Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
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 | 11,453,858 | |
Amendment Flag | false | |
Entity Central Index Key | 709,804 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Net revenues | $ 35,610 | $ 51,924 | $ 74,495 | $ 97,083 |
Cost of revenues | 27,375 | 36,921 | 59,563 | 72,022 |
Gross profit | 8,235 | 15,003 | 14,932 | 25,061 |
Operating expenses: | ||||
Selling, general and administrative expenses | 8,003 | 8,547 | 16,042 | 16,018 |
Amortization of intangibles | 2,075 | 2,433 | 4,237 | 5,074 |
Total operating expenses | 10,078 | 10,980 | 20,279 | 21,092 |
Operating income (loss) | (1,843) | 4,023 | (5,347) | 3,969 |
Interest expense | (614) | (822) | (1,256) | (1,690) |
Impairment of marketable securities | (22,740) | 0 | (22,740) | 0 |
Other income (expense), net | 3,001 | 1,964 | 1,272 | 6,481 |
Income (loss) before income taxes and equity method income | (22,196) | 5,165 | (28,071) | 8,760 |
Benefit from (provision for) income taxes | 6,288 | (382) | 6,660 | (577) |
Income from equity method investees, net of taxes | 5,445 | 2,874 | 3,335 | 1,441 |
Net income (loss) | (10,463) | 7,657 | (18,076) | 9,624 |
Net loss (income) attributable to non-controlling interests in consolidated entities | (73) | 11 | 290 | 337 |
Net income (loss) attributable to Steel Excel Inc. | $ (10,536) | $ 7,668 | $ (17,786) | $ 9,961 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||
Net income (loss) (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||
Net income (loss) (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 |
Shares used in computing income (loss) per share: | ||||
Basic (in Shares) | 11,572 | 11,895 | 11,524 | 11,938 |
Diluted (in Shares) | 11,572 | 11,917 | 11,524 | 11,958 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ (10,463) | $ 7,657 | $ (18,076) | $ 9,624 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustment | (3) | 14 | (1) | 14 | |
Reclassification to realized gains | 0 | 0 | 0 | 0 | |
Net foreign currency translation adjustment | [1] | (3) | 14 | (1) | 14 |
Gross unrealized gains on marketable securities, net of tax | [2] | 1,950 | 3,395 | 3,064 | 11,418 |
Reclassification to realized losses (gains), net of tax | [3] | 12,239 | (505) | 12,054 | (2,439) |
Net unrealized gain on marketable securities, net of tax | 14,189 | 2,890 | 15,118 | 8,979 | |
Comprehensive income (loss) | 3,723 | 10,561 | (2,959) | 18,617 | |
Comprehensive loss (income) attributable to non-controlling interest | (73) | 11 | 290 | 337 | |
Comprehensive income (loss) attributable to Steel Excel Inc. | 3,650 | 10,572 | (2,669) | 18,954 | |
Tax provision on gross unrealized gains | (1,159) | 0 | (1,707) | 0 | |
Tax benefit on reclassifications to realized gains (losses) | $ (6,809) | $ 0 | $ (6,718) | $ 0 | |
[1] | No tax effect on cumulative translation adjustments | ||||
[2] | Tax provision on gross unrealized gains: $(1,159) $0 $(1,707) $0 | ||||
[3] | Tax benefit on reclassifications to realized gains: $(6,809) $0 $(6,718) $0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 63,907 | $ 51,910 |
Restricted cash | 21,385 | 21,311 |
Marketable securities | 124,096 | 138,457 |
Accounts receivable (net of allowance for doubtful accounts of $61 in 2015) | 15,186 | 28,016 |
Other short-term investments | 25,000 | 0 |
Deferred income taxes | 1,696 | 1,696 |
Prepaid expenses and other current assets | 13,571 | 4,228 |
Total current assets | 264,841 | 245,618 |
Property and equipment, net | 101,908 | 107,187 |
Goodwill | 30,864 | 30,864 |
Intangible assets, net | 31,545 | 35,782 |
Other long-term investments | 3,467 | 28,525 |
Investments in equity method investees (fair value - $38,834 in 2015 and $24,355 2014) | 44,253 | 30,060 |
Deferred income taxes | 280 | 80 |
Other long-term assets | 1,075 | 1,238 |
Total assets | 478,233 | 479,354 |
Current liabilities: | ||
Accounts payable | 2,995 | 3,936 |
Accrued expenses and other liabilities | 20,862 | 8,916 |
Financial instrument obligations | 21,385 | 21,311 |
Current portion of long-term debt | 13,214 | 13,214 |
Current portion of capital lease obligations | 373 | 412 |
Deferred income taxes | 85 | 85 |
Current liabilities of discontinued operations | 450 | 450 |
Total current liabilities | 59,364 | 48,324 |
Capital lease obligations, net of current portion | 0 | 177 |
Long-term debt, net of current portion | 59,464 | 66,071 |
Deferred income taxes | 3,549 | 3,549 |
Other long-term liabilities | 0 | 3,715 |
Total liabilities | $ 122,377 | $ 121,836 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock ($0.001 par value, 40,000 shares authorized; 14,399 and 14,220 shares issued in 2015 and 2014, respectively; 11,571 and 11,406 shares outstanding in 2015 and 2014, respectively) | $ 14 | $ 14 |
Additional paid-in capital | 269,009 | 267,444 |
Accumulated other comprehensive loss | (89) | (15,206) |
Retained earnings | 168,850 | 186,636 |
Treasury stock, at cost (2,828 and 2,814 shares in 2015 and 2014, respectively) | (81,623) | (81,355) |
Total Steel Excel Inc. stockholders' equity | 356,161 | 357,533 |
Non-controlling interest | (305) | (15) |
Total stockholders' equity | 355,856 | 357,518 |
Total liabilities and stockholders' equity | $ 478,233 | $ 479,354 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 61 | $ 0 |
Fair value of equity-method investment | $ 38,834 | |
Assets | $ 24,355 | |
Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Shares Authorized (in shares) | 40,000,000 | 40,000,000 |
Shares Issued (in shares) | 14,399,000 | 14,220,000 |
Shares Outstanding (in shares) | 11,571,000 | 11,406,000 |
Treasury stock (in shares) | 2,828,000 | 2,814,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest |
Balance at beginning of period (in shares) at Dec. 31, 2014 | 14,220 | 2,814 | |||||
Balance at beginning of period at Dec. 31, 2014 | $ 357,518 | $ 14 | $ (81,355) | $ 267,444 | $ (15,206) | $ 186,636 | $ (15) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss attributable to Steel Excel Inc. | (17,786) | (17,786) | |||||
Net loss attributable to non-controlling interests | (290) | (290) | |||||
Other comprehensive income | 15,117 | 15,117 | |||||
Net issuance of restricted shares (in shares) | 179 | ||||||
Net issuance of restricted shares | (32) | (32) | |||||
Stock-based compensation | 1,597 | 1,597 | |||||
Repurchases of common stock (in shares) | (14) | ||||||
Repurchases of common stock | (268) | $ (268) | |||||
Balance at end of period (in shares) at Jun. 30, 2015 | 14,399 | 2,828 | |||||
Balance at end of period at Jun. 30, 2015 | $ 355,856 | $ 14 | $ (81,623) | $ 269,009 | $ (89) | $ 168,850 | $ (305) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (18,076) | $ 9,624 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Income from equity method investees | (3,335) | (1,441) |
Stock-based compensation expense | 1,597 | 1,683 |
Depreciation and amortization | 11,904 | 12,177 |
Impairment of marketable securities | 22,740 | 0 |
Deferred income tax provision (benefit) | (6,713) | 204 |
Gain on sales of marketable securities | (1,963) | (5,067) |
Loss on financial instrument obligations | 283 | 669 |
Loss on change to equity method at fair value | 2,807 | 568 |
Other | 350 | 285 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 12,769 | (4,293) |
Prepaid expenses and other assets | (4,325) | (3,334) |
Accounts payable and other liabilities | 2,384 | 5,330 |
Net cash provided by operating activities | 20,422 | 16,405 |
Cash Flows From Investing Activities: | ||
Purchases of businesses, net of cash acquired | 0 | (517) |
Purchases of property and equipment | (2,820) | (10,897) |
Proceeds from sale of property and equipment | 27 | 357 |
Investments in equity method investees | 0 | (144) |
Purchases of marketable securities | (14,943) | (73,658) |
Sales of marketable securities | 16,686 | 95,740 |
Maturities of marketable securities | 0 | 4,300 |
Proceeds from issuance of financial instrument obligations | 133 | 0 |
Repayments of financial instrument obligations | (342) | 0 |
Other investments | 0 | (3,000) |
Reclassification of restricted cash | (74) | (20,010) |
Net cash used in investing activities | (1,333) | (7,829) |
Cash Flows From Financing Activities: | ||
Repurchases of common stock - treasury shares | (268) | (5,681) |
Repayment of subordinated notes | 0 | (346) |
Repayments of capital lease obligations | (216) | (186) |
Repayments of long-term debt | (6,607) | (6,607) |
Other financing activities | 0 | 60 |
Net cash used in financing activities | (7,091) | (12,760) |
Net increase (decrease) in cash and cash equivalents | 11,998 | (4,184) |
Effect of foreign currency translation on cash and cash equivalents | (1) | 14 |
Cash and cash equivalents, beginning balance | 51,910 | 73,602 |
Cash and cash equivalents, ending balance | $ 63,907 | $ 69,432 |
Description and Basis of Presen
Description and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 Services 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 makes significant non-controlling investments in entities in industries related to its reporting segments as well as entities in other unrelated industries. The Company continues to identify business acquisition opportunities in both the Energy and Sports industries as well as 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, 2014 . 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. During 2015, the Company identified an error in the manner in which the provision for income taxes had been recorded for all quarterly and annual periods in the years ended December 31, 2014 and 2013 . The Company's balance sheet at December 31, 2014 , its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014 , and its statement of cash flows for the six months ended June 30, 2014 , have been revised to reflect the correction of these errors (see Note 3 ). On July 7, 2015, the Company's common stock commenced trading on the Nasdaq Capital Market under the ticker symbol "SXCL". Prior to such date, the Company's common stock traded in the over the counter market and was quoted on the OTCQB marketplace under the ticker symbol "SXCL". Certain other prior period amounts have been reclassified to conform to the 2015 financial statement presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU No. 2015-03. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Upon adoption, ASU No. 2015-03 should be applied retrospectively, with the balance sheet of each individual period presented adjusted to reflect the period-specific effects of applying the standard. T he Company does not expect the adoption of ASU No. 2015-03 to have a material effect on its consolidated financial statements. |
Revised Financial Statements
Revised Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Revised Financial Statements | Revised Financial Statements During 2015, the Company identified an error related to the manner in which the change in the valuation allowance for deferred tax assets was reflected in its financial statements for all annual and quarterly periods in the years ended December 31, 2014 and 2013 . The change in the valuation allowance, which resulted from a change in deferred tax liabilities related to unrealized gains on available-for-sale securities, was recognized as a component of income from continuing operations, resulting in a benefit from or provision for income taxes allocated to continuing operations in each period, with an offsetting provision for or benefit from income taxes allocated to other comprehensive income relating to unrealized gains or losses on available-for-sale securities. Upon subsequent review, the Company determined that proper intra-period allocation of the provision for income taxes would have resulted in this change in the valuation allowance being allocated to other comprehensive income, resulting in no provision or benefit for such item. In periods in which the valuation allowance decreased, the impact of this error was an overstatement of income from continuing operations and an understatement of other comprehensive income; in periods in which the valuation allowance increased, the impact of this error was an understatement of income from continuing operations and an overstatement of other comprehensive income. The correction of this error has resulted in adjustments to the Company's balance sheet at December 31, 2014 , its statements of operations and statements of comprehensive income for the three and six months ended June 30, 2014 , and its statement of cash flows for the six months ended June 30, 2014 . The correction of this error did not result in any adjustments to the statement of operations or the statement of comprehensive income for the year ended December 31, 2014 . In addition, the Company's disclosures for the three and six months ended June 30, 2014 , related to income taxes (see Note 12 ) and net income (loss) per share (see Note 14 ) have been revised to reflect the impact of these adjustments. As a result of these adjustments, there was no impact on any of the assets