627 | 35,160 | ||||||||||||||||||||||
Total debt securities | 64,337 | 66,002 | ||||||||||||||||||||||
Securities with no contractual maturities | 162,029 | 176,898 | ||||||||||||||||||||||
Total | $ | 226,366 | $ | 242,900 | ||||||||||||||||||||
Equity Method Investments | ' | |||||||||||||||||||||||
The following table presents summarized income statement information for iGo for the three months ended December 31, 2013, the period on which the loss recognized by the Company for the three months ended March 31, 2014, was based. | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenues | $ | 3,210 | ||||||||||||||||||||||
Gross loss | $ | (1,146 | ) | |||||||||||||||||||||
Net loss | $ | (2,917 | ) | |||||||||||||||||||||
The following table summarizes the Company's equity method investments. | ||||||||||||||||||||||||
Ownership | Carrying Value | Income (Loss) Recognized | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | March 31, 2014 | March 31, 2013 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Again Faster | 40 | % | 40 | % | $ | 3,542 | $ | 3,671 | $ | (129 | ) | $ | — | |||||||||||
iGo | 44.7 | % | 44.7 | % | 3,364 | 4,668 | (1,304 | ) | — | |||||||||||||||
Total | $ | 6,906 | $ | 8,339 | $ | (1,433 | ) | $ | — | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
FairValueDisclosuresTextBlockAbstract | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 72,602 | $ | 72,602 | $ | — | $ | — | ||||||||
Mutual funds(2) | 20,783 | 20,783 | — | — | ||||||||||||
United States government securities(2) | 50,379 | 50,379 | — | — | ||||||||||||
Corporate securities(2) | 74,559 | 68,624 | — | 5,935 | ||||||||||||
Commercial paper(3) | 1,799 | — | 1,799 | — | ||||||||||||
Corporate obligations(2) | 31,965 | — | 14,535 | 17,430 | ||||||||||||
Investments in certain funds(4) | 844 | — | — | 844 | ||||||||||||
Total | $ | 252,931 | $ | 212,388 | $ | 16,334 | $ | 24,209 | ||||||||
-1 | Reported within "Cash and cash equivalents." | |||||||||||||||
-2 | Reported within “Marketable securities.” | |||||||||||||||
-3 | $1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities." | |||||||||||||||
-4 | Reported within "Other investments." | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at March 31, 2014, summarized by measurement input category, were as follows: | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash, including short-term deposits(1) | $ | 57,385 | $ | 57,385 | $ | — | $ | — | ||||||||
Mutual funds(2) | 20,667 | 20,667 | — | — | ||||||||||||
United States government securities(2) | 23,915 | 23,915 | — | — | ||||||||||||
Corporate securities(2) | 115,196 | 107,259 | — | 7,937 | ||||||||||||
Commercial paper(3) | 4,499 | — | 4,499 | — | ||||||||||||
Corporate obligations(2) | 37,588 | — | 15,960 | 21,628 | ||||||||||||
Investments in certain funds(4) | 826 | — | — | 826 | ||||||||||||
Total | $ | 260,076 | $ | 209,226 | $ | 20,459 | $ | 30,391 | ||||||||
-1 | Reported within "Cash and cash equivalents". | |||||||||||||||
-2 | Reported within “Marketable securities”. | |||||||||||||||
-3 | $2.9 million reported within "Cash and cash equivalents" and $1.6 million reported within "Marketable securities." | |||||||||||||||
-4 | Reported within "Other investments". | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
Changes in the fair value of assets valued using Level 3 measurement inputs during the three months ended March 31, 2014, were as follows: | ||||||||||||||||
Amount | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance, January 1, 2014 | $ | 24,209 | ||||||||||||||
Purchases | 5,299 | |||||||||||||||
Sales | (1,974 | ) | ||||||||||||||
Unrealized gains recognized in other comprehensive income | 2,857 | |||||||||||||||
Balance, March 31, 2014 | $ | 30,391 | ||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property and equipment at March 31, 2014, and December 31, 2013, consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Rigs and other equipment | $ | 102,208 | $ | 100,912 | ||||
Buildings and improvements | 19,370 | 19,167 | ||||||
Land | 1,164 | 1,164 | ||||||
Vehicles | 1,905 | 1,869 | ||||||
Furniture and fixtures | 576 | 512 | ||||||
Assets in progress | 2,756 | 1,114 | ||||||
127,979 | 124,738 | |||||||
Accumulated depreciation | (21,775 | ) | (18,262 | ) | ||||
Property and equipment, net | $ | 106,204 | $ | 106,476 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||||||||||||||
The Company's intangible assets at March 31, 2014, and December 31, 2013, all of which are subject to amortization, consisted of the following: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Energy segment: | ||||||||||||||||||||||||
Customer relationships | $ | 54,380 | $ | (15,970 | ) | $ | 38,410 | $ | 54,380 | $ | (13,700 | ) | $ | 40,680 | ||||||||||
Trade names | 4,860 | (2,584 | ) | 2,276 | 4,860 | (2,315 | ) | 2,545 | ||||||||||||||||
Non-compete agreement | 120 | (7 | ) | 113 | 120 | — | 120 | |||||||||||||||||
59,360 | (18,561 | ) | 40,799 | 59,360 | (16,015 | ) | 43,345 | |||||||||||||||||
Sports segment: | ||||||||||||||||||||||||
