EX-99 2 exhibit991-splpq12016earni.htm EXHIBIT 99 Exhibit


EXHIBIT 99.1                                    
        
                            

PRESS RELEASE                          Source: Steel Partners Holdings L.P.



Steel Partners Holdings L.P. Reports First Quarter 2016 Financial Results

NEW YORK, May 5, 2016 -- Steel Partners Holdings L.P. (NYSE: SPLP) (“SPLP” or the “Company”), a global diversified holding company, today announced operating results for the first quarter ended March 31, 2016. They are summarized in the following paragraph. For a full discussion of the operating results, please read the Company's Form 10-Q, which can be found at www.steelpartners.com.

SPLP reported revenues of $247.3 million for the quarter, as compared to $214.6 million for the same period of 2015. Income before taxes and equity method investments was $11.5 million in the first quarter of 2016, as compared to $17.3 million in the same period of 2015. Net income attributable to the Company's common unitholders for the first quarter of 2016 was $2.0 million, or $0.07 per diluted common unit, as compared to $78.4 million, or $2.80 per diluted common unit, for the same period in 2015.



Financial Summary ($000s)

 
Three Months Ended March 31,
 
2016
 
2015
Revenues
$
247,254

 
$
214,581

Costs and Expenses
235,737

 
197,315

Income before taxes and equity method investments
11,517

 
17,266

Income tax provision
3,735

 
7,920

(Loss) Income of associated companies, net of taxes
(4,971
)
 
4,649

Income from other investments - related party
—

 
399

(Loss) Income from investments held at fair value
(467
)
 
4,413

Net income from continuing operations
2,344

 
18,807

Net income from discontinued operations
—

 
86,971

Net income
2,344

 
105,778

Income attributable to noncontrolling interests
(382
)
 
(27,347
)
Net income attributable to common unit holders
$
1,962

 
$
78,431

 
 
 
 
Net income per common unit - basic
$
0.07

 
$
2.84

Net income per common unit - diluted
$
0.07

 
$
2.80










Segment Results ($000s)
 
Three Months Ended March 31,
 
2016
 
2015
Revenue:
 
 
 
Diversified industrial
$
206,600

 
$
137,982

Energy
19,999

 
38,885

Financial services
20,194

 
12,176

Corporate and Other
461

 
25,538

Total
$
247,254

 
$
214,581

Income (Loss) from continuing operations before income taxes:
 
 
 
Diversified industrial
$
12,409

 
$
9,569

Energy
(3,024
)
 
(7,092
)
Financial services
12,868

 
7,344

Corporate and Other
(16,174
)
 
16,906

Income from continuing operations before income taxes
6,079

 
26,727

Income tax provision
3,735

 
7,920

Net income from continuing operations
$
2,344

 
$
18,807

Income (Loss) from equity method investments:
 
 
 
Diversified industrial
$
2,109

 
$
5,500

Energy
6,310

 
(2,110
)
Corporate and Other
(13,390
)
 
1,658

Total
$
(4,971
)
 
$
5,048


About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. is a global diversified holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests.  It owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.
Forward-Looking Statements
This press release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect SPLP's current expectations and projections about its future results, performance, prospects and opportunities. Forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities in 2016 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These factors include, without limitation, SPLP's subsidiaries need for additional financing and the terms and conditions of any financing that is consummated, their customers' acceptance of its new and existing products, the risk that the Company and its subsidiaries will not be able to compete successfully, and the possible volatility of the Company's unit price and the potential fluctuation in its operating results. Although SPLP believes that the expectations reflected in its forward-looking statements are reasonable and achievable, any such statements involve significant risks and uncertainties and no assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company's filings with the SEC, including the Company's Form 10-K for the year ended December 31, 2015 for information regarding risk factors that could affect the Company's results. Except as otherwise required by federal securities laws, SPLP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Investor contact: Steel Partners Holdings GP Inc.
James F. McCabe, Jr., Chief Financial Officer
212-520-2300
jmccabe@steelpartners.com