(Mark One) | |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE (State or other jurisdiction of incorporation or organization) | 94-2748530 (I.R.S. Employer Identification No.) |
1133 WESTCHESTER AVENUE, SUITE N222 WHITE PLAINS, NEW YORK (Address of principal executive offices) | 10604 (Zip Code) |
Registrant's telephone number, including area code (914) 461-1300 |
Large accelerated filer o | Accelerated filer ý | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands, except per-share data) | |||||||||||||||
Net revenues | $ | 29,375 | $ | 24,450 | $ | 55,726 | $ | 38,896 | |||||||
Cost of revenues | 20,112 | 14,969 | 38,803 | 23,728 | |||||||||||
Gross profit | 9,263 | 9,481 | 16,923 | 15,168 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 6,582 | 5,121 | 12,175 | 9,756 | |||||||||||
Amortization of intangibles | 2,231 | 1,579 | 4,631 | 2,393 | |||||||||||
Total operating expenses | 8,813 | 6,700 | 16,806 | 12,149 | |||||||||||
Operating income | 450 | 2,781 | 117 | 3,019 | |||||||||||
Interest income, net | 1,256 | 259 | 1,869 | 491 | |||||||||||
Other expense, net | (1,200 | ) | (22 | ) | (139 | ) | (473 | ) | |||||||
Income from continuing operations before income taxes | 506 | 3,018 | 1,847 | 3,037 | |||||||||||
Benefit from income taxes | 380 | 14,412 | 2,013 | 14,273 | |||||||||||
Net income from continuing operations | 886 | 17,430 | 3,860 | 17,310 | |||||||||||
Loss from discontinued operations, net of taxes | — | (121 | ) | — | (2,470 | ) | |||||||||
Net income | 886 | 17,309 | 3,860 | 14,840 | |||||||||||
Net loss attributable to non-controlling interests in consolidated entities | |||||||||||||||
Continuing operations | 185 | — | 521 | — | |||||||||||
Discontinued operations | — | — | — | 580 | |||||||||||
Net income attributable to Steel Excel Inc. | $ | 1,071 | $ | 17,309 | $ | 4,381 | $ | 15,420 | |||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | |||||||||||||||
Net income from continuing operations | $ | 0.08 | $ | 1.50 | $ | 0.34 | $ | 1.54 | |||||||
Loss from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | $ | — | $ | (0.17 | ) | |||||
Net income | $ | 0.08 | $ | 1.49 | $ | 0.34 | $ | 1.37 | |||||||
Diluted income (loss) per share attributable to Steel Excel inc.: | |||||||||||||||
Net income from continuing operations | $ | 0.08 | $ | 1.50 | $ | 0.34 | $ | 1.54 | |||||||
Loss from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | $ | — | $ | (0.17 | ) | |||||
Net income | $ | 0.08 | $ | 1.49 | $ | 0.34 | $ | 1.37 | |||||||
Shares used in computing income (loss) per share: | |||||||||||||||
Basic | 12,718 | 11,588 | 12,796 | 11,240 | |||||||||||
Diluted | 12,734 | 11,605 | 12,812 | 11,257 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 886 | $ | 17,309 | $ | 3,860 | $ | 14,840 | |||||||
Other comprehensive income (loss), net of taxes | |||||||||||||||
Foreign currency translation adjustment, net of taxes | 23 | (27 | ) | (36 | ) | (22 | ) | ||||||||
Net unrealized gain on marketable securities, net of taxes | 643 | 75 | 3,514 | 858 | |||||||||||
Comprehensive income | 1,552 | 17,357 | 7,338 | 15,676 | |||||||||||
Comprehensive loss attributable to non-controlling interest | 185 | — | 521 | 580 | |||||||||||
Comprehensive income attributable to Steel Excel Inc. | $ | 1,737 | $ | 17,357 | $ | 7,859 | $ | 16,256 |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 98,142 | $ | 71,556 | |||
Marketable securities | 160,518 | 199,128 | |||||
Accounts receivable, net of allowance for doubtful accounts of $0 | 15,750 | 17,257 | |||||
Deferred income taxes | 188 | 188 | |||||
Prepaid expenses and other current assets | 6,456 | 3,482 | |||||
Total current assets | 281,054 | 291,611 | |||||
Property and equipment, net | 76,671 | 77,768 | |||||
Goodwill | 59,168 | 53,093 | |||||
Intangible assets, net | 35,256 | 39,887 | |||||
Investment in associated company | 3,920 | — | |||||
Deferred income taxes | 1,696 | 1,696 | |||||
Other long-term assets | 2,305 | 2,440 | |||||
Total assets | $ | 460,070 | $ | 466,495 | |||
Liabilities and Stockholders' Equity: | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,522 | $ | 4,282 | |||
Accrued expenses and other liabilities | 10,924 | 6,103 | |||||
Current portion of long-term debt | — | 4,000 | |||||
Current portion of capital lease obligations | 413 | 413 | |||||
3/4% convertible senior subordinated notes due 2023 | 346 | 346 | |||||
Total current liabilities | 14,205 | 15,144 | |||||
Capital lease obligations, net of current portion | 771 | 984 | |||||
Long-term debt, net of current portion | — | 9,000 | |||||
Deferred income taxes | 46 | 33 | |||||
Other long-term liabilities | 10,023 | 9,372 | |||||
Total liabilities | 25,045 | 34,533 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock | 13 | 13 | |||||
Additional paid-in capital | 274,463 | 272,787 | |||||
Accumulated other comprehensive income | 4,424 | 946 | |||||
Retained earnings | 204,153 | 199,772 | |||||
Treasury stock, at cost (2013 - 1,785 shares; 2012 - 1,347 shares) | (50,464 | ) | (41,617 | ) | |||
Total Steel Excel Inc. stockholders' equity | 432,589 | 431,901 | |||||
Non-controlling interest | 2,436 | 61 | |||||
Total stockholders' equity | 435,025 | 431,962 | |||||
Total liabilities and stockholders' equity | $ | 460,070 | $ | 466,495 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 3,860 | $ | 14,840 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Impairments included in discontinued operations | — | 1,988 | |||||
Stock-based compensation expense | 1,677 | 436 | |||||
Depreciation and amortization | 9,856 | 5,127 | |||||
Adjustment of deferred income taxes | (2,159 | ) | (14,804 | ) | |||
Other | 230 | 836 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||
Accounts receivable | 2,144 | (12,861 | ) | ||||
Prepaid expenses and other assets | (2,025 | ) | (764 | ) | |||
Accounts payable | (1,990 | ) | 933 | ||||
Accrued expenses and other liabilities | 1,914 | (1,107 | ) | ||||
Net cash used in operating activities of discontinued operations | — | (257 | ) | ||||
Net cash provided by (used in) operating activities | 13,507 | (5,633 | ) | ||||
Cash Flows From Investing Activities: | |||||||
Purchases of businesses, net of cash acquired | (1,100 | ) | (52,492 | ) | |||
Purchases of property and equipment | (3,951 | ) | (4,078 | ) | |||
Investment in associated company | (4,000 | ) | — | ||||
Purchases of marketable securities | (123,015 | ) | (392,898 | ) | |||
Sales of marketable securities | 45,065 | 490,932 | |||||
Maturities of marketable securities | 122,115 | 27,500 | |||||
Net cash provided by investing activities of discontinued operations | — | 80 | |||||
Net cash provided by investing activities | 35,114 | 69,044 | |||||
Cash Flows From Financing Activities: | |||||||
Repurchases of common stock | (8,848 | ) | — | ||||
Repayments of capital lease obligations | (213 | ) | (32 | ) | |||
Repayments of long-term debt | (13,000 | ) | (1,000 | ) | |||
Net cash used in financing activities | (22,061 | ) | (1,032 | ) | |||
Net increase in cash and cash equivalents | 26,560 | 62,379 | |||||