Customer relationships | 1,673 | (318 | ) | 1,355 | 1,163 | (230 | ) | 933 | ||||||||||||||||
Trade names | 122 | (19 | ) | 103 | 122 | (12 | ) | 110 | ||||||||||||||||
1,795 | (337 | ) | 1,458 | 1,285 | (242 | ) | 1,043 | |||||||||||||||||
Total | $ | 61,155 | $ | (18,898 | ) | $ | 42,257 | $ | 60,645 | $ | (16,257 | ) | $ | 44,388 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||||||||
Estimated aggregate amortization expense related to the intangible assets for the next five years is as follows: | ||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
For the year ended December 31: | ||||||||||||||||||||||||
Remainder of 2014 | $ | 6,878 | ||||||||||||||||||||||
2015 | 8,097 | |||||||||||||||||||||||
2016 | 7,088 | |||||||||||||||||||||||
2017 | 5,858 | |||||||||||||||||||||||
2018 | 5,168 | |||||||||||||||||||||||
Thereafter | 9,168 | |||||||||||||||||||||||
Total | $ | 42,257 | ||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The changes to the Company’s carrying amount of goodwill were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 65,968 | $ | 2,171 | $ | 68,139 | $ | 52,939 | $ | 154 | $ | 53,093 | ||||||||||||
Acquisitions (see Note 3) | — | — | — | 11,185 | 5,594 | 16,779 | ||||||||||||||||||
Adjustments to fair value | — | — | — | 1,844 | — | 1,844 | ||||||||||||||||||
Impairments | — | — | — | — | (3,577 | ) | (3,577 | ) | ||||||||||||||||
Balance at end of period | $ | 65,968 | $ | 2,171 | $ | 68,139 | $ | 65,968 | $ | 2,171 | $ | 68,139 | ||||||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||||||||||||||||
The components of goodwill at March 31, 2014, and December 31, 2013, were as follows: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Goodwill | $ | 73,704 | $ | 73,704 | ||||||||||||||||||||
Accumulated impairment | (5,565 | ) | (5,565 | ) | ||||||||||||||||||||
Net goodwill | $ | 68,139 | $ | 68,139 | ||||||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Assets Pledged as Collateral | ' | |||||
The carrying values as of March 31, 2014, of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement were as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Cash and cash equivalents | $ | 14,523 | ||||
Accounts receivable | 24,328 | |||||
Property and equipment, net | 97,702 | |||||
Intangible assets, net | 40,798 | |||||
Total | $ | 177,351 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||
Principal payments under the Amended Credit Agreement for the remainder of 2014 and subsequent years are as follows: | ||||||
Amount | ||||||
(in thousands) | ||||||
Remainder of 2014 | $ | 9,911 | ||||
2015 | 13,214 | |||||
2016 | 13,214 | |||||
2017 | 13,214 | |||||
2018 | 39,643 | |||||
Total | 89,196 | |||||
Less current portion | 13,214 | |||||
Total long-term debt | $ | 75,982 | ||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
OtherLiabilitiesDisclosureTextBlockAbstract | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
“Accrued expenses and other current liabilities” consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Accrued compensation and related taxes | $ | 4,255 | $ | 4,207 | ||||
Deferred revenue | 2,799 | 857 | ||||||
Insurance | 3,992 | 310 | ||||||
Professional services | 660 | 608 | ||||||
Accrued fuel and rig-related charges | 514 | 652 | ||||||
Tax-related | 258 | 385 | ||||||
Other | 590 | 507 | ||||||
Total | $ | 13,068 | $ | 7,526 | ||||
Schedule of Other Long-Term Liabilities | ' | |||||||
“Other long-term liabilities” consisted of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Deferred compensation | $ | 3,718 | $ | 3,709 | ||||
Tax-related | 105 | 104 | ||||||
Total | $ | 3,823 | $ | 3,813 | ||||
Interest_and_Other_Income_Tabl
Interest and Other Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Statement [Abstract] | ' | |||||||
Schedule of Interest Income, Net | ' | |||||||
“Interest income, net” consisted of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest income | $ | 1,589 | $ | 794 | ||||
Interest expense | (868 | ) | (171 | ) | ||||
Interest income, net | $ | 721 | $ | 623 | ||||
Schedule of Other Income (Expense), Net | ' | |||||||
"Other income (expense), net" consisted of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Realized gain on sale of marketable securities, net | $ | 2,991 | $ | 1,216 | ||||
Other | (63 | ) | (77 | ) | ||||
Other income, net | $ | 2,928 | $ | 1,139 | ||||
Stock_Benefit_Plans_Tables
Stock Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract | ' | |||||||
Stock-based compensation expense by type of award | ' | |||||||
Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three months ended March 31, 2014 and 2013, was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Stock options | $ | 22 | $ | 25 | ||||
Restricted stock | 595 | 595 | ||||||
Total stock-based compensation | $ | 617 | $ | 620 | ||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
EarningsPerShareTextBlockAbstract | ' | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||
Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three months ended March 31, 2014 and 2013, were as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share data) | ||||||||