or liabilities reported at December 31, 2014 , nor was there any impact on any component of income before income taxes and equity method income for the three and six months ended June 30, 2014 . The impact of these adjustments on the individual line items of the Company's financial statements was as follows: Balance Sheet at December 31, 2014 : Previously Reported Adjustments Revised (in thousands) Stockholders' equity: Common stock $ 14 $ — $ 14 Additional paid-in capital 267,444 — 267,444 Accumulated other comprehensive income (18,730 ) 3,524 (15,206 ) Retained earnings 190,160 (3,524 ) 186,636 Treasury stock, at cost (81,355 ) — (81,355 ) Total Steel Excel Inc. stockholders' equity 357,533 — 357,533 Non-controlling interest (15 ) — (15 ) Total stockholders' equity $ 357,518 $ — $ 357,518 Statement of Operations for the three months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands, except per-share data) Income before income taxes and equity method income $ 5,165 $ — $ 5,165 Benefit from (provision for) income taxes 693 (1,075 ) (382 ) Income from equity method investees, net of taxes 2,874 — 2,874 Net income 8,732 (1,075 ) 7,657 Net loss attributable to non-controlling interests in consolidated entities 11 — 11 Net income attributable to Steel Excel Inc. $ 8,743 $ (1,075 ) $ 7,668 Basic income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ 0.74 $ (0.09 ) $ 0.64 Diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ 0.73 $ (0.09 ) $ 0.64 Statement of Operations for the six months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands, except per-share data) Income before income taxes and equity method income $ 8,760 $ — $ 8,760 Benefit from (provision for) income taxes 2,596 (3,173 ) (577 ) Income from equity method investees, net of taxes 1,441 — 1,441 Net income 12,797 (3,173 ) 9,624 Net loss attributable to non-controlling interests in consolidated entities 337 — 337 Net income attributable to Steel Excel Inc. $ 13,134 $ (3,173 ) $ 9,961 Basic and diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ 1.10 $ (0.27 ) $ 0.83 Statement of Comprehensive Income for the three months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 8,732 $ (1,075 ) $ 7,657 Other comprehensive income (loss): Foreign currency translation adjustment 14 — 14 Reclassification to realized gains — — — Net foreign currency translation adjustment (A) 14 — 14 Marketable securities: Gross unrealized gains on marketable securities, net of tax (B) 2,124 1,271 3,395 Reclassification to realized gains, net of tax (C) (309 ) (196 ) (505 ) Net unrealized gain on marketable securities, net of tax 1,815 1,075 2,890 Comprehensive income (loss) 10,561 — 10,561 Comprehensive loss attributable to non-controlling interest 11 — 11 Comprehensive income (loss) attributable to Steel Excel Inc. $ 10,572 $ — $ 10,572 (A) No tax effect on cumulative translation adjustments (B) Tax provision on gross unrealized gains $ (1,271 ) $ 1,271 $ — (C) Tax benefit on reclassifications to realized gains (losses) $ 196 $ (196 ) $ — Statement of Comprehensive Income for the six months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 12,797 $ (3,173 ) $ 9,624 Other comprehensive income (loss): Foreign currency translation adjustment 14 — 14 Reclassification to realized gains — — — Net foreign currency translation adjustment (A) 14 — 14 Marketable securities: Gross unrealized gains on marketable securities, net of tax (B) 7,383 4,035 11,418 Reclassification to realized gains, net of tax (C) (1,577 ) (862 ) (2,439 ) Net unrealized gain on marketable securities, net of tax 5,806 3,173 8,979 Comprehensive income (loss) 18,617 — 18,617 Comprehensive loss attributable to non-controlling interest 337 — 337 Comprehensive income (loss) attributable to Steel Excel Inc. $ 18,954 $ — $ 18,954 (A) No tax effect on cumulative translation adjustments (B) Tax provision on gross unrealized gains $ (4,035 ) $ 4,035 $ — (C) Tax benefit on reclassifications to realized gains (losses) $ 862 $ (862 ) $ — Statement of Cash Flows for the six months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands) Net income $ 12,797 $ (3,173 ) $ 9,624 Deferred income tax provision (benefit) $ (2,969 ) $ 3,173 $ 204 Cash provided by operating activities $ 16,405 $ — $ 16,405 The selected quarterly financial data for the years ended December 31, 2014 and 2013 , revised to reflect the adjustments to correct the error, is as follows: Quarter Ended: March 31 June 30 September 30 December 31 (A) (in thousands, except per-share data) Year Ended December 31, 2014 (B) Net revenues $ 45,159 $ 51,924 $ 58,583 $ 54,482 Gross profits $ 10,058 $ 15,003 $ 17,183 $ 13,799 Net income (loss) from continuing operations $ 1,967 $ 7,657 $ 75 $ (33,968 ) Net income (loss) $ 1,967 $ 7,657 $ 75 $ (33,462 ) Net income (loss) attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,605 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,832 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) Diluted $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) Year Ended December 31, 2013 (C) Net revenues $ 26,351 $ 28,761 $ 31,420 $ 33,496 Gross profits $ 6,983 $ 8,041 $ 8,010 $ 9,120 Net income from continuing operations $ 1,602 $ 732 $ 2,383 $ 8,150 Net income $ 1,207 $ 538 $ 1,495 $ 4,087 Net income attributable to Steel Excel Inc. $ 1,543 $ 723 $ 1,806 $ 6,599 Net income from continuing operations attributable to Steel Excel Inc. $ 1,622 $ 768 $ 2,205 $ 8,428 Net income from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ 0.13 $ 0.06 $ 0.18 $ 0.69 Diluted $ 0.13 $ 0.06 $ 0.18 $ 0.69 (A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million . (B) Reflects adjustments to correct the provision for income taxes of $2.1 million , $1.1 million , $(1.0) million , and $(2.2) million in the four sequential quarters of 2014, respectively. (C) Reflects adjustments to the provision for income taxes of $1.8 million , $0.3 million , $0.7 million , and $0.7 million in the four sequential quarters of 2013, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In 2014, UK Elite Soccer, Inc. ("UK Elite"), the Sports' segment soccer operation, acquired the businesses and assets of three independent providers of soccer clinics and camps for a total purchase price of $1.0 million , or approximately $0.5 million net of cash acquired. In connection with these acquisitions, the Company recognized approximately $0.2 million in current assets, primarily trade receivables, approximately $0.6 million in current liabilities, primarily deferred revenue, and approximately $0.9 million in intangible assets representing customer relationships. In December 2013, Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), an indirect wholly-owned subsidiary of the Company, acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc., a provider of drilling and production services to the oil and gas industry, for approximately $59.6 million in cash. In April 2015, the Company received $0.5 million from the third-party escrow account as a purchase price adjustment to cover certain costs incurred. The purchase price adjustment, which occurred after the one-year measurement period, was recognized as a reduction of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three and six months ended June 30, 2015 . |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | Investments Marketable Securities All of the Company's marketable securities at June 30, 2015 , and December 31, 2014 , were classified as "available-for-sale" securities. Changes in fair value are recognized in stockholders' equity as "other comprehensive income (loss)", except for other-than-temporary impairments, which are reflected as a reduction of cost and charged to operations. The Company's marketable securities at June 30, 2015 , include investments in the common units of Steel Partners Holdings L.P. ("SPLP"), which beneficially owned approximately 57.1% of the Company's common stock as of June 30, 2015 . The SPLP common units held by the Company are classified as "available-for-sale" securities. As of June 30, 2015 , the Company held 204,712 SPLP common units that had a fair value of approximately $3.6 million and an unrealized loss of approximately $33,000 . Marketable securities at June 30, 2015 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 39,697 $ — $ — $ 39,697 Mutual funds 11,835 4,526 — 16,361 Corporate securities 68,333 7,636 (2,532 ) 73,437 Corporate obligations 35,205 659 (1,566 ) 34,298 Total available-for-sale securities 155,070 12,821 (4,098 ) 163,793 Amounts classified as cash equivalents (39,697 ) — — (39,697 ) Amounts classified as marketable securities $ 115,373 $ 12,821 $ (4,098 ) $ 124,096 Marketable securities at December 31, 2014 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 42,681 $ — $ — $ 42,681 Mutual funds 17,030 4,262 (322 ) 20,970 Corporate securities 103,761 7,821 (23,732 ) 87,850 Corporate obligations 32,486 592 (3,441 ) 29,637 Total available-for-sale securities 195,958 12,675 (27,495 ) 181,138 Amounts classified as cash equivalents (42,681 ) — — (42,681 ) Amounts classified as marketable securities $ 153,277 $ 12,675 $ (27,495 ) $ 138,457 Proceeds from sales of marketable securities were $16.7 million and $95.7 million for the six months ended June 30, 2015 and 2014 , respectively, and $9.9 million and $55.2 million for the three months ended June 30, 2015 and 2014 , 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 and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Gross realized gains $ 2,246 $ 3,196 $ 2,756 $ 6,396 Gross realized losses (418 ) (1,120 ) (793 ) (1,329 ) Realized gains (losses), net $ 1,828 $ 2,076 $ 1,963 $ 5,067 The fair value of the Company’s marketable securities with unrealized losses at June 30, 2015 , and the duration of time that such losses had been unrealized, were as follows: Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Corporate securities $ 22,387 $ (2,532 ) $ — $ — $ 22,387 $ (2,532 ) Corporate obligations 8,507 (1,412 ) 4,692 (154 ) 13,199 (1,566 ) Total $ 30,894 $ (3,944 ) $ 4,692 $ (154 ) $ 35,586 $ (4,098 ) The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014 , all of which had unrealized losses for periods of less than twelve months, were as follows: Fair Gross (in thousands) Corporate securities $ 39,869 $ (23,732 ) Corporate obligations 13,530 (3,441 ) Mutual funds 4,873 (322 ) Total $ 58,272 $ (27,495 ) Gross unrealized losses primarily related to losses on corporate securities and corporate obligations, which primarily consist of investments in equity and debt securities of publicly-traded entities. Based on the Company's evaluation of such securities, it has determined that certain unrealized losses represented other-than-temporary impairments as of June 30, 2015 . This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. The Company recognized an impairment charge of approximately $22.7 million for the three and six months ended June 30, 2015 , equal to the excess of the costs basis of such securities in excess of their fair values. The Company has determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of June 30, 2015 . 