Effect of foreign currency translation on cash and cash equivalents | 26 | 3 | |||||
Cash and cash equivalents at beginning of period | 71,556 | 8,487 | |||||
Cash and cash equivalents at end of period | $ | 98,142 | $ | 70,869 |
1. | Description and Basis of Presentation |
2. | Recent Accounting Pronouncements |
3. | Acquisitions |
Amount | |||
(in thousands) | |||
Cash | $ | 1,991 | |
Accounts receivable | 637 | ||
Marketable securities | 189 | ||
Prepaid expenses and other current assets | 759 | ||
Property and equipment | 69 | ||
Other assets | 55 | ||
Accounts payable | (96 | ) | |
Accrued liabilities and other current liabilities | (3,481 | ) | |
Long-term liabilities | (53 | ) | |
Total identifiable net assets acquired | 70 | ||
Non-controlling interest | (2,895 | ) | |
Goodwill | 6,075 | ||
Net assets acquired | $ | 3,250 |
Amount | |||
(in thousands) | |||
Current assets | $ | 2,858 | |
Long-term assets | $ | 6,323 | |
Current liabilities | $ | 3,241 | |
Long-term liabilities | $ | 53 |
Three Months Ended | Six Months Ended | ||||||
June 30, 2012 | |||||||
(in thousands) | |||||||
Net revenues | $ | 36,901 | $ | 62,408 | |||
Income from continuing operations, net of taxes | $ | 17,429 | $ | 18,021 | |||
Income (loss) from discontinued operations, net of taxes | $ | (121 | ) | $ | (2,470 | ) | |
Net income attributable to Steel Excel Inc. | $ | 18,472 | $ | 17,767 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Stock options | $ | 26 | $ | 26 | $ | 51 | $ | 42 | |||||||
Restricted stock | 1,031 | 385 | 1,626 | 394 | |||||||||||
Total stock-based compensation | $ | 1,057 | $ | 411 | $ | 1,677 | $ | 436 |
5. | Discontinued Operations |
Three Months Ended | Six Months Ended | ||||||
June 30, 2012 | |||||||
(in thousands) | |||||||
Revenues | $ | 90 | $ | 451 | |||
Loss from discontinued operations before income taxes | $ | (121 | ) | $ | (2,470 | ) | |
Benefit from income taxes | — | — | |||||
Loss from discontinued operations, net of taxes | $ | (121 | ) | $ | (2,470 | ) |
6. | Investments |
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Short-term deposits | 72,186 | — | — | 72,186 | |||||||||||
Mutual funds | 10,758 | 3,154 | (23 | ) | 13,889 | ||||||||||
United States government securities | 49,477 | 83 | (11 | ) | 49,549 | ||||||||||
Corporate securities | 64,292 | 4,956 | (2,120 | ) | 67,128 | ||||||||||
Corporate obligations | 23,587 | 600 | (89 | ) | 24,098 | ||||||||||
Commercial paper | 9,794 | 2 | — | 9,796 | |||||||||||
Total available-for-sale securities | 230,094 | 8,795 | (2,243 | ) | 236,646 | ||||||||||
Amounts classified as cash equivalents | (76,128 | ) | — | — | (76,128 | ) | |||||||||
Amounts classified as marketable securities | $ | 153,966 | $ | 8,795 | $ | (2,243 | ) | $ | 160,518 |
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Short-term deposits | $ | 48,596 | $ | — | $ | — | $ | 48,596 | |||||||
Mutual funds | 10,368 | 1,452 | — | 11,820 | |||||||||||
United States government securities | 99,299 | 178 | — | 99,477 | |||||||||||
Corporate securities | 20,842 | 1,255 | (1,980 | ) | 20,117 | ||||||||||
Corporate obligations | 48,708 | 283 | (277 | ) | 48,714 | ||||||||||
Commercial paper | 22,275 | 16 | — | 22,291 | |||||||||||
Total available-for-sale securities | 250,088 | 3,184 | (2,257 | ) | 251,015 | ||||||||||
Amounts classified as cash equivalents | (51,887 | ) | — | — | (51,887 | ) | |||||||||
Amounts classified as marketable securities | $ | 198,201 | $ | 3,184 | $ | (2,257 | ) | $ | 199,128 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Gross realized gains | $ | 2,607 | $ | 23 | $ | 3,865 | $ | 95 | ||||||||
Gross realized losses | $ | (3,852 | ) | $ | (4 | ) | $ | (3,894 | ) | $ | (5 | ) | ||||
Realized gains (losses) - net | $ | (1,245 | ) | $ | 19 | $ | (29 | ) | $ | 90 |
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) | |||||||||||||||||||||||
Mutual funds | $ | 13,889 | $ | (23 | ) | $ | — | $ | — | $ | 13,889 | $ | (23 | ) | |||||||||
United States government securities | 49,549 | (11 | ) | — | — | 49,549 | (11 | ) | |||||||||||||||
Corporate securities | 66,474 | (1,836 | ) | 654 | (284 | ) | 67,128 | (2,120 | ) | ||||||||||||||
Corporate obligations | 24,098 | (89 | ) | — | — | 24,098 | (89 | ) | |||||||||||||||
Total | $ | 154,010 | $ | (1,959 | ) | $ | 654 | $ | (284 | ) | $ | 154,664 | $ | (2,243 | ) |
Fair Value | Gross Unrealized Losses | ||||||||||||||
(in thousands) | |||||||||||||||
Corporate securities | $ | 20,117 | $ | (1,980 | ) | ||||||||||
Corporate obligations | 48,714 | (277 | ) | ||||||||||||
Total | $ | 68,831 | $ | (2,257 | ) |
Cost | Estimated Fair Value | ||||||
(in thousands) | |||||||
Debt securities: | |||||||
Mature in one year or less | $ | 38,062 | $ | 38,146 | |||
Mature after one year through three years | 22,958 | 23,095 | |||||
Mature in more than three years | 21,838 | 22,202 | |||||
Total debt securities | 82,858 | 83,443 | |||||
Securities with no contractual maturities | 147,236 | 153,203 | |||||
Total | $ | 230,094 | $ | 236,646 |
7. | Fair Value Measurements |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(in thousands) | |||||||||||||||
Assets | |||||||||||||||
Cash, including short-term deposits(1) | $ | 94,200 | $ | 94,200 | $ | — | $ | — | |||||||
Mutual funds(2) | 13,889 | 13,889 | — | — | |||||||||||
United States government securities(3) | 49,549 | 49,549 | — | — | |||||||||||
Corporate securities(2) | 67,128 | 58,889 | — | 8,239 | |||||||||||
Commercial paper(4) | 9,796 | — | 9,796 | — | |||||||||||
Corporate obligations(2) | 24,098 | — | 12,400 | 11,698 | |||||||||||
Non-controlling interests in certain funds(5) | 1,015 | — | — | 1,015 | |||||||||||
$ | 259,675 | $ | 216,527 | $ | 22,196 | $ | 20,952 | ||||||||
Liabilities | |||||||||||||||
Acquisition-related contingent consideration(6) | $ | (475 | ) | $ | — | $ | — | $ | (475 | ) |
(1) | At June 30, 2013, the Company reported $94.1 million and $0.1 million within “Cash and cash equivalents” and “Marketable securities,” respectively. |
(2) | Reported within “Marketable securities.” |
(3) | At June 30, 2013, the Company reported $0.5 million and $49.1 million within "Cash and cash equivalents" and "Marketable securities," respectively. |
(4) | At June 30, 2013, the Company reported $3.6 million and $6.2 million within "Cash and cash equivalents" and "Marketable securities," respectively. |
(5) | Reported within “Other long-term assets.” |
(6) | Reported within “Other long-term liabilities.” |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
(in thousands) | |||||||||||||||
Assets | |||||||||||||||
Cash, including short-term deposits(1) | $ | 68,265 | $ | 68,265 | $ | — | $ | — | |||||||
Mutual funds(2) | 11,820 | 11,820 | — | — | |||||||||||
United States government securities(2) | 99,477 | 99,477 | — | — | |||||||||||
Corporate securities(2) | 20,117 | 20,117 | — | — | |||||||||||
Commercial paper(3) | 22,291 | — | 22,291 | — | |||||||||||
Corporate obligations(2) | 48,714 | — | 46,931 | 1,783 | |||||||||||
Non-controlling interests in certain funds(4) | 1,021 | — | — | 1,021 | |||||||||||
$ | 271,705 | $ | 199,679 | $ | 69,222 | $ | 2,804 | ||||||||