Numerators: | ||||||||
Net income from continuing operations | $ | 4,065 | $ | 3,369 | ||||
Non-controlling interest | 326 | 20 | ||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 4,391 | $ | 3,389 | ||||
Loss from discontinued operations, net of taxes | $ | — | $ | (395 | ) | |||
Non-controlling interest | — | 316 | ||||||
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | $ | — | $ | (79 | ) | |||
Net income attributable to Steel Excel Inc. | $ | 4,391 | $ | 3,310 | ||||
Denominators: | ||||||||
Basic weighted average common shares outstanding | 11,981 | 12,886 | ||||||
Effect of dilutive securities: | ||||||||
Stock-based awards | 18 | 23 | ||||||
Diluted weighted average common shares outstanding | 11,999 | 12,909 | ||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income from continuing operations | $ | 0.37 | $ | 0.26 | ||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | |||
Net income | $ | 0.37 | $ | 0.26 | ||||
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||||||
Net income from continuing operations | $ | 0.37 | $ | 0.26 | ||||
Income (loss) from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | |||
Net income | $ | 0.37 | $ | 0.26 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Changes in the components of "Accumulated other comprehensive income" were as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Unrealized | Cumulative | Total | Unrealized | Cumulative | Total | |||||||||||||||||||
Gain on | Translation | Gain on | Translation | |||||||||||||||||||||
Securities | Adjustment | Securities | Adjustment | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 6,921 | $ | (405 | ) | $ | 6,516 | $ | 927 | $ | 19 | $ | 946 | |||||||||||
Unrealized gain (loss) - pretax | 8,023 | — | 8,023 | 5,854 | (59 | ) | 5,795 | |||||||||||||||||
Tax effect on unrealized gain | (2,764 | ) | — | (2,764 | ) | (2,230 | ) | — | (2,230 | ) | ||||||||||||||
Unrealized gain (loss) - net of tax | 5,259 | — | 5,259 | 3,624 | (59 | ) | 3,565 | |||||||||||||||||
Reclassification to realized gain - pretax | (1,934 | ) | — | (1,934 | ) | (1,216 | ) | — | (1,216 | ) | ||||||||||||||
Tax effect on reclassification | 666 | — | 666 | 463 | — | 463 | ||||||||||||||||||
Reclassification to realized gain - net of tax | (1,268 | ) | — | (1,268 | ) | (753 | ) | — | (753 | ) | ||||||||||||||
Net current period other comprehensive income (loss) | 3,991 | — | 3,991 | 2,871 | (59 | ) | 2,812 | |||||||||||||||||
Balance at end of period | $ | 10,912 | $ | (405 | ) | $ | 10,507 | $ | 3,798 | $ | (40 | ) | $ | 3,758 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
SegmentReportingDisclosureTextBlockAbstract | ' | |||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||
Segment information relating to the Company's results of continuing operations was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Revenues | ||||||||
Energy | $ | 43,913 | $ | 26,039 | ||||
Sports | 1,246 | 312 | ||||||
Total revenues | $ | 45,159 | $ | 26,351 | ||||
Operating income (loss) | ||||||||
Energy | $ | 5,467 | $ | 3,227 | ||||
Sports | (2,032 | ) | (986 | ) | ||||
Total segment operating income | 3,435 | 2,241 | ||||||
Corporate and other business activities | (3,489 | ) | (2,267 | ) | ||||
Interest income, net | 721 | 623 | ||||||
Other income, net | 2,928 | 1,139 | ||||||
Income from continuing operations before income taxes and equity method loss | $ | 3,595 | $ | 1,736 | ||||
Depreciation and amortization expense: | ||||||||
Energy | $ | 5,793 | $ | 4,855 | ||||
Sports | 370 | 139 | ||||||
Total depreciation and amortization expense | $ | 6,163 | $ | 4,994 | ||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||
Segment information related to the Company's assets was as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Sports | $ | 18,718 | $ | 20,495 | ||||
Energy | 247,780 | 244,164 | ||||||
Corporate and other business activities | 282,211 | 273,798 | ||||||
Total assets | $ | 548,709 | $ | 538,457 | ||||
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
CashFlowSupplementalDisclosuresTextBlockAbstract | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||
Cash paid for interest and income taxes for the three months ended March 31, 2014 and 2013, was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest paid | $ | 735 | $ | 192 | ||||
Income taxes paid | $ | 44 | $ | 130 | ||||
Description_and_Basis_of_Prese1
Description and Basis of Presentation (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
BusinessDescriptionAndBasisOfPresentationTextBlockAbstract | ' |
Number of reportable segments (in segments) | 2 |
Acquisitions_Detail
Acquisitions (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||||
Dec. 16, 2013 | Mar. 31, 2014 | Dec. 16, 2013 | Mar. 31, 2014 | Dec. 16, 2013 | Dec. 16, 2013 | Feb. 28, 2014 | |
Black Hawk Energy Services, Inc. | Black Hawk Energy Services, Inc. | Customer relationships | Trade names | Trade names | Non-compete agreement | UK Elite Soccer, Inc. | |