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 and marketable securities with no contractual maturities at June 30, 2015 , by contractual maturity, were as follows: Cost Estimated Fair Value (in thousands) Debt securities that mature in more than three years $ 35,205 $ 34,298 Securities with no contractual maturities 119,865 129,495 Total $ 155,070 $ 163,793 Financial Instrument Obligations Financial instrument obligations consisted of the following: June 30, 2015 December 31, 2014 Initial Obligation Estimated Fair Initial Obligation Estimated Fair (in thousands) Corporate securities $ 675 $ 868 $ 666 $ 621 Market indices 18,685 20,482 18,685 20,451 Covered call options 39 35 7 4 Naked put options — — 109 235 Total $ 19,399 $ 21,385 $ 19,467 $ 21,311 For the three months ended June 30, 2015 and 2014 , the Company incurred losses on the financial instrument obligations totaling $0.1 million and $0.7 million , respectively, and for the six months ended June 30, 2015 and 2014 , the Company incurred losses on the financial instrument obligations totaling $0.3 million and $0.7 million , respectively, all which are included as a component of "Other income (expense), net" in the Company's consolidated statements of operations. Equity-Method Investments In January 2013, the Company acquired a 40% membership interest in Again Faster LLC ("Again Faster"), a fitness equipment company. In August 2013, the Company acquired approximately 44.7% of the common stock of iGo, Inc. (“iGo”), a provider of accessories for mobile devices. Both Again Faster and iGo are accounted for using the traditional method of accounting for equity-method investments, with the Company recognizing its equity in the income and losses of each entity on a one-quarter lag basis. In May 2014, the Company increased its holdings of the common stock of API Technologies Corp. (“API”), a designer and manufacturer of high performance systems, subsystems, modules, and components, to 11,377,192 shares through the acquisition of 1,666,666 shares on the open market. Upon acquiring such shares the Company held approximately 20.6% of the total outstanding common stock of API. Effective as of that date the investment in API has been accounted for as an equity-method investment using the fair value option, with changes in fair value based on the market price of API's common stock recognized currently as income or loss from equity method investees. The Company elected the fair value option to account for its investment in API in order to more appropriately reflect the value of API in its financial statements. Prior to such time the investment in API was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $0.6 million that had previously been included as a component of "accumulated other comprehensive income". In January 2015, two members of the Company's board of directors were appointed to the eight -member board of directors of Aviat Networks, Inc. ("Aviat"), a global provider of microwave networking solutions. At the time of the appointment, the Company held 8,041,892 shares of Aviat, or approximately 12.9% of the total outstanding common stock. Effective as of the date of the appointment, the investment in Aviat has been accounted for as an equity-method investment as the Company’s voting interest and board representation provide it with significant influence over Aviat's operations. The Company elected the fair value option to account for its investment in Aviat, with changes in fair value based on the market price of Aviat's common stock recognized currently as income or loss from equity method investees, in order to more appropriately reflect the value of Aviat in its financial statements. Prior to such time the investment in Aviat was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $2.8 million that had previously been included as a component of "accumulated other comprehensive income". The following table summarizes the Company's equity-method investments. Ownership Carrying Value Income (Loss) Recognized Three Months Ended Six Months Ended June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (in thousands) Traditional equity method Again Faster 40.0 % 40.0 % $ 2,549 $ 3,105 $ (135 ) $ (164 ) $ (557 ) $ (293 ) iGo 46.9 % 46.9 % 2,870 2,600 (14 ) (501 ) 271 (1,805 ) Fair value option API 20.6 % 20.6 % 28,700 24,355 5,031 3,539 4,345 3,539 Aviat 12.9 % 10,134 563 — (724 ) — Total $ 44,253 $ 30,060 $ 5,445 $ 2,874 $ 3,335 $ 1,441 Based on the closing market price of iGo’s publicly-traded shares, the value of the Company’s investment in iGo was approximately $3.8 million at June 30, 2015 . The following table presents summarized income statement information for the Company's significant equity-method investees for the six months ended June 30, 2014 ; none of the equity-method investees met the significance test for disclosure for the six months ended June 30, 2015 . The summarized income statement information is for the most recent practicable period for equity-method investments accounted for using the fair value option and as of the date through which Company has recognized its equity in the income of the investee for equity-method investments accounted for using the traditional method. The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments. Amount (in thousands) Revenues $ 53,169 Gross profit $ 10,410 Loss from continuing operations $ (14,984 ) Net loss $ (14,984 ) Net loss attributable to investees $ (14,984 ) Other Investments The Company's other investments at June 30, 2015 , include a $25.0 million cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. This investment is reported as "Other short-term investments" at June 30, 2015 , as the limited partnership will be liquidated in August 2015, with the Company to receive either cash or its proportionate share of equity of the public company investee. Upon liquidation, the Company will recognize a gain or loss equal to the difference between the fair value of the assets received and the carrying value. The investment in the limited partnership had an approximate fair value of $33.4 million at June 30, 2015 , based on the net asset value indicated in the monthly statement received from the partnership. The Company's other long-term investments at June 30, 2015 , include an investment in a venture capital fund totaling $0.5 million and a promissory note with an amortized cost of $3.0 million , which is a reasonable approximation of fair value at June 30, 2015 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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 a venture capital fund to determine the fair value of such fund. 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 June 30, 2015 , summarized by measurement input category, were as follows: Total Level 1 Level 2 Level 3 (in thousands) Assets Cash, including short-term deposits (1) $ 63,907 $ 63,907 $ — $ — Restricted cash 21,385 21,385 — — Mutual funds (2) 16,361 16,361 — — Corporate securities (2) 73,437 62,044 — 11,393 Corporate obligations (2) 34,298 — 10,675 23,623 Investments in equity-method investees 38,834 38,834 — — Investments in certain funds (3) 467 — — 467 Total assets $ 248,689 $ 202,531 $ 10,675 $ 35,483 Liabilities Financial instrument obligations $ 21,385 $ 21,385 $ — $ — (1) Reported within "Cash and cash equivalents" (2) Reported within “Marketable securities” (3) Reported within "Other long-term investments" Assets and liabilities measured at fair value on a recurring basis at December 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) $ 51,910 $ 51,910 $ — $ — Mutual funds (2) 20,970 20,970 — — Corporate securities (2) 87,850 72,798 — 15,052 Corporate obligations (2) 29,637 — 10,793 18,844 Investments in equity-method investees 24,355 24,355 — — Investments in certain funds (3) 525 — — 525 Total $ 215,247 $ 170,033 $ 10,793 $ 34,421 Liabilities Financial instrument obligations $ 21,311 $ 21,311 $ — $ — (1) Reported within "Cash and cash equivalents." (2) Reported within “Marketable securities.” (3) Reported within "Other long-term investments." There were no transfers of securities among the various measurement input levels during the six months ended June 30, 2015 . Changes in the fair value of assets valued using Level 3 measurement inputs during the three and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 31,373 $ 30,391 $ 34,421 $ 24,209 Purchases 5,108 5,239 5,108 10,538 Sales (359 ) (2,758 ) (522 ) (4,732 ) Realized losses on sale — (129 ) — (129 ) Unrealized gains (losses) (639 ) (397 ) (3,524 ) 2,460 Balance, end of period $ 35,483 $ 32,346 $ 35,483 $ 32,346 Realized gains and losses on the sale of investments using Level 3 measurement inputs are recognized as a component of "Other income (expense), net". Unrealized gains and losses on investments using Level 3 measurement inputs are recognized as a component of "Other comprehensive income". The carrying value of the Company's long-term debt (see Note 9 ) is a reasonable approximation of its fair value since it is a variable-rate obligation. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment at June 30, 2015 , and December 31, 2014 , consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Rigs and other equipment $ 117,172 $ 115,391 Buildings and improvements 19,370 18,977 Land 1,893 1,893 Vehicles 2,304 2,197 Furniture and fixtures 851 673 Assets in progress 559 644 142,149 139,775 Accumulated depreciation (40,241 ) (32,588 ) Property and equipment, net $ 101,908 $ 107,187 Depreciation expense was $3.8 million and $3.6 million for the three months ended June 30, 2015 and 2014 , respectively. Depreciation expense was $7.7 million and $7.1 million for the six months ended June 30, 2015 and 2014 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company's intangible assets at June 30, 2015 , and December 31, 2014 , all of which are subject to amortization, consisted of the following: June 30, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Energy segment: Customer relationships $ 54,430 $ (25,584 ) $ 28,846 $ 54,430 $ (21,938 ) $ 32,492 Trade names 4,860 (3,473 ) 1,387 4,860 (3,161 ) 1,699 Non-compete agreement 120 (37 ) 83 120 (25 ) 95 59,410 (29,094 ) 30,316 59,410 (25,124 ) 34,286 Sports segment: Customer relationships 2,089 (933 ) 1,156 2,089 (678 ) 1,411 Trade names 122 (49 ) 73 122 (37 ) 85 2,211 (982 ) 1,229 2,211 (715 ) 1,496 Total $ 61,621 $ (30,076 ) $ 31,545 $ 61,621 $ (25,839 ) $ 35,782 Amortization expense was $2.1 million and $2.4 million for the three months ended June 30, 2015 and 2014 , respectively. Amortization expense was $4.2 million and $5.1 million for the six months ended June 30, 2015 and 2014 . Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows: Amount (in thousands) Remainder of 2015 $ 3,973 2016 7,203 2017 5,972 2018 5,229 2019 2,814 Thereafter 6,354 Total $ 31,545 The changes to the Company’s carrying amount of goodwill were as follows: Six Months Ended June 30, 2015 Year ended December 31, 2014 Energy Sports Total Energy Sports Total (in thousands) Balance, beginning of period $ 28,693 $ 2,171 $ 30,864 $ 65,359 $ 2,171 $ 67,530 Impairments — — — (36,666 ) — (36,666 ) Balance, end of period $ 28,693 $ 2,171 $ 30,864 $ 28,693 $ 2,171 $ 30,864 The Company performs its annual goodwill impairment test during the fourth quarter of each year, and more frequently if an event occurs or circumstances change to indicate that an impairment may have occurred. The Company's recent projections reflected a decline in the projected operating income for Black Hawk Ltd. for 2015 as a result of the continuing weakness in the oil services industry and the specific adverse effects experienced by Black Hawk Ltd. in 2015. This decline in projected operating income resulted in the need to perform a goodwill impairment test for Black Hawk Ltd. during the second quarter of 2015. The fair value of Black Hawk Ltd. was determined based on a valuation using a combination of the income approach (discounted cash flows) and the market approach (guideline public companies and guideline transaction method). The fair value of Black Hawk Ltd. exceeded its carrying value, resulting in no impairment of goodwill in the period. The components of goodwill at June 30, 2015 , and December 31, 2014 , were as follows: June 30, 2015 December 31, 2014 (in thousands) Goodwill $ 73,095 $ 73,095 Accumulated impairment (42,231 ) (42,231 ) Net goodwill $ 30,864 $ 30,864 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Steel Energy has a credit agreement, as amended (the “Amended Credit Agreement”), with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provides 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 Service, Inc. (“Sun Well”), Rogue Pressure Services, LLC (“Rogue”), and Black Hawk Ltd., and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue, and Black Hawk Ltd. Borrowings under the Amended Credit Agreement are fully guaranteed by Sun Well, Rogue, and Black Hawk Ltd. The carrying values as of June 30, 2015 , 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 $ 43,964 Accounts receivable 13,819 Property and equipment, net 94,017 Intangible assets, net 30,316 Total $ 182,116 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 June 30, 2015 , $72.7 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 2015 and subsequent years are as follows: Amount (in thousands) Remainder of 2015 $ 6,607 2016 13,214 2017 13,214 2018 39,643 Total 72,678 Less current portion 13,214 Total long-term debt $ 59,464 The interest rate on the borrowings under the Amended Credit Agreement was 2.8% at June 30, 2015 . For the three months ended June 30, 2015 and 2014 , the Company incurred interest expense of $0.6 million and $0.8 million , respectively, in connection with the Amended Credit Agreement. For the six months ended June 30, 2015 and 2014 , the Company incurred interest expense of $1.2 million and $1.7 million , respectively. The Company was in compliance with all financial covenants of the Amended Credit Agreement as of June 30, 2015 . |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities “Accrued expenses and other current liabilities” consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Accrued compensation and related taxes $ 3,901 $ 5,471 Deferred compensation 3,525 — Deferred revenue 4,297 1,308 Investment purchases not settled 3,330 — Insurance 1,648 — Professional services 329 763 Accrued fuel and rig-related charges 1,103 601 Tax-related 2,024 238 Other 705 535 Total $ 20,862 $ 8,916 “Other long-term liabilities” at December 31, 2014 , primarily consisted deferred compensation arrangements that are expected to be paid out in 2016 and which have been reclassified to other current liabilities as of June 30, 2015 . |
Other Income (Expense), net
Other Income (Expense), net | 6 Months Ended |
Jun. 30, 2015 | |
Income Statement [Abstract] | |