Liabilities | |||||||||||||||
Acquisition-related contingent consideration(5) | $ | (475 | ) | $ | — | $ | — | $ | (475 | ) |
(1) | At December 31 2012, the Company reported $68.2 million and $0.1 million within “Cash and cash equivalents” and “Marketable securities,” respectively. |
(2) | Reported within “Marketable securities.” |
(3) | At December 31, 2012, the Company reported $3.4 million and $18.9 million within "Cash and cash equivalents" and "Marketable securities." |
(4) | Reported within “Other long-term assets.” |
(5) | Reported within “Other long-term liabilities.” |
Amount | |||||
(in thousands) | |||||
Balance, January 1, 2013 | $ | 2,804 | |||
Purchases | 39,332 | ||||
Sales | (22,926 | ) | |||
Realized gain on sale | 1,556 | ||||
Change in fair value | 186 | ||||
Balance, June 30, 2013 | $ | 20,952 |
8. | Property and Equipment, Net |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Rigs and other equipment | $ | 71,160 | $ | 68,404 | |||
Buildings and improvements | 13,226 | 12,019 | |||||
Land | 1,068 | 1,068 | |||||
Vehicles | 1,723 | 1,639 | |||||
Furniture and fixtures | 289 | 289 | |||||
Assets in progress | 2,303 | 2,342 | |||||
89,769 | 85,761 | ||||||
Accumulated depreciation | (13,098 | ) | (7,993 | ) | |||
Property and equipment, net | $ | 76,671 | $ | 77,768 |
9. | Goodwill and Other Intangible Assets |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Sports: | |||||||||||||||||||||||
Customer relationships | $ | 235 | $ | (90 | ) | 145 | $ | 235 | $ | (67 | ) | 168 | |||||||||||
Energy: | |||||||||||||||||||||||
Customer relationships | 43,100 | (10,259 | ) | 32,841 | 43,100 | (6,356 | ) | 36,744 | |||||||||||||||
Trade names | 4,100 | (1,830 | ) | 2,270 | 4,100 | (1,125 | ) | 2,975 | |||||||||||||||
47,200 | (12,089 | ) | 35,111 | 47,200 | (7,481 | ) | 39,719 | ||||||||||||||||
Total | $ | 47,435 | $ | (12,179 | ) | $ | 35,256 | $ | 47,435 | $ | (7,548 | ) | $ | 39,887 |
Amount | |||||||
(in thousands) | |||||||
For the year ended December 31: | |||||||
2013 (remaining six months) | $ | 3,950 | |||||
2014 | 6,612 | ||||||
2015 | 5,281 | ||||||
2016 | 4,273 | ||||||
2017 | 3,158 | ||||||
Thereafter | 11,982 | ||||||
$ | 35,256 |
Six Months Ended June 30, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Energy | Sports | Total | Energy | Sports | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance at beginning of period | $ | 52,939 | $ | 154 | $ | 53,093 | $ | 6,256 | $ | 1,988 | $ | 8,244 | |||||||||||
Acquisitions (see Note 3) | — | 6,075 | 6,075 | 46,683 | 154 | 46,837 | |||||||||||||||||
Impairments | — | — | — | — | (1,988 | ) | (1,988 | ) | |||||||||||||||
Balance at end of period | $ | 52,939 | $ | 6,229 | $ | 59,168 | $ | 52,939 | $ | 154 | $ | 53,093 |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Goodwill | $ | 61,156 | $ | 55,081 | |||
Accumulated impairment | (1,988 | ) | (1,988 | ) | |||
Net goodwill | $ | 59,168 | $ | 53,093 |
10. | Liabilities |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Tax-related | $ | 1,185 | $ | 1,197 | |||
Accrued compensation and related taxes | 2,924 | 3,424 | |||||
Deferred revenue | 3,570 | 299 | |||||
Insurance | 1,483 | — | |||||
Professional services | 251 | 282 | |||||
Accrued fuel and rig-related charges | 810 | 162 | |||||
Other | 701 | 739 | |||||
$ | 10,924 | $ | 6,103 |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Tax-related | $ | 7,340 | $ | 7,340 | |||
Deferred compensation | 2,630 | 2,032 | |||||
Other | 53 | — | |||||
$ | 10,023 | $ | 9,372 |
11. | Accumulated Other Comprehensive Income |
Unrealized Gain on Securities | Cumulative Translation Adjustment | Total | |||||||||
(in thousands) | |||||||||||
Balance at January 1, 2013 | $ | 927 | $ | 19 | $ | 946 | |||||
Other comprehensive income (loss) before reclassifications, net of taxes | 3,543 | (36 | ) | 3,507 | |||||||
Amounts reclassified to realized loss | (29 | ) | — | (29 | ) | ||||||
Net current period other comprehensive income | 3,514 | (36 | ) | 3,478 | |||||||
Balance at June 30, 2013 | $ | 4,441 | $ | (17 | ) | $ | 4,424 |
12. | Income Taxes |
13. | Segment Information |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Revenues | |||||||||||||||
Energy | $ | 27,071 | $ | 23,461 | $ | 53,110 | $ | 37,751 | |||||||
Sports | 2,304 | 989 | 2,616 | 1,145 | |||||||||||
Total revenues | $ | 29,375 | $ | 24,450 | $ | 55,726 | $ | 38,896 | |||||||
Operating income (loss) | |||||||||||||||
Energy | $ | 3,392 | $ | 5,668 | $ | 6,620 | $ | 8,984 | |||||||
Sports | (585 | ) | (146 | ) | (1,878 | ) | (929 | ) | |||||||
Total segment operating income | 2,807 | 5,522 | 4,742 | 8,055 | |||||||||||
Corporate and other business activities | (2,357 | ) | (2,741 | ) | (4,625 | ) | (5,036 | ) | |||||||
Interest income, net | 1,256 | 259 | 1,869 | 491 | |||||||||||
Other expense, net | (1,200 | ) | (22 | ) | (139 | ) | (473 | ) | |||||||
Income from continuing operations before income taxes | $ | 506 | $ | 3,018 | $ | 1,847 | $ | 3,037 | |||||||
Depreciation and amortization expense: | |||||||||||||||
Energy | $ | 4,683 | $ | 3,216 | $ | 9,537 | $ | 4,907 | |||||||
Sports | 172 | 80 | 319 | 220 | |||||||||||
Total depreciation and amortization expense | $ | 4,855 | $ | 3,296 | $ | 9,856 | $ | 5,127 |
June 30, 2013 | December 31, 2012 | ||||||
(in thousands) | |||||||
Sports | $ | 22,387 | $ | 7,613 | |||
Energy | 193,296 | 199,889 | |||||
Corporate and other business activities | 244,387 | 258,993 | |||||
Total assets | $ | 460,070 | $ | 466,495 |
14. | Net Income (Loss) Per Share |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands, except per share data) | |||||||||||||||
Numerators: | |||||||||||||||
Net income from continuing operations | $ | 886 | $ | 17,430 | $ | 3,860 | $ | 17,310 | |||||||
Non-controlling interest | 185 | — | 521 | — | |||||||||||
Net income from continuing operations attributable to Steel Excel Inc. | $ | 1,071 | $ | 17,430 | $ | 4,381 | $ | 17,310 | |||||||
Loss from discontinued operations, net of taxes | $ | — | $ | (121 | ) | $ | — | $ | (2,470 | ) | |||||
Non-controlling interest | $ | — | $ | — | $ | — | $ | 580 | |||||||
Loss from discontinued operations, net of taxes, attributable to Steel Excel Inc. | $ | — | $ | (121 | ) | $ | — | $ | (1,890 | ) | |||||
Net income attributable to Steel Excel Inc. | $ | 1,071 | $ | 17,309 | $ | 4,381 | $ | 15,420 | |||||||
Denominators: | |||||||||||||||
Basic weighted average common shares outstanding | 12,718 | 11,588 | 12,796 | 11,240 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Stock-based awards | 16 | 17 | 16 | 17 | |||||||||||
Diluted weighted average common shares outstanding | 12,734 | 11,605 | 12,812 | 11,257 | |||||||||||
Basic income (loss) per share attributable to Steel Excel Inc.: | |||||||||||||||
Net income from continuing operations | $ | 0.08 | $ | 1.50 | $ | 0.34 | $ | 1.54 | |||||||
Loss from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | $ | — | $ | (0.17 | ) | |||||
Net income | $ | 0.08 | $ | 1.49 | $ | 0.34 | $ | 1.37 | |||||||
Diluted income (loss) per share attributable to Steel Excel Inc.: | |||||||||||||||