Black Hawk Energy Services, Inc. | Black Hawk Energy Services, Inc. | Black Hawk Energy Services, Inc. | Black Hawk Energy Services, Inc. | Provider of Soccer Clinics | |||
Intangible assets | ' | $12,160,000 | $11,300,000 | ' | $800,000 | $100,000 | $500,000 |
Amortization period (in years) | ' | ' | ' | '5 years | ' | ' | ' |
Consideration transferred | $60,800,000 | ' | ' | ' | ' | ' | $500,000 |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 16, 2013 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Black Hawk Energy Services, Inc. | Black Hawk Energy Services, Inc. | Black Hawk Energy Services, Inc. | |||
Previously Reported | Measurement Period Adjustments | |||||
Accounts receivable | ' | ' | ' | $9,623 | $9,663 | ($40) |
Prepaid expenses and other current assets | ' | ' | ' | 628 | 208 | 420 |
Property and equipment | ' | ' | ' | 30,674 | 30,581 | 93 |
Intangible assets | ' | ' | ' | 12,160 | 0 | 12,160 |
Accounts payable | ' | ' | ' | -1,584 | -1,333 | -251 |
Accrued expenses | ' | ' | ' | -1,923 | -1,756 | -167 |
Total identifiable net assets acquired | ' | ' | ' | 49,578 | 37,363 | 12,215 |
Goodwill | 68,139 | 68,139 | 53,093 | 11,185 | 23,400 | -12,215 |
Net assets acquired | ' | ' | ' | $60,763 | $60,763 | $0 |
Acquisitions_Pro_Forma_Financi
Acquisitions - Pro Forma Financial Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Business Combinations [Abstract] | ' |
Net revenues | $41,747 |
Net income from continuing operations | 3,281 |
Net income | 2,886 |
Net income attributable to Steel Excel Inc. | $3,255 |
Discontinued_Operations_Revenu
Discontinued Operations - Revenues and the components of income related to discontinued operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Loss from discontinued operations, net of taxes | $0 | ($395) |
Ruckus Sports LLC | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Loss from discontinued operations, net of taxes | ' | ($400) |
Investments_Detail
Investments (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 23, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Venture Capital Funds | Promissory Note | Again Faster | iGo | iGo | iGo | Again Faster | Again Faster | Again Faster | Partnership | Partnership | ||||
investment | Venture Capital Funds | |||||||||||||
Sales of marketable securities | $40,579,000 | $8,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' |
Total cash consideration | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares acquired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,316,866 | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' |
Ownership | ' | ' | ' | ' | ' | ' | 44.70% | 44.70% | 44.70% | 40.00% | 40.00% | ' | ' | ' |
Value of investment | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' |
Number of investments | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost-method investments | 28,826,000 | ' | 25,844,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' |
Fair value of cost method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,500,000 | ' |
Other investments | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 |
Investments_Portfolio_of_marke
Investments - Portfolio of marketable securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Cost | $226,366 | $229,948 |
Gross Unrealized Gains | 20,494 | 15,930 |
Gross Unrealized Losses | -3,960 | -5,484 |
Estimated Fair Value | 242,900 | 240,394 |
Amounts classified as cash equivalents | -43,935 | -61,909 |
Cash equivalents estimated fair value | -43,935 | -61,909 |
Marketable securities cost | 182,431 | 168,039 |
Marketable securities estimated fair value | 198,965 | 178,485 |
Short-term deposits | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 41,035 | 60,909 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41,035 | 60,909 |
Mutual funds | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 15,722 | 15,722 |
Gross Unrealized Gains | 4,945 | 5,061 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 20,667 | 20,783 |
United States government securities | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 23,889 | 50,356 |
Gross Unrealized Gains | 26 | 23 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 23,915 | 50,379 |
Corporate securities | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 105,272 | 69,806 |
Gross Unrealized Gains | 13,881 | 9,961 |
Gross Unrealized Losses | -3,957 | -5,208 |
Estimated Fair Value | 115,196 | 74,559 |
Corporate obligations | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 35,949 | 31,356 |
Gross Unrealized Gains | 1,642 | 885 |
Gross Unrealized Losses | -3 | -276 |
Estimated Fair Value | 37,588 | 31,965 |
Commercial paper | ' | ' |
Available-for-sale securities: | ' | ' |
Cost | 4,499 | 1,799 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $4,499 | $1,799 |
Investments_Fair_value_and_gro
Investments - Fair value and gross unrealized losses of the available for sale securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Gross realized gains | $3,200 | $1,258 | ' |
Gross realized losses | -209 | -42 | ' |
Realized gains, net | 2,991 | 1,216 | ' |