Other Income (Expense), net | Other Income (Expense), net "Other income (expense), net" consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Investment income $ 921 $ 1,310 $ 2,485 $ 2,899 Realized gain on sales of marketable securities, net 1,828 2,076 1,963 5,067 Realized loss on financial instrument obligations (97 ) (669 ) (283 ) (669 ) Realized loss upon change to equity method at fair value — (568 ) (2,807 ) (568 ) Foreign exchange gain (loss) 91 (171 ) (197 ) (171 ) Other 258 (14 ) 111 (77 ) Other income (expense), net $ 3,001 $ 1,964 $ 1,272 $ 6,481 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
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 in which the reversal occurs. For the three and six months ended June 30, 2015 , the Company recognized benefits from income taxes of $6.3 million and $6.7 million , respectively, which consist primarily of benefits on unrealized gains on marketable securities included in other comprehensive income. For the three and six months ended June 30, 2014 , the Company recognized a provision for income taxes of $0.4 million and $0.6 million , respectively, which primarily reflects state taxes and deferred tax liabilities attributable to the amortization of indefinite-lived intangible assets. |
Stock Benefit Plans
Stock Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
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 six months ended June 30, 2015 and 2014 , was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Restricted stock $ 1,058 $ 1,052 $ 1,597 $ 1,647 Stock options — 14 — 36 Total stock-based compensation $ 1,058 $ 1,066 $ 1,597 $ 1,683 Restricted stock activity in the Equity Plans during the six months ended June 30, 2015 , was as follows: Shares (in thousands) Non-vested stock, January 1, 2015 57 Awarded 181 Vested (20 ) Non-vested stock, June 30, 2015 218 The Company did not grant any stock options during the six months ended June 30, 2015 . |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
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 and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Revised) (Revised) (in thousands, except per share data) Numerators: Net income (loss) $ (10,463 ) $ 7,657 $ (18,076 ) $ 9,624 Non-controlling interest (73 ) 11 290 337 Net income (loss) attributable to Steel Excel Inc. $ (10,536 ) $ 7,668 $ (17,786 ) $ 9,961 Denominators: Basic weighted average common shares outstanding 11,572 11,895 11,524 11,938 Effect of dilutive securities: Stock-based awards — 22 — 20 Diluted weighted average common shares outstanding 11,572 11,917 11,524 11,958 Basic income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ (0.91 ) $ 0.64 $ (1.54 ) $ 0.83 Diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ (0.91 ) $ 0.64 $ (1.54 ) $ 0.83 The number of shares used in the calculation of diluted earnings (loss) per share for the three and six months ended June 30, 2015 , excluded 15,000 incremental shares related to restricted stock awards. Such incremental shares were excluded from the calculation of diluted earnings (loss) per share in each period due to their anti-dilutive effect on the loss from continuing operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
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: Unrealized Cumulative Total (in thousands) Balance, January 1, 2015 $ (14,821 ) $ (385 ) $ (15,206 ) Other comprehensive income (loss) before reclassifications 3,064 (1 ) 3,063 Reclassifications from accumulated other comprehensive income 12,054 — 12,054 Current period other comprehensive income 15,118 (1 ) 15,117 Balance, June 30, 2015 $ 297 $ (386 ) $ (89 ) Amounts reclassified for realized gains on sales of marketable securities and other-than-temporary impairments of marketable securities for the six months ended June 30, 2015 , are reported as components of "Other income (expense), net" and "Impairment of marketable securities", respectively, in the consolidated statements of operations. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
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) before goodwill and other asset impairments. Segment information relating to the Company's results from continuing operations was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Energy $ 29,467 $ 47,153 $ 66,599 $ 91,066 Sports 6,143 4,771 7,896 6,017 Total revenues $ 35,610 $ 51,924 $ 74,495 $ 97,083 Operating income (loss) before goodwill and other asset impairments Energy $ 1,831 $ 7,905 $ 4,190 $ 13,372 Sports 180 (10 ) (2,359 ) (2,042 ) Total segment operating income 2,011 7,895 1,831 11,330 Corporate and other business activities (3,854 ) (3,872 ) (7,178 ) (7,361 ) Interest expense (614 ) (822 ) (1,256 ) (1,690 ) Impairment of marketable securities (22,740 ) — (22,740 ) — Other income (expense), net 3,001 1,964 1,272 6,481 Income (loss) before income taxes and equity method income $ (22,196 ) $ 5,165 $ (28,071 ) $ 8,760 Depreciation and amortization expense: Energy $ 5,480 $ 5,612 $ 11,045 $ 11,405 Sports 430 402 859 772 Total depreciation and amortization expense $ 5,910 $ 6,014 $ 11,904 $ 12,177 Segment information related to the Company's assets was as follows: June 30, 2015 December 31, 2014 (in thousands) Sports $ 19,643 $ 18,625 Energy 215,149 220,262 Corporate and other business activities 243,441 240,467 Total assets $ 478,233 $ 479,354 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions SPLP beneficially owned approximately 57.1% of the Company’s outstanding common stock as of June 30, 2015 . 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. Warren G. Lichtenstein and Jack L. Howard are 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. In June 2015, the Company's board of directors approved a plan to purchase up to 1,000,000 common units of SPLP. As of June 30, 2015 , the Company held 204,712 SPLP common units that had a fair value of approximately $3.6 million (see Note 5 ). The Company has contracted with SP Corporate Services LLC (“SP Corporate”), an affiliate of SPLP, to provide executive and financial management services in the areas of finance, regulatory reporting, and other administrative and operational functions, including the services of a chief financial officer. 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 June 30, 2015 and 2014 , the Company incurred expenses of $2.4 million and $2.2 million , respectively, related to services provided by SP Corporate and reimbursements of expenses incurred on its behalf by SP Corporate and its affiliates. During the six months ended June 30, 2015 and 2014 , the Company incurred expenses of $4.6 million and $4.4 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 $0.3 million at June 30, 2015 . The Company uses several firms to execute trades of its marketable securities and certain of its other investments. The Company uses Mutual Securities, Inc. ("Mutual Securities"), to execute certain trades, including repurchases of the Company's common stock. Jack L. Howard, the Company's principal executive officer, is a registered principal of Mutual Securities and receives commission payments from Mutual Securities after deductions for fees and expenses. During the three months ended June 30, 2015 and 2014 , the Company paid commissions to Mutual Securities totaling $18,000 and $99,000 , respectively. During the six months ended June 30, 2015 and 2014 , the Company paid commissions to Mutual Securities totaling $29,000 and $222,000 , respectively. 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. At June 30, 2015 , the Company held $6.3 million of short-term deposits at WebBank, a subsidiary of SPLP. For the three months ended June 30, 2015 and 2014 , the Company recorded interest income of $12,000 and $21,000 , respectively, on such deposits. For the six months ended June 30, 2015 and 2014 , the Company recorded interest income of $28,000 and $42,000 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash paid for interest and income taxes and non-cash investing and financing activities for the six months ended June 30, 2015 and 2014 , was as follows: Six Months Ended June 30, 2015 2014 (in thousands) Interest paid $ 1,092 $ 1,423 Income taxes paid, net of refunds $ 138 $ 54 Non-cash investing and financing activities: Reclassification of available-for-sale securities to equity method investment $ 10,858 $ 27,647 Securities received in exchange for financial instrument obligations $ 76 $ 19,341 Securities delivered in exchange for settlement of financial instrument obligations $ 76 $ — Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting $ 32 $ 14 Repurchase of common stock from reverse split not paid $ — $ 10,023 Contribution of advances by non-controlling interest $ — $ 268 |
Revised Financial Statements (T
Revised Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The impact of these adjustments on the individual line items of the Company's financial statements was as follows: Balance Sheet at December 31, 2014 : Previously Reported Adjustments Revised (in thousands) Stockholders' equity: Common stock $ 14 $ — $ 14 Additional paid-in capital 267,444 — 267,444 Accumulated other comprehensive income (18,730 ) 3,524 (15,206 ) Retained earnings 190,160 (3,524 ) 186,636 Treasury stock, at cost (81,355 ) — (81,355 ) Total Steel Excel Inc. stockholders' equity 357,533 — 357,533 Non-controlling interest (15 ) — (15 ) Total stockholders' equity $ 357,518 $ — $ 357,518 Statement of Operations for the three months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands, except per-share data) Income before income taxes and equity method income $ 5,165 $ — $ 5,165 Benefit from (provision for) income taxes 693 (1,075 ) (382 ) Income from equity method investees, net of taxes 2,874 — 2,874 Net income 8,732 (1,075 ) 7,657 Net loss attributable to non-controlling interests in consolidated entities 11 — 11 Net income attributable to Steel Excel Inc. $ 8,743 $ (1,075 ) $ 7,668 Basic income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ 0.74 $ (0.09 ) $ 0.64 Diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ 0.73 $ (0.09 ) $ 0.64 Statement of Operations for the six months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands, except per-share data) Income before income taxes and equity method income $ 8,760 $ — $ 8,760 Benefit from (provision for) income taxes 2,596 (3,173 ) (577 ) Income from equity method investees, net of taxes 1,441 — 1,441 Net income 12,797 (3,173 ) 9,624 Net loss attributable to non-controlling interests in consolidated entities 337 — 337 Net income attributable to Steel Excel Inc. $ 13,134 $ (3,173 ) $ 9,961 Basic and diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ 1.10 $ (0.27 ) $ 0.83 Statement of Comprehensive Income for the three months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 8,732 $ (1,075 ) $ 7,657 Other comprehensive income (loss): Foreign currency translation adjustment 14 — 14 Reclassification to realized gains — — — Net foreign currency translation adjustment (A) 14 — 14 Marketable securities: Gross unrealized gains on marketable securities, net of tax (B) 2,124 1,271 3,395 Reclassification to realized gains, net of tax (C) (309 ) (196 ) (505 ) Net unrealized gain on marketable securities, net of tax 1,815 1,075 2,890 Comprehensive income (loss) 10,561 — 10,561 Comprehensive loss attributable to non-controlling interest 11 — 11 Comprehensive income (loss) attributable to Steel Excel Inc. $ 10,572 $ — $ 10,572 (A) No tax effect on cumulative translation adjustments (B) Tax provision on gross unrealized gains $ (1,271 ) $ 1,271 $ — (C) Tax benefit on reclassifications to realized gains (losses) $ 196 $ (196 ) $ — Statement of Comprehensive Income for the six months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands) Net income (loss) $ 12,797 $ (3,173 ) $ 9,624 Other comprehensive income (loss): Foreign currency translation adjustment 14 — 14 Reclassification to realized gains — — — Net foreign currency translation adjustment (A) 14 — 14 Marketable securities: Gross unrealized gains on marketable securities, net of tax (B) 7,383 4,035 11,418 Reclassification to realized gains, net of tax (C) (1,577 ) (862 ) (2,439 ) Net unrealized gain on marketable securities, net of tax 5,806 3,173 8,979 Comprehensive income (loss) 18,617 — 18,617 Comprehensive loss attributable to non-controlling interest 337 — 337 Comprehensive income (loss) attributable to Steel Excel Inc. $ 18,954 $ — $ 18,954 (A) No tax effect on cumulative translation adjustments (B) Tax provision on gross unrealized gains $ (4,035 ) $ 4,035 $ — (C) Tax benefit on reclassifications to realized gains (losses) $ 862 $ (862 ) $ — Statement of Cash Flows for the six months ended June 30, 2014 : Previously Reported Adjustments Revised (in thousands) Net income $ 12,797 $ (3,173 ) $ 9,624 Deferred income tax provision (benefit) $ (2,969 ) $ 3,173 $ 204 Cash provided by operating activities $ 16,405 $ — $ 16,405 The selected quarterly financial data for the years ended December 31, 2014 and 2013 , revised to reflect the adjustments to correct the error, is as follows: Quarter Ended: March 31 June 30 September 30 December 31 (A) (in thousands, except per-share data) Year Ended December 31, 2014 (B) Net revenues $ 45,159 $ 51,924 $ 58,583 $ 54,482 Gross profits $ 10,058 $ 15,003 $ 17,183 $ 13,799 Net income (loss) from continuing operations $ 1,967 $ 7,657 $ 75 $ (33,968 ) Net income (loss) $ 1,967 $ 7,657 $ 75 $ (33,462 ) Net income (loss) attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,605 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. $ 2,293 $ 7,668 $ (163 ) $ (33,832 ) Net income (loss) from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) Diluted $ 0.19 $ 0.64 $ (0.01 ) $ (2.97 ) Year Ended December 31, 2013 (C) Net revenues $ 26,351 $ 28,761 $ 31,420 $ 33,496 Gross profits $ 6,983 $ 8,041 $ 8,010 $ 9,120 Net income from continuing operations $ 1,602 $ 732 $ 2,383 $ 8,150 Net income $ 1,207 $ 538 $ 1,495 $ 4,087 Net income attributable to Steel Excel Inc. $ 1,543 $ 723 $ 1,806 $ 6,599 Net income from continuing operations attributable to Steel Excel Inc. $ 1,622 $ 768 $ 2,205 $ 8,428 Net income from continuing operations attributable to Steel Excel Inc. per share of common stock Basic $ 0.13 $ 0.06 $ 0.18 $ 0.69 Diluted $ 0.13 $ 0.06 $ 0.18 $ 0.69 (A) Includes goodwill impairments of $36.7 million and a foreign tax benefit of $1.7 million . (B) Reflects adjustments to correct the provision for income taxes of $2.1 million , $1.1 million , $(1.0) million , and $(2.2) million in the four sequential quarters of 2014, respectively. (C) Reflects adjustments to the provision for income taxes of $1.8 million , $0.3 million , $0.7 million , and $0.7 million in the four sequential quarters of 2013, respectively. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | Marketable securities at June 30, 2015 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 39,697 $ — $ — $ 39,697 Mutual funds 11,835 4,526 — 16,361 Corporate securities 68,333 7,636 (2,532 ) 73,437 Corporate obligations 35,205 659 (1,566 ) 34,298 Total available-for-sale securities 155,070 12,821 (4,098 ) 163,793 Amounts classified as cash equivalents (39,697 ) — — (39,697 ) Amounts classified as marketable securities $ 115,373 $ 12,821 $ (4,098 ) $ 124,096 Marketable securities at December 31, 2014 , consisted of the following: Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Short-term deposits $ 42,681 $ — $ — $ 42,681 Mutual funds 17,030 4,262 (322 ) 20,970 Corporate securities 103,761 7,821 (23,732 ) 87,850 Corporate obligations 32,486 592 (3,441 ) 29,637 Total available-for-sale securities 195,958 12,675 (27,495 ) 181,138 Amounts classified as cash equivalents (42,681 ) — — (42,681 ) Amounts classified as marketable securities $ 153,277 $ 12,675 $ (27,495 ) $ 138,457 |
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 and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Gross realized gains $ 2,246 $ 3,196 $ 2,756 $ 6,396 Gross realized losses (418 ) (1,120 ) (793 ) (1,329 ) Realized gains (losses), net $ 1,828 $ 2,076 $ 1,963 $ 5,067 |
Schedule of Unrealized Loss on Investments | The fair value of the Company’s marketable securities with unrealized losses at June 30, 2015 , and the duration of time that such losses had been unrealized, were as follows: Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Corporate securities $ 22,387 $ (2,532 ) $ — $ — $ 22,387 $ (2,532 ) Corporate obligations 8,507 (1,412 ) 4,692 (154 ) 13,199 (1,566 ) Total $ 30,894 $ (3,944 ) $ 4,692 $ (154 ) $ 35,586 $ (4,098 ) The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014 , all of which had unrealized losses for periods of less than twelve months, were as follows: Fair Gross (in thousands) Corporate securities $ 39,869 $ (23,732 ) Corporate obligations 13,530 (3,441 ) Mutual funds 4,873 (322 ) Total $ 58,272 $ (27,495 ) |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at June 30, 2015 , by contractual maturity, were as follows: Cost Estimated Fair Value (in thousands) Debt securities that mature in more than three years $ 35,205 $ 34,298 Securities with no contractual maturities 119,865 129,495 Total $ 155,070 $ 163,793 |
Financial Instrument Obligations | Financial instrument obligations consisted of the following: June 30, 2015 December 31, 2014 Initial Obligation Estimated Fair Initial Obligation Estimated Fair (in thousands) Corporate securities $ 675 $ 868 $ 666 $ 621 Market indices 18,685 20,482 18,685 20,451 Covered call options 39 35 7 4 Naked put options — — 109 235 Total $ 19,399 $ 21,385 $ 19,467 $ 21,311 |
Equity Method Investments | The following table summarizes the Company's equity-method investments. Ownership Carrying Value Income (Loss) Recognized Three Months Ended Six Months Ended June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (in thousands) Traditional equity method Again Faster 40.0 % 40.0 % $ 2,549 $ 3,105 $ (135 ) $ (164 ) $ (557 ) $ (293 ) iGo 46.9 % 46.9 % 2,870 2,600 (14 ) (501 ) 271 (1,805 ) Fair value option API 20.6 % 20.6 % 28,700 24,355 5,031 3,539 4,345 3,539 Aviat 12.9 % 10,134 563 — (724 ) — Total $ 44,253 $ 30,060 $ 5,445 $ 2,874 $ 3,335 $ 1,441 The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments. Amount (in thousands) Revenues $ 53,169 Gross profit $ 10,410 Loss from continuing operations $ (14,984 ) Net loss $ (14,984 ) Net loss attributable to investees $ (14,984 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at June 30, 2015 , summarized by measurement input category, were as follows: Total Level 1 Level 2 Level 3 (in thousands) Assets Cash, including short-term deposits (1) $ 63,907 $ 63,907 $ — $ — Restricted cash 21,385 21,385 — — Mutual funds (2) 16,361 16,361 — — Corporate securities (2) 73,437 62,044 — 11,393 Corporate obligations (2) 34,298 — 10,675 23,623 Investments in equity-method investees 38,834 38,834 — — Investments in certain funds (3) 467 — — 467 Total assets $ 248,689 $ 202,531 $ 10,675 $ 35,483 Liabilities Financial instrument obligations $ 21,385 $ 21,385 $ — $ — (1) Reported within "Cash and cash equivalents" (2) Reported within “Marketable securities” (3) Reported within "Other long-term investments" Assets and liabilities measured at fair value on a recurring basis at December 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) $ 51,910 $ 51,910 $ — $ — Mutual funds (2) 20,970 20,970 — — Corporate securities (2) 87,850 72,798 — 15,052 Corporate obligations (2) 29,637 — 10,793 18,844 Investments in equity-method investees 24,355 24,355 — — Investments in certain funds (3) 525 — — 525 Total $ 215,247 $ 170,033 $ 10,793 $ 34,421 Liabilities Financial instrument obligations $ 21,311 $ 21,311 $ — $ — (1) Reported within "Cash and cash equivalents." (2) Reported within “Marketable securities.” (3) Reported within "Other long-term 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 and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Balance, beginning of period $ 31,373 $ 30,391 $ 34,421 $ 24,209 Purchases 5,108 5,239 5,108 10,538 Sales (359 ) (2,758 ) (522 ) (4,732 ) Realized losses on sale — (129 ) — (129 ) Unrealized gains (losses) (639 ) (397 ) (3,524 ) 2,460 Balance, end of period $ 35,483 $ 32,346 $ 35,483 $ 32,346 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment at June 30, 2015 , and December 31, 2014 , consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Rigs and other equipment $ 117,172 $ 115,391 Buildings and improvements 19,370 18,977 Land 1,893 1,893 Vehicles 2,304 2,197 Furniture and fixtures 851 673 Assets in progress 559 644 142,149 139,775 Accumulated depreciation (40,241 ) (32,588 ) Property and equipment, net $ 101,908 $ 107,187 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The Company's intangible assets at June 30, 2015 , and December 31, 2014 , all of which are subject to amortization, consisted of the following: June 30, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Energy segment: Customer relationships $ 54,430 $ (25,584 ) $ 28,846 $ 54,430 $ (21,938 ) $ 32,492 Trade names 4,860 (3,473 ) 1,387 4,860 (3,161 ) 1,699 Non-compete agreement 120 (37 ) 83 120 (25 ) 95 59,410 (29,094 ) 30,316 59,410 (25,124 ) 34,286 Sports segment: Customer relationships 2,089 (933 ) 1,156 2,089 (678 ) 1,411 Trade names 122 (49 ) 73 122 (37 ) 85 2,211 (982 ) 1,229 2,211 (715 ) 1,496 Total $ 61,621 $ (30,076 ) $ 31,545 $ 61,621 $ (25,839 ) $ 35,782 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated aggregate amortization expense related to the intangible assets for the remainder of 2015 and subsequent years is as follows: Amount (in thousands) Remainder of 2015 $ 3,973 2016 7,203 2017 5,972 2018 5,229 2019 2,814 Thereafter 6,354 Total $ 31,545 |
Schedule of Goodwill | The changes to the Company’s carrying amount of goodwill were as follows: Six Months Ended June 30, 2015 Year ended December 31, 2014 Energy Sports Total Energy Sports Total (in thousands) Balance, beginning of period $ 28,693 $ 2,171 $ 30,864 $ 65,359 $ 2,171 $ 67,530 Impairments — — — (36,666 ) — (36,666 ) Balance, end of period $ 28,693 $ 2,171 $ 30,864 $ 28,693 $ 2,171 $ 30,864 |
Schedule of Intangible Assets and Goodwill | The components of goodwill at June 30, 2015 , and December 31, 2014 , were as follows: June 30, 2015 December 31, 2014 (in thousands) Goodwill $ 73,095 $ 73,095 Accumulated impairment (42,231 ) (42,231 ) Net goodwill $ 30,864 $ 30,864 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Assets Pledged as Collateral | The carrying values as of June 30, 2015 , 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 $ 43,964 Accounts receivable 13,819 Property and equipment, net 94,017 Intangible assets, net 30,316 Total $ 182,116 |
Schedule of Maturities of Long-term Debt | Principal payments under the Amended Credit Agreement for the remainder of 2015 and subsequent years are as follows: Amount (in thousands) Remainder of 2015 $ 6,607 2016 13,214 2017 13,214 2018 39,643 Total 72,678 Less current portion 13,214 Total long-term debt $ 59,464 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | “Accrued expenses and other current liabilities” consisted of the following: June 30, 2015 December 31, 2014 (in thousands) Accrued compensation and related taxes $ 3,901 $ 5,471 Deferred compensation 3,525 — Deferred revenue 4,297 1,308 Investment purchases not settled 3,330 — Insurance 1,648 — Professional services 329 763 Accrued fuel and rig-related charges 1,103 601 Tax-related 2,024 238 Other 705 535 Total $ 20,862 $ 8,916 |
Other Income (Expense), net (Ta
Other Income (Expense), net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Statement [Abstract] | |
Schedule of Other Income (Expense), Net | "Other income (expense), net" consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Investment income $ 921 $ 1,310 $ 2,485 $ 2,899 Realized gain on sales of marketable securities, net 1,828 2,076 1,963 5,067 Realized loss on financial instrument obligations (97 ) (669 ) (283 ) (669 ) Realized loss upon change to equity method at fair value — (568 ) (2,807 ) (568 ) Foreign exchange gain (loss) 91 (171 ) (197 ) (171 ) Other 258 (14 ) 111 (77 ) Other income (expense), net $ 3,001 $ 1,964 $ 1,272 $ 6,481 |
Stock Benefit Plans (Tables)
Stock Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
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 six months ended June 30, 2015 and 2014 , was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Restricted stock $ 1,058 $ 1,052 $ 1,597 $ 1,647 Stock options — 14 — 36 Total stock-based compensation $ 1,058 $ 1,066 $ 1,597 $ 1,683 |
Restricted Stock Activity | Restricted stock activity in the Equity Plans during the six months ended June 30, 2015 , was as follows: Shares (in thousands) Non-vested stock, January 1, 2015 57 Awarded 181 Vested (20 ) Non-vested stock, June 30, 2015 218 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
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 and six months ended June 30, 2015 and 2014 , were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Revised) (Revised) (in thousands, except per share data) Numerators: Net income (loss) $ (10,463 ) $ 7,657 $ (18,076 ) $ 9,624 Non-controlling interest (73 ) 11 290 337 Net income (loss) attributable to Steel Excel Inc. $ (10,536 ) $ 7,668 $ (17,786 ) $ 9,961 Denominators: Basic weighted average common shares outstanding 11,572 11,895 11,524 11,938 Effect of dilutive securities: Stock-based awards — 22 — 20 Diluted weighted average common shares outstanding 11,572 11,917 11,524 11,958 Basic income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ (0.91 ) $ 0.64 $ (1.54 ) $ 0.83 Diluted income (loss) per share attributable to Steel Excel Inc.: Net income (loss) $ (0.91 ) $ 0.64 $ (1.54 ) $ 0.83 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Changes in the components of "Accumulated other comprehensive income" were as follows: Unrealized Cumulative Total (in thousands) Balance, January 1, 2015 $ (14,821 ) $ (385 ) $ (15,206 ) Other comprehensive income (loss) before reclassifications 3,064 (1 ) 3,063 Reclassifications from accumulated other comprehensive income 12,054 — 12,054 Current period other comprehensive income 15,118 (1 ) 15,117 Balance, June 30, 2015 $ 297 $ (386 ) $ (89 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment information relating to the Company's results from continuing operations was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Energy $ 29,467 $ 47,153 $ 66,599 $ 91,066 Sports 6,143 4,771 7,896 6,017 Total revenues $ 35,610 $ 51,924 $ 74,495 $ 97,083 Operating income (loss) before goodwill and other asset impairments Energy $ 1,831 $ 7,905 $ 4,190 $ 13,372 Sports 180 (10 ) (2,359 ) (2,042 ) Total segment operating income 2,011 7,895 1,831 11,330 Corporate and other business activities (3,854 ) (3,872 ) (7,178 ) (7,361 ) Interest expense (614 ) (822 ) (1,256 ) (1,690 ) Impairment of marketable securities (22,740 ) — (22,740 ) — Other income (expense), net 3,001 1,964 1,272 6,481 Income (loss) before income taxes and equity method income $ (22,196 ) $ 5,165 $ (28,071 ) $ 8,760 Depreciation and amortization expense: Energy $ 5,480 $ 5,612 $ 11,045 $ 11,405 Sports 430 402 859 772 Total depreciation and amortization expense $ 5,910 $ 6,014 $ 11,904 $ 12,177 |