Net income from continuing operations | $ | 0.08 | $ | 1.50 | $ | 0.34 | $ | 1.54 | |||||||
Loss from discontinued operations, net of taxes | $ | — | $ | (0.01 | ) | $ | — | $ | (0.17 | ) | |||||
Net income | $ | 0.08 | $ | 1.49 | $ | 0.34 | $ | 1.37 |
15. | Related Party Transactions |
16. | Supplemental Cash Flow Information |
Six Months Ended June 30, | |||||||||||
2013 | 2012 | ||||||||||
(in thousands) | |||||||||||
Interest paid | $ | 273 | $ | 68 | |||||||
Income taxes paid | $ | 1,582 | $ | — | |||||||
Non-cash investing and financing activities: | |||||||||||
Net unrealized gains on available-for-sale securities | $ | 642 | $ | 382 | |||||||
Issuance of common stock for acquisition of Sun Well | $ | — | $ | 60,825 |
17. | Subsequent Events |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||||
Energy net revenues | $ | 27,071 | $ | 23,461 | $ | 53,110 | $ | 37,751 | |||||||
Sports net revenues | 2,304 | 989 | 2,616 | 1,145 | |||||||||||
Consolidated net revenues | $ | 29,375 | $ | 24,450 | $ | 55,726 | $ | 38,896 | |||||||
Energy operating income | $ | 3,392 | $ | 5,668 | $ | 6,620 | $ | 8,984 | |||||||
Sports operating loss | (585 | ) | (146 | ) | (1,878 | ) | (929 | ) | |||||||
Corporate and other business activities | $ | (2,357 | ) | $ | (2,741 | ) | $ | (4,625 | ) | $ | (5,036 | ) | |||
Consolidated operating income | $ | 450 | $ | 2,781 | $ | 117 | $ | 3,019 |
(a) | (b) | (c) | (d) | ||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
(in thousands) | |||||||||||||
Month of April 2013 | 36,698 | $ | 26.80 | 36,698 | 370,541 | ||||||||
Month of May 2013 | 99,137 | $ | 26.87 | 99,137 | 271,404 | ||||||||
Month of June 2013 | 109,949 | $ | 28.13 | 109,949 | 161,455 | ||||||||
Total | 245,784 | $ | 27.42 | 245,784 |
10.1 | Amendment No. 1 to the Amended and Restated Management Services Agreement between Steel Excel Inc. and SP Corporate Services LLC, dated as of April 5, 2013 (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed with the Securities and Exchange Commission on April 5, 2013) |
10.2†* | Amendment No. 4 to 2004 Equity Incentive Plan, dated as of May 21, 2013 |
10.3†* | Form of Restricted Stock Unit Agreement under the 2004 Equity Incentive Plan, as amended May 21, 2013 |
31.1* | Certification of the Principal Executive Officer, Jack L. Howard, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* | Certification of the Principal Financial Officer, James F. McCabe, Jr., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1* | Certifications of the Principal Executive Officer, Jack L. Howard, and the Principal Financial Officer, James F. McCabe, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS** | XBRL Instance Document. |
101.SCH** | XBRL Taxonomy Extension Schema Document. |
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB** | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document. |
Steel Excel Inc. | |||
By: | /s/Jack L. Howard | ||
Jack L. Howard Vice Chairman (Principal executive officer) | Date: | August 7, 2013 | |
By: | /s/James F. McCabe, Jr. | ||
James F. McCabe, Jr. Chief Financial Officer (Principal financial officer) | Date: | August 7, 2013 |
Participant: |
Number of RSUs: |
Fair Market Value/RSU: | $ per RSU as of Date of Grant |
Date of Grant: |
First Vesting Date: | The earlier of the first anniversary of the Date of Grant or the date Participant ceases to be a member of the Board for any reason, including as a result of the Participant’s death or Disability. |
Expiration Date: | The date on which settlement of all RSUs granted hereunder occurs. |
Vesting Schedule: | The RSUs will vest as follows: |
(a) | None of the RSUs shall vest prior to the First Vesting Date; and |
(b) | 100% of the RSUs shall vest on the First Vesting Date, subject to your having been in continuous status as a Service Provider from the Date of Grant to the First Vesting Date. |
STEEL EXCEL INC. | ||
By: | ||
Name: | ||
Title: |
PARTICIPANT |
1 | I have reviewed this quarterly report on Form 10-Q of Steel Excel Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/Jack L. Howard | ||
Date: | August 7, 2013 | Jack L. Howard Vice Chairman |
1. | I have reviewed this quarterly report on Form 10-Q of Steel Excel Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/James F. McCabe, Jr. | ||
Date: | August 7, 2013 | James F. McCabe, Jr. Chief Financial Officer |
By:/s/Jack L. Howard | ||
Date: | August 7, 2013 | Jack L. Howard Vice Chairman |
By:/s/James F. McCabe, Jr. | ||
Date: | August 7, 2013 | James F. McCabe, Jr. Chief Financial Officer |
Accumulated Other Comprehensive Income
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Changes in the components of "Accumulated other comprehensive income" were as follows:
|
Goodwill and Other Intangible Assets, Net (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Jun. 30, 2013
Variable Interest Entity, Primary Beneficiary [Member]
|
Dec. 31, 2012
Variable Interest Entity, Primary Beneficiary [Member]
|
Jun. 30, 2013
The Show [Member]
|
Jun. 30, 2012
The Show [Member]
|
Dec. 31, 2012
Steel Sports [Member]
|
|
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 59,168 | $ 59,168 | $ 53,093 | $ 8,244 | $ 3,600 | $ 0 | |||||
Amortization of intangibles | 2,231 | 1,579 | 4,631 | 2,393 | |||||||
Goodwill, Impairment Loss | 0 | 1,988 | 1,800 | 1,800 | 200 | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 1,988 | $ 1,988 | $ 1,988 |
Stock Benefit Plans
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Stock Benefit Plans | Stock Benefit Plans The Company grants stock options and other stock-based awards to employees, directors, and consultants under two equity incentive plans, the 2004 Equity Incentive Plan, as amended (the “2004 Plan”), and the 2006 Director Plan, as amended (the "2006 Plan, and collectively the "Equity Plans"). Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three- and six-month periods ended June 30, 2013 and 2012, was as follows:
During the six months ended June 30, 2013, the Company granted 15,000 restricted stock units and 17,320 shares of restricted stock to its employees and non-employee directors. The Company did not grant any stock options during the first six months of 2013. |
Acquisitions (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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BusinessCombinationDisclosureTextBlockAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | The estimated fair value of the assets and liabilities acquired in connection with the Ruckus and UK Elite transactions, determined as of the respective acquisition dates, was as follows:
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The carrying amounts and classifications of assets and liabilities of Ruckus and UK Elite included in the Company’s Financial Statements as of June 30, 2013, are as follows:
|
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Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of 2012 or results that may occur in the future.
|
Related Party Transactions (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | 10 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