Unrealized loss position less than 12 months, fair value | 31,384 | ' | 26,086 |
Unrealized loss position, less than 12 month, gross unrealized losses | -3,302 | ' | -5,033 |
Unrealized loss position, 12 months or greater, fair value | 551 | ' | 803 |
Unrealized loss position, 12 month or greater, gross unrealized losses | -658 | ' | -451 |
Unrealized loss position, total, fair value | 31,935 | ' | 26,889 |
Unrealized loss position, total, gross unrealized losses | -3,960 | ' | -5,484 |
Corporate securities | ' | ' | ' |
Unrealized loss position less than 12 months, fair value | 30,339 | ' | 15,609 |
Unrealized loss position, less than 12 month, gross unrealized losses | -3,299 | ' | -4,757 |
Unrealized loss position, 12 months or greater, fair value | 551 | ' | 803 |
Unrealized loss position, 12 month or greater, gross unrealized losses | -658 | ' | -451 |
Unrealized loss position, total, fair value | 30,890 | ' | 16,412 |
Unrealized loss position, total, gross unrealized losses | -3,957 | ' | -5,208 |
Corporate obligations | ' | ' | ' |
Unrealized loss position less than 12 months, fair value | 1,045 | ' | 10,477 |
Unrealized loss position, less than 12 month, gross unrealized losses | -3 | ' | -276 |
Unrealized loss position, 12 months or greater, fair value | 0 | ' | 0 |
Unrealized loss position, 12 month or greater, gross unrealized losses | 0 | ' | 0 |
Unrealized loss position, total, fair value | 1,045 | ' | 10,477 |
Unrealized loss position, total, gross unrealized losses | ($3) | ' | ($276) |
Investments_Amortized_cost_and
Investments - Amortized cost and estimated fair value of investments in available-for-sale securities, by contractual maturity (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Cost | ' |
Mature in one year or less | $9,029 |
Mature after one year through three years | 21,681 |
Mature in more than three years | 33,627 |
Total debt securities | 64,337 |
Securities with no contractual maturities | 162,029 |
Total | 226,366 |
Estimated Fair Value | ' |
Mature in one year or less | 9,030 |
Mature after one year through three years | 21,812 |
Mature in more than three years | 35,160 |
Total debt securities | 66,002 |
Securities with no contractual maturities | 176,898 |
Total | $242,900 |
Investments_Equity_Method_Inve
Investments - Equity Method Investments (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Aug. 23, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Carrying Value | $6,906 | ' | $8,339 | ' |
Income (Loss) Recognized | -1,433 | 0 | ' | ' |
Again Faster | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Ownership | 40.00% | ' | 40.00% | ' |
Carrying Value | 3,542 | ' | 3,671 | ' |
Income (Loss) Recognized | -129 | 0 | ' | ' |
iGo | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Ownership | 44.70% | ' | 44.70% | 44.70% |
Carrying Value | 3,364 | ' | 4,668 | ' |
Income (Loss) Recognized | ($1,304) | $0 | ' | ' |
Investments_Investments_Summar
Investments Investments - Summarized Income Statement Information for iGo (Details) (iGo, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
iGo | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Revenues | $3,210 |
Gross loss | -1,146 |
Net loss | ($2,917) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Convertible Senior Subordinated Notes | Convertible Senior Subordinated Notes | Convertible Senior Subordinated Notes | Cash And Cash Equivalents | Marketable Securities | ||||
3/4% convertible senior subordinated notes due 2023 | 3/4% convertible senior subordinated notes due 2023 | 3/4% convertible senior subordinated notes due 2023 | ||||||
Financial assets | ' | ' | ' | ' | ' | ' | $1,000 | $800 |
Carrying value | 0 | ' | 346 | ' | ' | 300 | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' |
Repayments of Long-term Debt | $3,304 | $13,000 | ' | $300 | ' | ' | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Cash And Cash Equivalents | ' | ' | |
Assets | ' | $1,000 | |
Marketable Securities | ' | ' | |
Assets | ' | 800 | |
Cash, including short-term deposits | ' | ' | |
Assets | 57,385 | [1] | 72,602 |
Cash, including short-term deposits | Level 1 | ' | ' | |
Assets | 57,385 | [1] | 72,602 |
Cash, including short-term deposits | Level 2 | ' | ' | |
Assets | 0 | [1] | 0 |
Cash, including short-term deposits | Level 3 | ' | ' | |
Assets | 0 | [1] | 0 |
Mutual funds | ' | ' | |
Assets | 20,667 | [2] | 20,783 |
Mutual funds | Level 1 | ' | ' | |
Assets | 20,667 | [2] | 20,783 |
Mutual funds | Level 2 | ' | ' | |
Assets | 0 | [2] | 0 |
Mutual funds | Level 3 | ' | ' | |
Assets | 0 | [2] | 0 |
United States government securities | ' | ' | |
Assets | 23,915 | [2] | 50,379 |
United States government securities | Level 1 | ' | ' | |
Assets | 23,915 | [2] | 50,379 |
United States government securities | Level 2 | ' | ' | |
Assets | 0 | [2] | 0 |
United States government securities | Level 3 | ' | ' | |
Assets | 0 | [2] | 0 |
Corporate securities | ' | ' | |
Assets | 115,196 | [2] | 74,559 |
Corporate securities | Level 1 | ' | ' | |
Assets | 107,259 | [2] | 68,624 |