Reconciliation of Assets from Segment to Consolidated | Segment information related to the Company's assets was as follows: June 30, 2015 December 31, 2014 (in thousands) Sports $ 19,643 $ 18,625 Energy 215,149 220,262 Corporate and other business activities 243,441 240,467 Total assets $ 478,233 $ 479,354 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for interest and income taxes and non-cash investing and financing activities for the six months ended June 30, 2015 and 2014 , was as follows: Six Months Ended June 30, 2015 2014 (in thousands) Interest paid $ 1,092 $ 1,423 Income taxes paid, net of refunds $ 138 $ 54 Non-cash investing and financing activities: Reclassification of available-for-sale securities to equity method investment $ 10,858 $ 27,647 Securities received in exchange for financial instrument obligations $ 76 $ 19,341 Securities delivered in exchange for settlement of financial instrument obligations $ 76 $ — Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting $ 32 $ 14 Repurchase of common stock from reverse split not paid $ — $ 10,023 Contribution of advances by non-controlling interest $ — $ 268 |
Description and Basis of Pres39
Description and Basis of Presentation (Detail) | 6 Months Ended |
Jun. 30, 2015segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments (in segments) | 2 |
Revised Financial Statements -
Revised Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Common stock | $ 14 | $ 14 |
Additional paid-in capital | 269,009 | 267,444 |
Accumulated other comprehensive income | (89) | (15,206) |
Retained earnings | 168,850 | 186,636 |
Treasury stock, at cost | (81,623) | (81,355) |
Total Steel Excel Inc. stockholders' equity | 356,161 | 357,533 |
Non-controlling interest | (305) | (15) |
Total stockholders' equity | $ 355,856 | 357,518 |
Valuation Allowance of Deferred Tax Assets | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Common stock | 14 | |
Additional paid-in capital | 267,444 | |
Accumulated other comprehensive income | (15,206) | |
Retained earnings | 186,636 | |
Treasury stock, at cost | (81,355) | |
Total Steel Excel Inc. stockholders' equity | 357,533 | |
Non-controlling interest | (15) | |
Total stockholders' equity | 357,518 | |
Valuation Allowance of Deferred Tax Assets | Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Common stock | 14 | |
Additional paid-in capital | 267,444 | |
Accumulated other comprehensive income | (18,730) | |
Retained earnings | 190,160 | |
Treasury stock, at cost | (81,355) | |
Total Steel Excel Inc. stockholders' equity | 357,533 | |
Non-controlling interest | (15) | |
Total stockholders' equity | 357,518 | |
Valuation Allowance of Deferred Tax Assets | Adjustments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Common stock | 0 | |
Additional paid-in capital | 0 | |
Accumulated other comprehensive income | 3,524 | |
Retained earnings | (3,524) | |
Treasury stock, at cost | 0 | |
Total Steel Excel Inc. stockholders' equity | 0 | |
Non-controlling interest | 0 | |
Total stockholders' equity | $ 0 |
Revised Financial Statements 41
Revised Financial Statements - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income before income taxes and equity method income | $ (22,196) | $ 5,165 | $ (28,071) | $ 8,760 | |||||||
Benefit from (provision for) income taxes | 6,288 | (382) | 6,660 | (577) | |||||||
Income from equity method investees, net of taxes | 5,445 | 2,874 | 3,335 | 1,441 | |||||||
Net income (loss) | (10,463) | 7,657 | (18,076) | 9,624 | |||||||
Net loss (income) attributable to non-controlling interests in consolidated entities | (73) | 11 | 290 | 337 | |||||||
Net income attributable to Steel Excel Inc. | $ (10,536) | $ 7,668 | $ (17,786) | $ 9,961 | |||||||
Basic (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 | |||||||
Diluted (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 | |||||||
Valuation Allowance of Deferred Tax Assets | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income before income taxes and equity method income | $ 5,165 | $ 8,760 | |||||||||
Benefit from (provision for) income taxes | (382) | (577) | |||||||||
Income from equity method investees, net of taxes | 2,874 | 1,441 | |||||||||
Net income (loss) | $ (33,462) | $ 75 | 7,657 | $ 1,967 | $ 4,087 | $ 1,495 | $ 538 | $ 1,207 | 9,624 | ||
Net loss (income) attributable to non-controlling interests in consolidated entities | 11 | 337 | |||||||||
Net income attributable to Steel Excel Inc. | $ (33,605) | $ (163) | $ 7,668 | $ 2,293 | $ 6,599 | $ 1,806 | $ 723 | $ 1,543 | $ 9,961 | ||
Basic (in dollars per share) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ 0.69 | $ 0.18 | $ 0.06 | $ 0.13 | |||
Diluted (in dollars per share) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ 0.69 | $ 0.18 | $ 0.06 | $ 0.13 | |||
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share) | $ 0.83 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income before income taxes and equity method income | $ 5,165 | $ 8,760 | |||||||||
Benefit from (provision for) income taxes | 693 | 2,596 | |||||||||
Income from equity method investees, net of taxes | 2,874 | 1,441 | |||||||||
Net income (loss) | 8,732 | 12,797 | |||||||||
Net loss (income) attributable to non-controlling interests in consolidated entities | 11 | 337 | |||||||||
Net income attributable to Steel Excel Inc. | $ 8,743 | $ 13,134 | |||||||||
Basic (in dollars per share) | $ 0.74 | ||||||||||
Diluted (in dollars per share) | $ 0.73 | ||||||||||
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share) | $ 1.10 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Income before income taxes and equity method income | $ 0 | $ 0 | |||||||||
Benefit from (provision for) income taxes | $ 2,200 | $ 1,000 | (1,075) | $ (2,100) | $ (700) | $ (700) | $ (300) | $ (1,800) | (3,173) | ||
Income from equity method investees, net of taxes | 0 | 0 | |||||||||
Net income (loss) | (1,075) | (3,173) | |||||||||
Net loss (income) attributable to non-controlling interests in consolidated entities | 0 | 0 | |||||||||
Net income attributable to Steel Excel Inc. | $ (1,075) | $ (3,173) | |||||||||
Basic (in dollars per share) | $ (0.09) | ||||||||||
Diluted (in dollars per share) | $ (0.09) | ||||||||||
Basic and diluted income (loss) per share attributable to Steel Excel Inc.: (in dollars per share) | $ (0.27) |
Revised Financial Statements 42
Revised Financial Statements - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net income (loss) | $ (10,463) | $ 7,657 | $ (18,076) | $ 9,624 | ||||||||
Foreign currency translation adjustment | (3) | 14 | (1) | 14 | ||||||||
Reclassification to realized gains | 0 | 0 | 0 | 0 | ||||||||
Net foreign currency translation adjustment | [1] | (3) | 14 | (1) | 14 | |||||||
Gross unrealized gains on marketable securities, net of tax | [2] | 1,950 | 3,395 | 3,064 | 11,418 | |||||||
Reclassification to realized gains, net of tax | [3] | 12,239 | (505) | 12,054 | (2,439) | |||||||
Net unrealized gain on marketable securities, net of tax | 14,189 | 2,890 | 15,118 | 8,979 | ||||||||
Comprehensive income (loss) | 3,723 | 10,561 | (2,959) | 18,617 | ||||||||
Comprehensive loss (income) attributable to non-controlling interest | (73) | 11 | 290 | 337 | ||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 3,650 | 10,572 | (2,669) | 18,954 | ||||||||
Tax provision on gross unrealized gains | (1,159) | 0 | (1,707) | 0 | ||||||||
Tax benefit on reclassifications to realized gains (losses) | $ (6,809) | 0 | $ (6,718) | 0 | ||||||||
Valuation Allowance of Deferred Tax Assets | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net income (loss) | $ (33,462) | $ 75 | 7,657 | $ 1,967 | $ 4,087 | $ 1,495 | $ 538 | $ 1,207 | 9,624 | |||
Foreign currency translation adjustment | 14 | 14 | ||||||||||
Reclassification to realized gains | 0 | 0 | ||||||||||
Net foreign currency translation adjustment | 14 | 14 | ||||||||||
Gross unrealized gains on marketable securities, net of tax | 3,395 | 11,418 | ||||||||||
Reclassification to realized gains, net of tax | (505) | (2,439) | ||||||||||
Net unrealized gain on marketable securities, net of tax | 2,890 | 8,979 | ||||||||||
Comprehensive income (loss) | 10,561 | 18,617 | ||||||||||
Comprehensive loss (income) attributable to non-controlling interest | 11 | 337 | ||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 10,572 | 18,954 | ||||||||||
Tax provision on gross unrealized gains | 0 | 0 | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | 0 | 0 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Previously Reported | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net income (loss) | 8,732 | 12,797 | ||||||||||
Foreign currency translation adjustment | 14 | 14 | ||||||||||
Reclassification to realized gains | 0 | 0 | ||||||||||
Net foreign currency translation adjustment | 14 | 14 | ||||||||||
Gross unrealized gains on marketable securities, net of tax | 2,124 | 7,383 | ||||||||||
Reclassification to realized gains, net of tax | (309) | (1,577) | ||||||||||
Net unrealized gain on marketable securities, net of tax | 1,815 | 5,806 | ||||||||||
Comprehensive income (loss) | 10,561 | 18,617 | ||||||||||
Comprehensive loss (income) attributable to non-controlling interest | 11 | 337 | ||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 10,572 | 18,954 | ||||||||||
Tax provision on gross unrealized gains | 1,271 | (4,035) | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | 196 | 862 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Net income (loss) | (1,075) | (3,173) | ||||||||||
Foreign currency translation adjustment | 0 | 0 | ||||||||||
Reclassification to realized gains | 0 | 0 | ||||||||||
Net foreign currency translation adjustment | 0 | 0 | ||||||||||
Gross unrealized gains on marketable securities, net of tax | 1,271 | 4,035 | ||||||||||
Reclassification to realized gains, net of tax | (196) | (862) | ||||||||||
Net unrealized gain on marketable securities, net of tax | 1,075 | 3,173 | ||||||||||
Comprehensive income (loss) | 0 | 0 | ||||||||||
Comprehensive loss (income) attributable to non-controlling interest | 0 | 0 | ||||||||||
Comprehensive income (loss) attributable to Steel Excel Inc. | 0 | 0 | ||||||||||
Tax provision on gross unrealized gains | (1,271) | 4,035 | ||||||||||
Tax benefit on reclassifications to realized gains (losses) | $ (196) | $ (862) | ||||||||||
[1] | No tax effect on cumulative translation adjustments | |||||||||||
[2] | Tax provision on gross unrealized gains: $(1,159) $0 $(1,707) $0 | |||||||||||
[3] | Tax benefit on reclassifications to realized gains: $(6,809) $0 $(6,718) $0 |
Revised Financial Statements 43
Revised Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ (10,463) | $ 7,657 | $ (18,076) | $ 9,624 | |||||||
Deferred income tax provision (benefit) | (6,713) | 204 | |||||||||
Cash provided by operating activities | $ 20,422 | 16,405 | |||||||||
Valuation Allowance of Deferred Tax Assets | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ (33,462) | $ 75 | 7,657 | $ 1,967 | $ 4,087 | $ 1,495 | $ 538 | $ 1,207 | 9,624 | ||
Deferred income tax provision (benefit) | 204 | ||||||||||
Cash provided by operating activities | 16,405 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | 8,732 | 12,797 | |||||||||
Deferred income tax provision (benefit) | (2,969) | ||||||||||
Cash provided by operating activities | 16,405 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net income | $ (1,075) | (3,173) | |||||||||
Deferred income tax provision (benefit) | 3,173 | ||||||||||
Cash provided by operating activities | $ 0 |
Revised Financial Statements 44
Revised Financial Statements - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net revenues | $ 35,610 | $ 51,924 | $ 74,495 | $ 97,083 | |||||||
Gross profits | 8,235 | 15,003 | 14,932 | 25,061 | |||||||
Net income (loss) from continuing operations | (10,463) | 7,657 | (18,076) | 9,624 | |||||||
Net income (loss) | (10,463) | 7,657 | (18,076) | 9,624 | |||||||