SP Corporate Services LLC [Member]
|
Jun. 30, 2012
SP Corporate Services LLC [Member]
|
Jun. 30, 2013
SP Corporate Services LLC [Member]
|
Jun. 30, 2012
SP Corporate Services LLC [Member]
|
Jul. 31, 2012
SP Corporate Services LLC [Member]
Monthly Fees for Financial Management and Administrative Services [Member]
|
Jun. 30, 2013
SP Corporate Services LLC [Member]
Monthly Expanded Services [Member]
|
Jun. 30, 2013
WebBank [Member]
Short-term Deposits [Member]
|
Jun. 30, 2013
Interest Income [Member]
WebBank [Member]
|
Jun. 30, 2012
Interest Income [Member]
WebBank [Member]
|
Jun. 30, 2013
Interest Income [Member]
WebBank [Member]
|
Jun. 30, 2012
Interest Income [Member]
WebBank [Member]
|
Jun. 30, 2013
Steel Excel [Member]
Percentage Owned By Steel Partners [Member]
|
|
Equity Method Investment, Ownership Percentage (as a percent) | 52.40% | |||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 900,000 | $ 300,000 | $ 1,900,000 | $ 500,000 | $ 35,000 | $ 300,000 | ||||||
Accounts Payable, Related Parties | 400,000 | 400,000 | ||||||||||
Due from Related Parties, Current | 15,100,000 | |||||||||||
Revenue from Related Parties | $ 22,997 | $ 25,726 | $ 47,676 | $ 25,726 |
Goodwill and Other Intangible Assets - Goodwill reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 53,093 | $ 8,244 |
Acquisitions | 6,075 | 46,837 |
Impairments | 0 | (1,988) |
Balance at end of period | 59,168 | 53,093 |
Steel Sports [Member]
|
||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 52,939 | 6,256 |
Acquisitions | 0 | 46,683 |
Impairments | 0 | 0 |
Balance at end of period | 52,939 | 52,939 |
Steel Energy [Member]
|
||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 154 | 1,988 |
Acquisitions | 6,075 | 154 |
Impairments | 0 | (1,988) |
Balance at end of period | $ 6,229 | $ 154 |
Income Taxes
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
IncomeTaxDisclosureTextBlockAbstract | |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires that deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. Based on its history of operating losses, the Company has offset its net deferred tax assets by a full valuation allowance. Any reversal of the corresponding valuation allowance will generally result in a tax benefit being recorded in the consolidated statement of operations in the respective period. The Company recognized a benefit from income taxes of $2.0 million and $14.3 million for the six-month periods ended June 30, 2013 and 2012, respectively, primarily due to a partial reversal of the Company's valuation allowance for deferred tax assets. In the 2013 period, the Company reversed $2.1 million of the valuation allowance as a result of deferred tax liabilities recognized related to the unrealized gains on marketable securities. In the 2012 period, the Company reversed $15.1 of the valuation allowance as a result of deferred tax liabilities recognized related to the identifiable intangible assets recorded in connection with the acquisition of Sun Well in May 2012. |
Fair Value Measurements (Detail) (USD $)
|
0 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 11, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Three Point Seven Five Percent Unsecured Convertible Subordinated Debentures Due In 2026 [Member]
|
Nov. 30, 2012
Three Point Seven Five Percent Unsecured Convertible Subordinated Debentures Due In 2026 [Member]
|
Jun. 11, 2013
"School Specialties" [Member]
|
Jan. 28, 2013
"School Specialties" [Member]
|
Dec. 31, 2012
Marketable Securities [Member]
|
Jun. 30, 2013
Senior Notes [Member]
Convertible Senior Subordinted Notes Due 2023 [Member]
|
Dec. 31, 2012
Senior Notes [Member]
Convertible Senior Subordinted Notes Due 2023 [Member]
|
|
Investment Owned, Balance, Principal Amount | $ 11,900,000 | |||||||||
3/4% convertible senior subordinated notes due 2023 (as a percent) | 0.75% | 0.75% | ||||||||
Investment Owned, at Cost | 9,800,000 | 6,000,000 | ||||||||
Debtor-in-Possession Financing, Amount Arranged | 21,300,000 | |||||||||
Shares Received in Exchange for Convertible Debentures (in shares) | 26,457 | |||||||||
Debtor in Possession, Cash Received in Exchange for Investment in Loan | 17,500,000 | |||||||||
Shares Received in Exchange for Investment in Loan (in shares) | 49,136 | |||||||||
Debtor in Possession, Fair Value of Shares Received (in dollars per share) | $ 109 | |||||||||
Debtor in Possession, Gain (Loss) on Disposal of Investment in Loan | 3,200,000 | |||||||||
Debtor in Possession, Gain (Loss) on Disposal of Loan | 1,600,000 | |||||||||
Convertible Notes Payable, Current | $ 346,000 | $ 346,000 | $ 300,000 | $ 346,000 |
Goodwill and Other Intangible Assets - Components of Goodwill (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 61,156 | $ 55,081 | |
Accumulated impairment | (1,988) | (1,988) | |
Goodwill | $ 59,168 | $ 53,093 | $ 8,244 |
Acquisitions - Purchase Price Allocation (Detail) (Ruckus Sports LLC and UK Elite Soccer, Inc. [Member], USD $)
In Thousands, unless otherwise specified |
Jan. 31, 2013
|
---|---|
Ruckus Sports LLC and UK Elite Soccer, Inc. [Member]
|
|
Cash | $ 1,991 |
Accounts receivable | 637 |
Marketable securities | 189 |
Prepaid expenses and other current assets | 759 |
Property and equipment | 69 |
Other assets | 55 |
Accounts payable | (96) |
Accrued liabilities and other current liabilities | (3,481) |
Long-term liabilities | (53) |
Total identifiable net assets acquired | 70 |
Non-controlling interest | (2,895) |
Goodwill | 6,075 |
Net assets acquired | $ 3,250 |
Investments (Tables)
|
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Jun. 30, 2013
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Investment [Table Text Block] | Marketable securities at June 30, 2013, consisted of the following:
Marketable securities at December 31, 2012, consisted of the following:
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Available-for-sale Securities [Table Text Block] | Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other expense, net" in the consolidated statements of operations for the three months and six months ended June 30, 2013 and 2012, were as follows:
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Schedule of Unrealized Loss on Investments [Table Text Block] | The fair value of the Company’s marketable securities with unrealized losses at June 30, 2013, and the duration of time that such losses had been unrealized, were as follows:
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2012, all of which had been unrealized for a period of less than twelve months, were as follows:
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Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair value of available-for-sale debt securities at June 30, 2013, by contractual maturity, were as follows:
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Discontinued Operations (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Schedule of Quarterly Financial Information [Table Text Block] | The results of operations related to The Show for the three- and six-month periods ended June 30, 2012, were as follows:
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Net Income (Loss) Per Share (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Amounts used in the calculation of basic and diluted net income (loss) per share of common stock for the three- and six-month periods ended June 30, 2013 and 2012, were as follows:
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Acquisitions - Pro Forma Financial Information (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2012
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Pro Forma Financial Information [Abstract] | ||
Net revenues | $ 36,901 | $ 62,408 |
Income from continuing operations, net of taxes | 17,429 | 18,021 |
Income (loss) from discontinued operations, net of taxes | (121) | (2,470) |
Net income attributable to Steel Excel Inc. | $ 18,472 | $ 17,767 |
Fair Value Measurements - Financial assets measured at fair value on a recurring basis (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash, including short-term deposits [Member]
|
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Financial Assets | $ 94,200 | [1] | $ 68,265 | [1] | ||||||||||||||
Cash, including short-term deposits [Member] | Cash And Cash Equivalent [Member]
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Financial Assets | 94,100 | 68,200 | ||||||||||||||||
Cash, including short-term deposits [Member] | Marketable Securities [Member]
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Financial Assets | 100 | 100 | ||||||||||||||||
Cash, including short-term deposits [Member] | Fair Value, Inputs, Level 1 [Member]
|
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Financial Assets | 94,200 | [1] | 68,265 | [1] | ||||||||||||||
Cash, including short-term deposits [Member] | Fair Value, Inputs, Level 2 [Member]
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Financial Assets | 0 | [1] | 0 | [1] | ||||||||||||||
Cash, including short-term deposits [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 0 | [1] | 0 | [1] | ||||||||||||||
US Government Agencies Debt Securities [Member] | Cash And Cash Equivalent [Member]
|
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Financial Assets | 500 | |||||||||||||||||
US Government Agencies Debt Securities [Member] | Marketable Securities [Member]
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Financial Assets | 49,100 | |||||||||||||||||
Mutual Funds [Member]
|
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Financial Assets | 13,889 | [2] | 11,820 | [2] | ||||||||||||||
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
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Financial Assets | 13,889 | [2] | 11,820 | [2] | ||||||||||||||
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
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Financial Assets | 0 | [2] | 0 | [2] | ||||||||||||||
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 0 | [2] | 0 | [2] | ||||||||||||||
US Treasury and Government [Member]
|
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Financial Assets | 49,549 | [3] | 99,477 | [2] | ||||||||||||||
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
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Financial Assets | 49,549 | [3] | 99,477 | [2] | ||||||||||||||
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member]
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Financial Assets | 0 | [3] | 0 | [2] | ||||||||||||||
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member]
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Financial Assets | 0 | [3] | 0 | [2] | ||||||||||||||
Corporate Securities [Member]
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Financial Assets | 67,128 | [2] | 20,117 | [2] | ||||||||||||||
Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member]
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Financial Assets | 58,889 | [2] | 20,117 | [2] | ||||||||||||||
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member]
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Financial Assets | 0 | [2] | 0 | [2] | ||||||||||||||
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 8,239 | [2] | 0 | [2] | ||||||||||||||
Commercial Paper [Member]
|
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Financial Assets | 9,796 | [4] | 22,291 | [5] | ||||||||||||||
Commercial Paper [Member] | Cash And Cash Equivalent [Member]
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Financial Assets | 3,600 | 3,400 | [2] | |||||||||||||||
Commercial Paper [Member] | Marketable Securities [Member]
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Financial Assets | 6,200 | 18,900 | [2] | |||||||||||||||
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member]
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Financial Assets | 0 | [4] | 0 | [5] | ||||||||||||||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member]
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Financial Assets | 9,796 | [4] | 22,291 | [5] | ||||||||||||||
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 0 | [4] | 0 | [5] | ||||||||||||||
Corporate Obligations [Member]
|
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Financial Assets | 24,098 | [2] | 48,714 | [2] | ||||||||||||||
Corporate Obligations [Member] | Fair Value, Inputs, Level 1 [Member]
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Financial Assets | 0 | [2] | 0 | [2] | ||||||||||||||
Corporate Obligations [Member] | Fair Value, Inputs, Level 2 [Member]
|
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Financial Assets | 12,400 | [2] | 46,931 | [2] | ||||||||||||||
Corporate Obligations [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 11,698 | [2] | 1,783 | [2] | ||||||||||||||
Non-controlling interests in certain funds [Member]
|
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Financial Assets | 1,015 | [6] | 1,021 | [6] | ||||||||||||||
Non-controlling interests in certain funds [Member] | Fair Value, Inputs, Level 1 [Member]
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Financial Assets | 0 | [6] | 0 | [6] | ||||||||||||||
Non-controlling interests in certain funds [Member] | Fair Value, Inputs, Level 2 [Member]
|
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Financial Assets | 0 | [6] | 0 | [6] | ||||||||||||||
Non-controlling interests in certain funds [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 1,015 | [6] | 1,021 | [6] | ||||||||||||||
Financial Assets [Member]
|
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Financial Assets | 259,675 | 271,705 | ||||||||||||||||
Financial Assets [Member] | Fair Value, Inputs, Level 1 [Member]
|
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Financial Assets | 216,527 | 199,679 | ||||||||||||||||
Financial Assets [Member] | Fair Value, Inputs, Level 2 [Member]
|
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Financial Assets | 22,196 | 69,222 | ||||||||||||||||
Financial Assets [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Assets | 20,952 | 2,804 | ||||||||||||||||
Acquisition-related contingent consideration [Member]