Corporate securities | Level 2 | ' | ' | |
Assets | 0 | [2] | 0 |
Corporate securities | Level 3 | ' | ' | |
Assets | 7,937 | [2] | 5,935 |
Commercial paper | ' | ' | |
Assets | 4,499 | [3] | 1,799 |
Commercial paper | Cash And Cash Equivalents | ' | ' | |
Assets | 2,900 | ' | |
Commercial paper | Marketable Securities | ' | ' | |
Assets | 1,600 | ' | |
Commercial paper | Level 1 | ' | ' | |
Assets | 0 | [3] | 0 |
Commercial paper | Level 2 | ' | ' | |
Assets | 4,499 | [3] | 1,799 |
Commercial paper | Level 3 | ' | ' | |
Assets | 0 | [3] | 0 |
Corporate obligations | ' | ' | |
Assets | 37,588 | [2] | 31,965 |
Corporate obligations | Level 1 | ' | ' | |
Assets | 0 | [2] | 0 |
Corporate obligations | Level 2 | ' | ' | |
Assets | 15,960 | [2] | 14,535 |
Corporate obligations | Level 3 | ' | ' | |
Assets | 21,628 | [2] | 17,430 |
Investments in certain funds | ' | ' | |
Assets | 826 | [4] | 844 |
Investments in certain funds | Level 1 | ' | ' | |
Assets | 0 | [4] | 0 |
Investments in certain funds | Level 2 | ' | ' | |
Assets | 0 | [4] | 0 |
Investments in certain funds | Level 3 | ' | ' | |
Assets | 826 | [4] | 844 |
Financial Assets | ' | ' | |
Assets | 260,076 | 252,931 | |
Financial Assets | Level 1 | ' | ' | |
Assets | 209,226 | 212,388 | |
Financial Assets | Level 2 | ' | ' | |
Assets | 20,459 | 16,334 | |
Financial Assets | Level 3 | ' | ' | |
Assets | $30,391 | $24,209 | |
[1] | Reported within "Cash and cash equivalents". | ||
[2] | Reported within bMarketable securitiesb | ||
[3] | within "Cash and cash equivalents" and $1.6 million reported within "Marketable securities." | ||
[4] | Reported within "Other investments". |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance, Beginning | $24,209 |
Purchases | 5,299 |
Sales | -1,974 |
Unrealized gains recognized in other comprehensive income | 2,857 |
Balance, End | $30,391 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation | $3.50 | $2.60 |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant and Equipment Gross | $127,979 | $124,738 |
Accumulated depreciation | -21,775 | -18,262 |
Property and equipment, net | 106,204 | 106,476 |
Rigs and other equipment | ' | ' |
Property Plant and Equipment Gross | 102,208 | 100,912 |
Buildings and improvements | ' | ' |
Property Plant and Equipment Gross | 19,370 | 19,167 |
Land | ' | ' |
Property Plant and Equipment Gross | 1,164 | 1,164 |
Vehicles | ' | ' |
Property Plant and Equipment Gross | 1,905 | 1,869 |
Furniture and fixtures | ' | ' |
Property Plant and Equipment Gross | 576 | 512 |
Assets in progress | ' | ' |
Property Plant and Equipment Gross | $2,756 | $1,114 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization of intangibles | $2,641 | $2,400 |
Goodwill impairment | 0 | 3,577 |
Ruckus Sports LLC | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill impairment | ' | $3,577 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets, net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $61,155 | $60,645 |
Accumulated Amortization | -18,898 | -16,257 |
Net | 42,257 | 44,388 |
Energy segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 59,360 | 59,360 |
Accumulated Amortization | -18,561 | -16,015 |
Net | 40,799 | 43,345 |
Sports segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,795 | 1,285 |
Accumulated Amortization | -337 | -242 |
Net | 1,458 | 1,043 |
Customer relationships | Energy segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 54,380 | 54,380 |
Accumulated Amortization | -15,970 | -13,700 |
Net | 38,410 | 40,680 |
Customer relationships | Sports segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,673 | 1,163 |
Accumulated Amortization | -318 | -230 |
Net | 1,355 | 933 |
Trade names | Energy segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 4,860 | 4,860 |
Accumulated Amortization | -2,584 | -2,315 |
Net | 2,276 | 2,545 |
Trade names | Sports segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 122 | 122 |
Accumulated Amortization | -19 | -12 |
Net | 103 | 110 |
Non-compete agreement | Energy segment: | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 120 | 120 |
Accumulated Amortization | -7 | 0 |
Net | $113 | $120 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2014 | $6,878 |
2015 | 8,097 |
2016 | 7,088 |
2017 | 5,858 |
2018 | 5,168 |
Thereafter | 9,168 |
Finite-Lived Intangible Assets, Net | $42,257 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | $68,139 | $53,093 |
Acquisitions | 0 | 16,779 |
Adjustments to fair value | 0 | 1,844 |
Impairments | 0 | -3,577 |
Balance at end of period | 68,139 | ' |
Energy segment: | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 65,968 | 52,939 |
Acquisitions | 0 | 11,185 |
Adjustments to fair value | 0 | 1,844 |
Impairments | 0 | 0 |
Balance at end of period | 65,968 | ' |
Sports segment: | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 2,171 | 154 |
Acquisitions | 0 | 5,594 |
Adjustments to fair value | 0 | 0 |
Impairments | 0 | ' |
Balance at end of period | $2,171 | ' |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Components of Goodwill (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill | $73,704 | $73,704 | ' |