Net income (loss) attributable to Steel Excel Inc. | $ (10,536) | $ 7,668 | $ (17,786) | $ 9,961 | |||||||
Basic (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 | |||||||
Diluted (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 | |||||||
Valuation Allowance of Deferred Tax Assets | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net revenues | $ 54,482 | $ 58,583 | $ 51,924 | $ 45,159 | $ 33,496 | $ 31,420 | $ 28,761 | $ 26,351 | |||
Gross profits | 13,799 | 17,183 | 15,003 | 10,058 | 9,120 | 8,010 | 8,041 | 6,983 | |||
Net income (loss) from continuing operations | (33,968) | 75 | 7,657 | 1,967 | 8,150 | 2,383 | 732 | 1,602 | |||
Net income (loss) | (33,462) | 75 | 7,657 | 1,967 | 4,087 | 1,495 | 538 | 1,207 | $ 9,624 | ||
Net income (loss) attributable to Steel Excel Inc. | (33,605) | (163) | 7,668 | 2,293 | 6,599 | 1,806 | 723 | 1,543 | $ 9,961 | ||
Net income (loss) from continuing operations attributable to Steel Excel Inc. | $ (33,832) | $ (163) | $ 7,668 | $ 2,293 | $ 8,428 | $ 2,205 | $ 768 | $ 1,622 | |||
Basic (in dollars per share) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ 0.69 | $ 0.18 | $ 0.06 | $ 0.13 | |||
Diluted (in dollars per share) | $ (2.97) | $ (0.01) | $ 0.64 | $ 0.19 | $ 0.69 | $ 0.18 | $ 0.06 | $ 0.13 |
Revised Financial Statements 45
Revised Financial Statements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Goodwill impairments | $ 0 | $ 36,666 | ||||||||||
Provision for income taxes | $ (6,288) | $ 382 | $ (6,660) | $ 577 | ||||||||
Valuation Allowance of Deferred Tax Assets | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Goodwill impairments | $ 36,700 | |||||||||||
Foreign tax benefit | 1,700 | |||||||||||
Provision for income taxes | 382 | 577 | ||||||||||
Valuation Allowance of Deferred Tax Assets | Adjustments | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Provision for income taxes | $ (2,200) | $ (1,000) | $ 1,075 | $ 2,100 | $ 700 | $ 700 | $ 300 | $ 1,800 | $ 3,173 |
Acquisitions (Detail)
Acquisitions (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($)business | |
UK Elite Soccer, Inc. | Provider of Soccer Clinics | |||
Number of businesses acquired | business | 3 | ||
Total purchase price | $ 1 | ||
Purchase price net of cash acquired | 0.5 | ||
UK Elite Soccer, Inc. | Customer relationships | Provider of Soccer Clinics | |||
Current assets | 0.2 | ||
Current liabilities | 0.6 | ||
Intangible assets | $ 0.9 | ||
Black Hawk Energy Services Ltd. | Black Hawk Energy Services, Inc. | |||
Total purchase price | $ 59.6 | ||
Selling, General and Administrative Expenses | Black Hawk Energy Services Ltd. | Black Hawk Energy Services, Inc. | |||
Escrow | $ 0.5 |
Investments (Detail)
Investments (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
May. 31, 2014USD ($)shares | Jan. 31, 2014USD ($) | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Jan. 31, 2015directorshares | Dec. 31, 2014USD ($) | Aug. 31, 2013 | Jan. 31, 2013 | |
Sales of marketable securities | $ 9,900 | $ 55,200 | $ 16,686 | $ 95,740 | ||||||
Fair value | 163,793 | 163,793 | $ 181,138 | |||||||
Gross Unrealized Losses | (4,098) | (4,098) | (27,495) | |||||||
Impairment of marketable securities | (22,740) | 0 | (22,740) | 0 | ||||||
Realized loss on financial instrument obligation | (100) | (700) | (300) | (700) | ||||||
Loss on change to equity method at fair value | 0 | $ 568 | 2,807 | $ 568 | ||||||
Value of investment | 38,834 | 38,834 | ||||||||
Cost-method investments | 3,467 | 3,467 | $ 28,525 | |||||||
Venture Capital Funds | ||||||||||
Other investments | 500 | 500 | ||||||||
Promissory Note | ||||||||||
Other investments | $ 3,000 | $ 3,000 | ||||||||
Steel Partners | ||||||||||
Common units (in shares) | shares | 204,712 | 204,712 | ||||||||
Fair value | $ 3,600 | $ 3,600 | ||||||||
Gross Unrealized Losses | $ (33) | $ (33) | ||||||||
Again Faster | ||||||||||
Membership interest (as a percent) | 44.70% | 40.00% | ||||||||
Ownership (as a percent) | 40.00% | 40.00% | 40.00% | |||||||
API | ||||||||||
Number of shares held | shares | 11,377,192 | |||||||||
Ownership (as a percent) | 20.60% | 20.60% | 20.60% | 20.60% | ||||||
Number of shares purchased | shares | 1,666,666 | |||||||||
Loss on change to equity method at fair value | $ 600 | |||||||||
Aviat Networks, Inc. | ||||||||||
Number of shares held | shares | 8,041,892 | |||||||||
Ownership (as a percent) | 12.90% | 12.90% | 12.90% | |||||||
Loss on change to equity method at fair value | $ 2,800 | |||||||||
Number of directors | director | 2 | |||||||||
Number of directors on board | director | 8 | |||||||||
iGo | ||||||||||
Ownership (as a percent) | 46.90% | 46.90% | 46.90% | |||||||
Value of investment | $ 3,800 | $ 3,800 | ||||||||
Partnership | ||||||||||
Cost-method investments | 25,000 | 25,000 | ||||||||
Fair value of cost method investments | $ 33,400 | $ 33,400 | ||||||||
Steel Partners | Steel Excel | ||||||||||
Ownership (as a percent) | 57.10% | 57.10% |
Investments - Portfolio of mark
Investments - Portfolio of marketable securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale securities: | ||
Cost | $ 155,070 | $ 195,958 |
Gross Unrealized Gains | 12,821 | 12,675 |
Gross Unrealized Losses | (4,098) | (27,495) |
Estimated Fair Value | 163,793 | 181,138 |
Amounts classified as cash equivalents | (39,697) | (42,681) |
Marketable securities cost | 115,373 | 153,277 |
Marketable securities estimated fair value | 124,096 | 138,457 |
Short-term deposits | ||
Available-for-sale securities: | ||
Cost | 39,697 | 42,681 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 39,697 | 42,681 |
Mutual funds | ||
Available-for-sale securities: | ||
Cost | 11,835 | 17,030 |
Gross Unrealized Gains | 4,526 | 4,262 |
Gross Unrealized Losses | 0 | (322) |
Estimated Fair Value | 16,361 | 20,970 |
Corporate securities | ||
Available-for-sale securities: | ||
Cost | 68,333 | 103,761 |
Gross Unrealized Gains | 7,636 | 7,821 |
Gross Unrealized Losses | (2,532) | (23,732) |
Estimated Fair Value | 73,437 | 87,850 |
Corporate obligations | ||
Available-for-sale securities: | ||
Cost | 35,205 | 32,486 |
Gross Unrealized Gains | 659 | 592 |
Gross Unrealized Losses | (1,566) | (3,441) |
Estimated Fair Value | $ 34,298 | $ 29,637 |
Investments - Fair value and gr
Investments - Fair value and gross unrealized losses of the available for sale securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Gross realized gains | $ 2,246 | $ 3,196 | $ 2,756 | $ 6,396 | |
Gross realized losses | (418) | (1,120) | (793) | (1,329) | |
Realized gains (losses), net | 1,828 | $ 2,076 | 1,963 | $ 5,067 | |
Unrealized loss position, total, fair value | 35,586 | 35,586 | $ 58,272 | ||
Fair Value | |||||
Less than 12 Months | 30,894 | 30,894 | |||
12 Months or Greater | 4,692 | 4,692 | |||
Gross Unrealized Losses | |||||
Less than 12 Months | (3,944) | (3,944) | |||
12 Months or Greater | (154) | (154) | |||
Total | (4,098) | (4,098) | (27,495) | ||
Corporate securities | |||||
Unrealized loss position, total, fair value | 22,387 | 22,387 | 39,869 | ||
Fair Value | |||||
Less than 12 Months | 22,387 | 22,387 | |||
12 Months or Greater | 0 | 0 | |||
Gross Unrealized Losses | |||||
Less than 12 Months | (2,532) | (2,532) | |||
12 Months or Greater | 0 | 0 | |||
Total | (2,532) | (2,532) | (23,732) | ||
Corporate obligations | |||||
Unrealized loss position, total, fair value | 13,199 | 13,199 | 13,530 | ||
Fair Value | |||||
Less than 12 Months | 8,507 | 8,507 | |||
12 Months or Greater | 4,692 | 4,692 | |||
Gross Unrealized Losses | |||||
Less than 12 Months | (1,412) | (1,412) | |||
12 Months or Greater | (154) | (154) | |||
Total | $ (1,566) | $ (1,566) | (3,441) | ||
Mutual funds | |||||
Unrealized loss position, total, fair value | 4,873 | ||||
Gross Unrealized Losses | |||||
Total | $ (322) |
Investments - Amortized cost an
Investments - Amortized cost and estimated fair value of investments in available-for-sale securities, by contractual maturity (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Cost | |
Mature in more than three years | $ 35,205 |
Securities with no contractual maturities | 119,865 |
Total | 155,070 |
Estimated Fair Value | |
Mature in more than three years | 34,298 |
Securities with no contractual maturities | 129,495 |
Total | $ 163,793 |
Investments - Financial Instrum
Investments - Financial Instrument Obligations (Details) - Financial instrument liabilities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | $ 19,399 | $ 19,467 |
Estimated Fair Value | 21,385 | 21,311 |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 675 | 666 |
Estimated Fair Value | 868 | 621 |
Market indices | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 18,685 | 18,685 |
Estimated Fair Value | 20,482 | 20,451 |
Covered call options | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 39 | 7 |
Estimated Fair Value | 35 | 4 |
Naked put options | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Initial Obligation | 0 | 109 |
Estimated Fair Value | $ 0 | $ 235 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jan. 31, 2015 | Dec. 31, 2014 | May. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Carrying Value | $ 44,253 | $ 44,253 | $ 30,060 | ||||
Income (Loss) Recognized | $ 5,445 | $ 2,874 | $ 3,335 | $ 1,441 | |||
Again Faster | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as a percent) | 40.00% | 40.00% | 40.00% | ||||
Carrying Value | $ 2,549 | $ 2,549 | $ 3,105 | ||||
Income (Loss) Recognized | $ (135) | (164) | $ (557) | (293) | |||
iGo | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as a percent) | 46.90% | 46.90% | 46.90% | ||||
Carrying Value | $ 2,870 | $ 2,870 | $ 2,600 | ||||
Income (Loss) Recognized | $ (14) | (501) | $ 271 | (1,805) | |||
API | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as a percent) | 20.60% | 20.60% | 20.60% | 20.60% | |||
Carrying Value | $ 28,700 | $ 28,700 | $ 24,355 | ||||
Income (Loss) Recognized | $ 5,031 | 3,539 | $ 4,345 | 3,539 | |||
Aviat | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as a percent) | 12.90% | 12.90% | 12.90% | ||||
Carrying Value | $ 10,134 | $ 10,134 | |||||
Income (Loss) Recognized | $ 563 | $ 0 | $ (724) | $ 0 |
Investments - Summarized Income
Investments - Summarized Income Statement Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Investments [Abstract] | |
Revenues | $ 53,169 |
Gross profit | 10,410 |
Loss from continuing operations | (14,984) |
Net loss | (14,984) |
Net loss attributable to investees | $ (14,984) |
Fair Value Measurements - Finan
Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | $ 24,355 | |
Financial instrument obligations | ||
Liabilities | $ 21,385 | 21,311 |
Cash, including short-term deposits | ||
Assets | 63,907 | 51,910 |
Restricted cash | ||
Assets | 21,385 | |
Mutual funds | ||
Assets | 16,361 | 20,970 |
Corporate securities | ||
Assets | 73,437 | 87,850 |
Corporate obligations | ||
Assets | 34,298 | 29,637 |
Investments in equity-method investees | ||
Assets | 38,834 | 24,355 |
Investments in certain funds | ||
Assets | 467 | 525 |
Financial Assets | ||
Assets | 248,689 | 215,247 |
Level 1 | Financial instrument obligations | ||
Liabilities | 21,385 | 21,311 |
Level 1 | Cash, including short-term deposits | ||
Assets | 63,907 | 51,910 |
Level 1 | Restricted cash | ||
Assets | 21,385 | |
Level 1 | Mutual funds | ||
Assets | 16,361 | 20,970 |
Level 1 | Corporate securities | ||
Assets | 62,044 | 72,798 |
Level 1 | Corporate obligations | ||
Assets | 0 | 0 |
Level 1 | Investments in equity-method investees | ||
Assets | 38,834 | 24,355 |
Level 1 | Investments in certain funds | ||
Assets | 0 | 0 |
Level 1 | Financial Assets | ||
Assets | 202,531 | 170,033 |
Level 2 | Financial instrument obligations | ||
Liabilities | 0 | 0 |
Level 2 | Cash, including short-term deposits | ||
Assets | 0 | 0 |
Level 2 | Restricted cash | ||
Assets | 0 | |
Level 2 | Mutual funds | ||
Assets | 0 | 0 |
Level 2 | Corporate securities | ||
Assets | 0 | 0 |
Level 2 | Corporate obligations | ||
Assets | 10,675 | 10,793 |
Level 2 | Investments in equity-method investees | ||
Assets | 0 | 0 |
Level 2 | Investments in certain funds | ||
Assets | 0 | 0 |
Level 2 | Financial Assets | ||
Assets | 10,675 | 10,793 |
Level 3 | Financial instrument obligations | ||
Liabilities | 0 | 0 |
Level 3 | Cash, including short-term deposits | ||
Assets | 0 | 0 |
Level 3 | Restricted cash | ||
Assets | 0 | |
Level 3 | Mutual funds | ||
Assets | 0 | 0 |
Level 3 | Corporate securities | ||
Assets | 11,393 | 15,052 |
Level 3 | Corporate obligations | ||
Assets | 23,623 | 18,844 |
Level 3 | Investments in equity-method investees | ||
Assets | 0 | 0 |
Level 3 | Investments in certain funds | ||
Assets | 467 | 525 |
Level 3 | Financial Assets | ||
Assets | $ 35,483 | $ 34,421 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of the beginning and ending balances of the Level 3 assets and liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, Beginning | $ 31,373 | $ 30,391 | $ 34,421 | $ 24,209 |
Purchases | 5,108 | 5,239 | 5,108 | 10,538 |
Sales | (359) | (2,758) | (522) | (4,732) |