|
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Financial Liabilities | (475) | [7] | (475) | [7] | ||||||||||||||
Acquisition-related contingent consideration [Member] | Fair Value, Inputs, Level 1 [Member]
|
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Financial Liabilities | [7] | 0 | [7] | |||||||||||||||
Acquisition-related contingent consideration [Member] | Fair Value, Inputs, Level 2 [Member]
|
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Financial Liabilities | [7] | 0 | [7] | |||||||||||||||
Acquisition-related contingent consideration [Member] | Fair Value, Inputs, Level 3 [Member]
|
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Financial Liabilities | $ (475) | [7] | $ (475) | |||||||||||||||
|
Liabilities (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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OtherLiabilitiesDisclosureTextBlockAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | “Accrued expenses and other current liabilities” consisted of the following:
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Schedule of Other Long-Term Liabilities [Table Text Block] | “Other long-term liabilities” consisted of the following:
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Segment Information - Operating results (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenues | ||||
Revenues | $ 29,375 | $ 24,450 | $ 55,726 | $ 38,896 |
Operating income (loss) | ||||
Operating income (loss) | 450 | 2,781 | 117 | 3,019 |
Corporate and other business activities | (8,813) | (6,700) | (16,806) | (12,149) |
Interest income, net | 1,256 | 259 | 1,869 | 491 |
Other expense, net | (1,200) | (22) | (139) | (473) |
Income from continuing operations before income taxes | 506 | 3,018 | 1,847 | 3,037 |
Depreciation and amortization | 4,855 | 3,296 | 9,856 | 5,127 |
Steel Sports [Member]
|
||||
Revenues | ||||
Revenues | 2,304 | 989 | 2,616 | 1,145 |
Operating income (loss) | ||||
Operating income (loss) | (585) | (146) | (1,878) | (929) |
Depreciation and amortization | 172 | 80 | 319 | 220 |
Total Segment [Member]
|
||||
Operating income (loss) | ||||
Operating income (loss) | 2,807 | 5,522 | 4,742 | 8,055 |
Steel Energy [Member]
|
||||
Revenues | ||||
Revenues | 27,071 | 23,461 | 53,110 | 37,751 |
Operating income (loss) | ||||
Operating income (loss) | 3,392 | 5,668 | 6,620 | 8,984 |
Depreciation and amortization | 4,683 | 3,216 | 9,537 | 4,907 |
Corporate [Member]
|
||||
Operating income (loss) | ||||
Corporate and other business activities | $ (2,357) | $ (2,741) | $ (4,625) | $ (5,036) |
Segment Information (Detail)
|
6 Months Ended |
---|---|
Jun. 30, 2013
segment
|
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SegmentReportingDisclosureTextBlockAbstract | |
Number of Reportable Segments (in segments) | 2 |
Discontinued Operations - Revenues and the components of income related to discontinued operations (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenues and the components of income related to discontinued operations: [Abstract] | ||||
Revenues | $ 90 | $ 451 | ||
Loss from discontinued operations before income taxes | (121) | (2,470) | ||
Benefit from income taxes | 0 | 0 | ||
Loss from discontinued operations, net of taxes | $ 0 | $ (121) | $ 0 | $ (2,470) |
Subsequent Events (Details) (USD $)
|
0 Months Ended | 0 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2013
Subsequent Event [Member]
|
Jun. 30, 2013
Subsequent Event [Member]
|
Jul. 03, 2013
Steel Energy Inc. [Member]
Subsequent Event [Member]
|
Jun. 30, 2013
Term Loan [Member]
|
Jul. 03, 2013
Term Loan [Member]
Steel Energy Inc. [Member]
Subsequent Event [Member]
|
Jun. 30, 2013
Revolving Line Of Credit [Member]
|
Jul. 03, 2013
Revolving Line Of Credit [Member]
Steel Energy Inc. [Member]
Subsequent Event [Member]
|
Jul. 03, 2013
Revolving Credit Facility [Member]
Credit Agreement 2018 [Member]
Subsequent Event [Member]
|
Jul. 11, 2013
iGo, Inc. [Member]
Subsequent Event [Member]
|
Jul. 11, 2013
Minimum [Member]
iGo, Inc. [Member]
Subsequent Event [Member]
|
Jul. 11, 2013
Maximum [Member]
iGo, Inc. [Member]
Subsequent Event [Member]
|
|
Subsequent Event [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 80,000,000.0 | $ 20,000,000.0 | $ 70,000,000.0 | $ 5,000,000.0 | $ 10,000,000.0 | ||||||
Receipt of dividends | 80,000,000 | ||||||||||
Line of credit, contractual term (in years) | 5 years | ||||||||||
Quarterly repayments of principal | $ 2,500,000.0 | ||||||||||
Percentage of voting interests acquired (as a percent) | 30.00% | 44.00% | |||||||||
Share price (in dollars per share) | $ 3.95 |
Stock Benefit Plans (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Stock-based compensation expense by type of award, all of which was recognized as a component of "Selling, general, and administrative expenses" in the consolidated statements of operations for the three- and six-month periods ended June 30, 2013 and 2012, was as follows:
|
Recent Accounting Pronouncements
|
6 Months Ended |
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Jun. 30, 2013
|
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NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlockAbstract | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2013, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This pronouncement was effective for reporting periods beginning after December 15, 2012. The Company adopted this pronouncement effective as of January 1, 2013. The adoption of ASU No. 2013-02 did not have a material effect on the Financial Statements. In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The objective of this pronouncement is to resolve the diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. ASU No. 2013-05 is effective prospectively for fiscal years beginning after December 15, 2013, and for interim reporting periods within those years, with early adoption permitted. The Company does not expect the adoption of ASU No. 2013-05 to have a material effect on the Financial Statements. In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This pronouncement is effective for fiscal years beginning after December 15, 2013, and for interim reporting periods within those years. The Company does not expect the adoption of ASU No. 2013-11 to have a material effect on the Financial Statements. |
Discontinued Operations
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Jun. 30, 2013
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Discontinued Operations | Discontinued Operations In July 2012, the Company shut down The Show, a Sports segment operation that was not meeting expectations. The results of operations related to The Show for the three- and six-month periods ended June 30, 2012, were as follows:
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Acquisitions
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Jun. 30, 2013