Accumulated impairment | -5,565 | -5,565 | ' |
Goodwill | $68,139 | $68,139 | $53,093 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Energy Credit Agreement | Energy Credit Agreement | Energy Credit Agreement | Amended Credit Agreement | Amended Credit Agreement | Amended Credit Agreement | Sun Well Credit Agreement | Sun Well Credit Agreement | Sun Well Credit Agreement | |||
Long-term Debt | Term Loan | Line of Credit | Steel Energy Ltd | Long-term Debt | Term Loan | Sun Well | Term Loan | Line of Credit | |||
Steel Energy Ltd | Steel Energy Ltd | Revolving Credit Facility | Steel Energy Ltd | Steel Energy Ltd | Sun Well | Revolving Credit Facility | |||||
Steel Energy Ltd | Sun Well | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $89,196,000 | ' | $105,000,000 | $95,000,000 | ' | ' | ' | ' | ' | $20,000,000 | ' |
Maximum borrowing capacity | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | 5,000,000 |
Borrowing base of eligible accounts receivable (as a percent) | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Quarterly installments | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' |
Interest expense | 868,000 | 171,000 | ' | ' | ' | 800,000 | ' | ' | 200,000 | ' | ' |
Interest on term loans | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' |
Amortization of deferred financing fees | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' |
Longterm_Debt_Assets_Pledged_a
Long-term Debt - Assets Pledged as Collateral (Details) (Steel Energy Ltd and Subsidiaries, USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Steel Energy Ltd and Subsidiaries | ' |
Debt Instrument [Line Items] | ' |
Cash and cash equivalents | $14,523 |
Accounts receivable | 24,328 |
Property and equipment, net | 97,702 |
Intangible assets, net | 40,798 |
Total | $177,351 |
Longterm_Debt_Principal_paymen
Long-term Debt - Principal payments under the Energy Credit Agreement (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Remainder of 2014 | $9,911 | ' |
2015 | 13,214 | ' |
2016 | 13,214 | ' |
2017 | 13,214 | ' |
2018 | 39,643 | ' |
Total | 89,196 | ' |
Less current portion | 13,214 | 13,214 |
Total long-term debt | $75,982 | $79,286 |
Other_Liabilities_Accrued_and_
Other Liabilities - Accrued and other liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued and other liabilities | $13,068 | $7,526 |
Accrued compensation and related taxes | ' | ' |
Accrued and other liabilities | 4,255 | 4,207 |
Deferred revenue | ' | ' |
Accrued and other liabilities | 2,799 | 857 |
Insurance | ' | ' |
Accrued and other liabilities | 3,992 | 310 |
Professional services | ' | ' |
Accrued and other liabilities | 660 | 608 |
Accrued fuel and rig-related charges | ' | ' |
Accrued and other liabilities | 514 | 652 |
Tax-related | ' | ' |
Accrued and other liabilities | 258 | 385 |
Other | ' | ' |
Accrued and other liabilities | $590 | $507 |
Other_Liabilities_Other_longte
Other Liabilities - Other long-term liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Long-term liabilities | $3,823 | $3,813 |
Tax-related | ' | ' |
Other Long-term liabilities | 105 | 104 |
Deferred compensation | ' | ' |
Other Long-term liabilities | $3,718 | $3,709 |
Interest_and_Other_Income_Inte
Interest and Other Income - Interest Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Interest income | $1,589 | $794 |
Interest expense | -868 | -171 |
Interest income, net | $721 | $623 |
Interest_and_Other_Inome_Other
Interest and Other Inome - Other Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Realized gain on sale of marketable securities, net | $2,991 | $1,216 |
Other | -63 | -77 |
Other income, net | $2,928 | $1,139 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
IncomeTaxDisclosureTextBlockAbstract | ' | ' |
Income Tax Expense (Benefit) | $1,903,000 | $1,633,000 |
Reversal of valuation allowance | $2,100,000 | $1,800,000 |
Stock_Benefit_Plans_Detail
Stock Benefit Plans (Detail) (Restricted stock, Director) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Restricted stock | Director | ' |
Options granted (in shares) | 9,105 |
Stock_Benefit_Plans_Stockbased
Stock Benefit Plans - Stock-based compensation expenses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Total stock-based compensation | $617 | $620 |
Stock options | ' | ' |
Total stock-based compensation | 22 | 25 |
Restricted stock | ' | ' |
Total stock-based compensation | $595 | $595 |
Net_Income_Loss_Per_Share_Reco
Net Income (Loss) Per Share - Reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerators: | ' | ' |
Net income from continuing operations | $4,065 | $3,369 |
Non-controlling interest | 326 | 20 |
Net income from continuing operations attributable to Steel Excel Inc. | 4,391 | 3,389 |
Loss from discontinued operations, net of taxes | 0 | -395 |
Non-controlling interest | 0 | 316 |
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | 0 | -79 |
Net income attributable to Steel Excel Inc. | $4,391 | $3,310 |
Denominators: | ' | ' |