Realized losses on sale | 0 | (129) | 0 | (129) |
Unrealized gains (losses) | (639) | (397) | (3,524) | 2,460 |
Balance, End | $ 35,483 | $ 32,346 | $ 35,483 | $ 32,346 |
Property and Equipment - Schedu
Property and Equipment - Schedule (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property and equipment, gross | $ 142,149 | $ 139,775 |
Accumulated depreciation | (40,241) | (32,588) |
Property and equipment, net | 101,908 | 107,187 |
Rigs and other equipment | ||
Property and equipment, gross | 117,172 | 115,391 |
Buildings and improvements | ||
Property and equipment, gross | 19,370 | 18,977 |
Land | ||
Property and equipment, gross | 1,893 | 1,893 |
Vehicles | ||
Property and equipment, gross | 2,304 | 2,197 |
Furniture and fixtures | ||
Property and equipment, gross | 851 | 673 |
Assets in progress | ||
Property and equipment, gross | $ 559 | $ 644 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 3.8 | $ 3.6 | $ 7.7 | $ 7.1 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Intangible Assets, net (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 61,621 | $ 61,621 |
Accumulated Amortization | (30,076) | (25,839) |
Net | 31,545 | 35,782 |
Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 59,410 | 59,410 |
Accumulated Amortization | (29,094) | (25,124) |
Net | 30,316 | 34,286 |
Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,211 | 2,211 |
Accumulated Amortization | (982) | (715) |
Net | 1,229 | 1,496 |
Customer relationships | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 54,430 | 54,430 |
Accumulated Amortization | (25,584) | (21,938) |
Net | 28,846 | 32,492 |
Customer relationships | Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,089 | 2,089 |
Accumulated Amortization | (933) | (678) |
Net | 1,156 | 1,411 |
Trade names | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,860 | 4,860 |
Accumulated Amortization | (3,473) | (3,161) |
Net | 1,387 | 1,699 |
Trade names | Sports segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 122 | 122 |
Accumulated Amortization | (49) | (37) |
Net | 73 | 85 |
Non-compete agreement | Energy segment: | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 120 | 120 |
Accumulated Amortization | (37) | (25) |
Net | $ 83 | $ 95 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 2,075 | $ 2,433 | $ 4,237 | $ 5,074 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $ 3,973 |
2,016 | 7,203 |
2,017 | 5,972 |
2,018 | 5,229 |
2,019 | 2,814 |
Thereafter | 6,354 |
Total | $ 31,545 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 30,864 | $ 67,530 |
Impairments | 0 | (36,666) |
Balance, end of period | 30,864 | 30,864 |
Energy segment: | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 28,693 | 65,359 |
Impairments | 0 | (36,666) |
Balance, end of period | 28,693 | 28,693 |
Sports segment: | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 2,171 | 2,171 |
Impairments | 0 | 0 |
Balance, end of period | $ 2,171 | $ 2,171 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 73,095 | $ 73,095 | |
Accumulated impairment | (42,231) | (42,231) | |
Goodwill | $ 30,864 | $ 30,864 | $ 67,530 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 72,678,000 | $ 72,678,000 | ||
Interest expense | 614,000 | $ 822,000 | 1,256,000 | $ 1,690,000 |
Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 72,700,000 | 72,700,000 | ||
Energy Credit Agreement | Long-term Debt | Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 105,000,000 | 105,000,000 | ||
Energy Credit Agreement | Term Loan | Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 95,000,000 | 95,000,000 | ||
Energy Credit Agreement | Line of Credit | Revolving Credit Facility | Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 10,000,000 | $ 10,000,000 | ||
Borrowing base of eligible accounts receivable (as a percent) | 85.00% | |||
Amended Credit Agreement | Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.80% | 2.80% | ||
Interest expense | $ 600,000 | $ 800,000 | $ 1,200,000 | $ 1,700,000 |
Amended Credit Agreement | Long-term Debt | Steel Energy Ltd | ||||
Debt Instrument [Line Items] | ||||
Quarterly installments | $ 3,300,000 | $ 3,300,000 |
Long-term Debt - Assets Pledged
Long-term Debt - Assets Pledged as Collateral (Details) - Steel Energy Ltd and Subsidiaries $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Cash and cash equivalents | $ 43,964 |
Accounts receivable | 13,819 |
Property and equipment, net | 94,017 |
Intangible assets, net | 30,316 |
Total | $ 182,116 |
Long-term Debt - Principal paym
Long-term Debt - Principal payments under the Energy Credit Agreement (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Remainder of 2015 | $ 6,607 | |
2,016 | 13,214 | |
2,017 | 13,214 | |
2,018 | 39,643 | |
Total | 72,678 | |
Less current portion | 13,214 | $ 13,214 |
Total long-term debt | $ 59,464 | $ 66,071 |
Other Liabilities - Accrued and
Other Liabilities - Accrued and other liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued and other liabilities | $ 20,862 | $ 8,916 |
Accrued compensation and related taxes | ||
Accrued and other liabilities | 3,901 | 5,471 |
Deferred compensation | ||
Accrued and other liabilities | 3,525 | 0 |
Deferred revenue | ||
Accrued and other liabilities | 4,297 | 1,308 |
Investment purchases not settled | ||
Accrued and other liabilities | 3,330 | 0 |
Insurance | ||
Accrued and other liabilities | 1,648 | 0 |
Professional services | ||
Accrued and other liabilities | 329 | 763 |
Accrued fuel and rig-related charges | ||
Accrued and other liabilities | 1,103 | 601 |
Tax-related | ||
Accrued and other liabilities | 2,024 | 238 |
Other | ||
Accrued and other liabilities | $ 705 | $ 535 |
Other Income (Expense), net (De
Other Income (Expense), net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Investment income | $ 921 | $ 1,310 | $ 2,485 | $ 2,899 |
Realized gain on sales of marketable securities, net | 1,828 | 2,076 | 1,963 | 5,067 |
Realized loss on financial instrument obligations | (97) | (669) | (283) | (669) |
Realized loss upon change to equity method at fair value | 0 | (568) | (2,807) | (568) |
Foreign exchange gain (loss) | 91 | (171) | (197) | (171) |
Other | 258 | (14) | 111 | (77) |
Other income (expense), net | $ 3,001 | $ 1,964 | $ 1,272 | $ 6,481 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (6,288) | $ 382 | $ (6,660) | $ 577 |
Stock Benefit Plans - Stock-bas
Stock Benefit Plans - Stock-based compensation expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total stock-based compensation | $ 1,058 | $ 1,066 | $ 1,597 | $ 1,683 |
Restricted stock | ||||
Total stock-based compensation | 1,058 | 1,052 | 1,597 | 1,647 |
Stock options | ||||
Total stock-based compensation | $ 0 | $ 14 | $ 0 | $ 36 |
Stock Benefit Plans Restricted
Stock Benefit Plans Restricted Stock Activity (Details) - Restricted stock shares in Thousands | 6 Months Ended |
Jun. 30, 2015shares | |
Restricted Stock Activity (in shares) | |
Balance, beginning of period | 57 |
Awarded | 181 |
Vested | (20) |
Balance, end of period | 218 |
Net Income (Loss) Per Share - R
Net Income (Loss) Per Share - Reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerators: | ||||
Net income (loss) | $ (10,463) | $ 7,657 | $ (18,076) | $ 9,624 |
Non-controlling interest | (73) | 11 | 290 | 337 |
Net income (loss) attributable to Steel Excel Inc. | $ (10,536) | $ 7,668 | $ (17,786) | $ 9,961 |
Denominators: | ||||
Basic weighted average common shares outstanding (in Shares) | 11,572 | 11,895 | 11,524 | 11,938 |
Effect of dilutive securities: | ||||
Stock-based awards (in shares) | 0 | 22 | 0 | 20 |
Diluted weighted average common shares outstanding (in Shares) | 11,572 | 11,917 | 11,524 | 11,958 |
Basic income (loss) per share attributable to Steel Excel Inc.: | ||||
Net income (loss) (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 |
Diluted income (loss) per share attributable to Steel Excel Inc.: | ||||
Net income (loss) (in dollars per share) | $ (0.91) | $ 0.64 | $ (1.54) | $ 0.83 |
Antidilutive securities excluded (in shares) | 15 | 15 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income - Changes, net of tax, in Accumulated other comprehensive income are as follows (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | $ 357,518 |
Current period other comprehensive income | 15,117 |
Balance at end of period | 355,856 |
Unrealized Gains on Securities | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | (14,821) |
Other comprehensive income (loss) before reclassifications | 3,064 |
Reclassifications from accumulated other comprehensive income | 12,054 |
Current period other comprehensive income | 15,118 |
Balance at end of period | 297 |
Cumulative Translation Adjustment | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | (385) |
Other comprehensive income (loss) before reclassifications | (1) |
Reclassifications from accumulated other comprehensive income | 0 |
Current period other comprehensive income | (1) |
Balance at end of period | (386) |
Total | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance at beginning of period | (15,206) |
Other comprehensive income (loss) before reclassifications | 3,063 |
Reclassifications from accumulated other comprehensive income | 12,054 |
Current period other comprehensive income | 15,117 |
Balance at end of period | $ (89) |
Segment Information (Detail)
Segment Information (Detail) | 6 Months Ended |
Jun. 30, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 2 |
Segment Information - Operating
Segment Information - Operating results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Revenues | $ 35,610 | $ 51,924 | $ 74,495 | $ 97,083 |
Operating income (loss) before goodwill and other asset impairments | ||||
Operating income (loss) before goodwill and other asset impairments | (1,843) | 4,023 | (5,347) | 3,969 |
Corporate and other business activities | (10,078) | (10,980) | (20,279) | (21,092) |
Interest expense | (614) | (822) | (1,256) | (1,690) |
Impairment of marketable securities | (22,740) | 0 | (22,740) | 0 |
Other income (expense), net | 3,001 | 1,964 | 1,272 | 6,481 |
Income (loss) before income taxes and equity method income | (22,196) | 5,165 | (28,071) | 8,760 |
Depreciation and amortization | 5,910 | 6,014 | 11,904 | 12,177 |
Energy segment: | ||||
Revenues | ||||
Revenues | 29,467 | 47,153 | 66,599 | 91,066 |
Operating income (loss) before goodwill and other asset impairments | ||||
Operating income (loss) before goodwill and other asset impairments | 1,831 | 7,905 | 4,190 | 13,372 |
Depreciation and amortization | 5,480 | 5,612 | 11,045 | 11,405 |
Sports segment: | ||||
Revenues | ||||
Revenues | 6,143 | 4,771 | 7,896 | 6,017 |
Operating income (loss) before goodwill and other asset impairments | ||||
Operating income (loss) before goodwill and other asset impairments | 180 | (10) | (2,359) | (2,042) |
Depreciation and amortization | 430 | 402 | 859 | 772 |
Total segment operating income | ||||
Operating income (loss) before goodwill and other asset impairments | ||||
Operating income (loss) before goodwill and other asset impairments | 2,011 | 7,895 | 1,831 | 11,330 |
Corporate and other business activities | ||||
Operating income (loss) before goodwill and other asset impairments | ||||
Corporate and other business activities | $ (3,854) | $ (3,872) | $ (7,178) | $ (7,361) |
Segment Information - Assets (D
Segment Information - Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Total assets: | ||
Total assets | $ 478,233 | $ 479,354 |
Sports segment: | ||
Total assets: | ||
Total assets | 19,643 | 18,625 |
Energy segment: | ||
Total assets: | ||
Total assets | 215,149 | 220,262 |
Corporate and other business activities | ||
Total assets: | ||
Total assets | $ 243,441 | $ 240,467 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair value | $ 163,793 | $ 163,793 | $ 181,138 | |||
SP Corporate Services LLC | ||||||
Provision of services | 2,400 | $ 2,200 | 4,600 | $ 4,400 | ||
Accounts payable | 300 | 300 | ||||
Mutual Securities, Inc. | ||||||
Paid commissions | 18 | 99 | 29 | 222 | ||
iGo | ||||||
Fixed annual fee | $ 400 | |||||
WebBank | Interest Income | ||||||
Interest income | 12 | $ 21 | 28 | $ 42 | ||
WebBank | Short-term deposits | ||||||
Short-term deposits | $ 6,300 | $ 6,300 | ||||
Steel Partners | ||||||
Shares authorized | 1,000,000 | 1,000,000 | ||||
Common units (in shares) | 204,712 | 204,712 | ||||
Fair value | $ 3,600 | $ 3,600 |
Supplemental Cash Flow Inform77
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 1,092 | $ 1,423 |
Income taxes paid, net of refunds | 138 | 54 |
Reclassification of available-for-sale securities to equity method investment | 10,858 | 27,647 |
Securities received in exchange for financial instrument obligations | 76 | 19,341 |
Securities delivered in exchange for settlement of financial instrument obligations | 76 | 0 |
Restricted stock awards surrendered to satisfy tax withholding obligations upon vesting | 32 | 14 |
Repurchase of common stock from reverse split not paid | 0 | 10,023 |
Contribution of advances by non-controlling interest | $ 0 | $ 268 |