Basic weighted average common shares outstanding (in Shares) | 11,981 | 12,886 |
Effect of dilutive securities: | ' | ' |
Stock-based awards (in Shares) | 18 | 23 |
Diluted weighted average common shares outstanding (in Shares) | 11,999 | 12,909 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ' | ' |
Net income from continuing operations (in dollars per share) | $0.37 | $0.26 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | ($0.01) |
Net income (in dollars per share) | $0.37 | $0.26 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ' | ' |
Net income from continuing operations (in dollars per share) | $0.37 | $0.26 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | $0 | ($0.01) |
Net income (in dollars per share) | $0.37 | $0.26 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes, net of tax, in Accumulated other comprehensive income are as follows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at beginning of period | $6,516 | $946 |
Unrealized gain (loss) - pretax | 8,023 | 5,795 |
Tax effect on unrealized gain | -2,764 | -2,230 |
Unrealized gain (loss) - net of tax | 5,259 | 3,565 |
Reclassification to realized gain - pretax | -1,934 | -1,216 |
Tax effect on reclassification | 666 | 463 |
Reclassification to realized gain - net of tax | -1,268 | -753 |
Net current period other comprehensive income (loss) | 3,991 | 2,812 |
Balance at end of period | 10,507 | 3,758 |
Unrealized Gain on Securities | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at beginning of period | 6,921 | 927 |
Unrealized gain (loss) - pretax | 8,023 | 5,854 |
Tax effect on unrealized gain | -2,764 | -2,230 |
Unrealized gain (loss) - net of tax | 5,259 | 3,624 |
Reclassification to realized gain - pretax | -1,934 | -1,216 |
Tax effect on reclassification | 666 | 463 |
Reclassification to realized gain - net of tax | -1,268 | -753 |
Net current period other comprehensive income (loss) | 3,991 | 2,871 |
Balance at end of period | 10,912 | 3,798 |
Cumulative Translation Adjustment | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at beginning of period | -405 | 19 |
Unrealized gain (loss) - pretax | 0 | -59 |
Tax effect on unrealized gain | 0 | 0 |
Unrealized gain (loss) - net of tax | 0 | -59 |
Reclassification to realized gain - pretax | 0 | 0 |
Tax effect on reclassification | 0 | 0 |
Reclassification to realized gain - net of tax | 0 | 0 |
Net current period other comprehensive income (loss) | 0 | -59 |
Balance at end of period | ($405) | ($40) |
Segment_Information_Detail
Segment Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
SegmentReportingDisclosureTextBlockAbstract | ' |
Number of reportable segments (in segments) | 2 |
Segment_Information_Operating_
Segment Information - Operating results (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Revenues | $45,159 | $26,351 |
Operating income (loss) | ' | ' |
Operating income (loss) | -54 | -26 |
Corporate and other business activities | -10,903 | -7,712 |
Interest income, net | 721 | 623 |
Other income, net | 2,928 | 1,139 |
Income from continuing operations before income taxes and equity method loss | 3,595 | 1,736 |
Depreciation and amortization | 6,163 | 4,994 |
Energy segment: | ' | ' |
Revenues | ' | ' |
Revenues | 43,913 | 26,039 |
Operating income (loss) | ' | ' |
Operating income (loss) | 5,467 | 3,227 |
Depreciation and amortization | 5,793 | 4,855 |
Sports segment: | ' | ' |
Revenues | ' | ' |
Revenues | 1,246 | 312 |
Operating income (loss) | ' | ' |
Operating income (loss) | -2,032 | -986 |
Depreciation and amortization | 370 | 139 |
Total segment operating income | ' | ' |
Operating income (loss) | ' | ' |
Operating income (loss) | 3,435 | 2,241 |
Corporate and other business activities | ' | ' |
Operating income (loss) | ' | ' |
Corporate and other business activities | ($3,489) | ($2,267) |
Segment_Information_Assets_Det
Segment Information - Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total assets: | ' | ' |
Total assets | $548,709 | $538,457 |
Energy segment: | ' | ' |
Total assets: | ' | ' |
Total assets | 247,780 | 244,164 |
Sports segment: | ' | ' |
Total assets: | ' | ' |
Total assets | 18,718 | 20,495 |
Corporate and other business activities | ' | ' |
Total assets: | ' | ' |
Total assets | $282,211 | $273,798 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
SP Corporate Services LLC | SP Corporate Services LLC | SP Corporate Services LLC | iGo | WebBank | WebBank | WebBank | Steel Excel | |
Monthly Expanded Services | Interest Income | Interest Income | Short-term deposits | Percentage Owned By Steel Partners | ||||
Ownership | ' | ' | ' | ' | ' | ' | ' | 55.20% |
Provision of services | $2,200,000 | $1,000,000 | $700,000 | ' | ' | ' | ' | ' |
Accounts payable | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Fixed annual fee | ' | ' | ' | 400,000 | ' | ' | ' | ' |
Short-term deposits | ' | ' | ' | ' | ' | ' | 15,200,000 | ' |
Interest income | ' | ' | ' | ' | $7,000 | $25,000 | ' | ' |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest paid | $735 | $192 |
Income taxes paid | $44 | $130 |