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Acquisitions | Acquisitions On January 31, 2013, the Company acquired a 20% membership interest in Ruckus Sports LLC ("Ruckus"), an obstacle course and mass-participation events company, with an option to acquire an additional 40% membership interest in the next two years. Pursuant to an operating agreement, the Company appointed two directors on a three-member board of directors and therefore has the ability to control the operations of Ruckus. The Company has determined that Ruckus is a variable interest entity (“VIE”) and that the Company is the primary beneficiary. Accordingly, the Company accounted for its acquisition of its 20% membership interest as a business combination and consolidates Ruckus. The fair value of the non-controlling interest at the acquisition date was based on the amount paid by the Company for a 20% membership interest and a control premium equal to 50% of the total consideration based on a study of business combinations. In May 2013, the Company acquired an additional 10% membership interest in Ruckus, increasing the Company's ownership interest to 30% as of June 30, 2013. In July 2013, the Company acquired an additional 15% membership interest in Ruckus. Such additional investments were recorded as equity transactions since Ruckus was a consolidated VIE at the time of the investments. On June 19, 2013, the Company acquired 80% of the outstanding common stock of UK Elite Soccer, Inc. ("UK Elite"), a provider of youth soccer programs and camps. The Company accounted for the acquisition of UK Elite as a business combination. The fair value of the non-controlling interest at the acquisition date was based on the amount paid by the Company for 80% of the common stock. The Company acquired Ruckus and UK Elite, both of which are included in the Company's Sports segment, in exchange for aggregate cash payments of $3.1 million and the contribution of a loan of $0.1 million made in December 2012. The estimated fair value of the assets and liabilities acquired in connection with the Ruckus and UK Elite transactions, determined as of the respective acquisition dates, was as follows:
There were no identifiable intangible assets recognized separately from goodwill in connection with the acquisition of Ruckus. The fair values recognized in connection with the UK Elite transaction are provisional pending the Company's continued evaluation, including assessing any identifiable intangible assets, the value of which are included in goodwill as of June 30, 2013. The goodwill recognized in connection with the Ruckus and UK Elite transactions arises from the growth potential the Company sees for the investment, along with expected synergies within the Company’s Sports segment, and is expected to be fully deductible for tax purposes. The results of operations of Ruckus and UK Elite have been included in the Company's results of operations since their respective acquisition dates. Revenues from Ruckus and UK Elite totaled $0.9 million for both the three months and six months ended June 30, 2013; operating losses from Ruckus and UK Elite were $0.5 million and $0.8 million for the three months and six months ended June 30, 2013, respectively. The carrying amounts and classifications of assets and liabilities of Ruckus and UK Elite included in the Company’s Financial Statements as of June 30, 2013, are as follows:
On February 9, 2012, and May 31, 2012, the Company acquired Eagle Well Services, Inc. ("Eagle Well") and Sun Well Service, Inc. ("Sun Well"), respectively, both of which are included in the Company's Energy segment. The following pro forma financial information combines the results of operations of the Company, Sun Well, and Eagle Well as if the acquisitions had occurred on January 1, 2012. Pro forma financial information for the 2013 periods is not presented and the 2012 periods do not include any amounts for Ruckus or UK Elite since they were not material to the Company's results of operations. The pro forma financial information is not necessarily indicative of what would have actually occurred had the acquisitions been consummated at the beginning of 2012 or results that may occur in the future.
In December 2012, the Company identified a measurement period adjustment related to the acquisition of Sun Well for a deferred tax liability of $15.1 million associated with the identifiable intangible assets acquired. Such amount was recorded as if the measurement period adjustment was recognized at the acquisition date. As a result of the deferred tax liability recognized, the Company reversed a portion of its valuation allowance for deferred tax assets and recognized a non-cash benefit for income taxes of $15.1 million in the three months and six months ended June 30, 2013. |
Stock Benefit Plans (Detail)
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6 Months Ended |
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Jun. 30, 2013
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Number of Equity Incentive Plans (in plans) | 2 |
Employee Stock [Member] | Restricted Stock [Member]
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Non-Option Equity Instruments, Granted (in shares) | 15,000 |
Director [Member] | Restricted Stock [Member]
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Non-Option Equity Instruments, Granted (in shares) | 17,320 |
Fair Value Measurements (Tables)
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Jun. 30, 2013
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Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis at June 30, 2013, summarized by measurement input category, were as follows:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in the fair value of assets valued using Level 3 measurement inputs during the six-month period ended June 30, 2013, were as follows:
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Accumulated Other Comprehensive Income (Tables)
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Jun. 30, 2013
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in the components of "Accumulated other comprehensive income" were as follows:
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Acquisitions (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
Ruckus Sports LLC and UK Elite Soccer, Inc. [Member]
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Jun. 30, 2013
Ruckus Sports LLC and UK Elite Soccer, Inc. [Member]
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Dec. 31, 2012
Ruckus Sports LLC and UK Elite Soccer, Inc. [Member]
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Jan. 31, 2013
Ruckus Sports LLC [Member]
director
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Jun. 30, 2013
Ruckus Sports LLC [Member]
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May 31, 2013
Ruckus Sports LLC [Member]
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Jun. 30, 2013
UK Elite Soccer, Inc. [Member]
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Jul. 31, 2013
Subsequent Event [Member]
Ruckus Sports LLC [Member]
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Equity Method Investment, Ownership Percentage (as a percent) | 20.00% | 30.00% | ||||||||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred | $ 0.1 | |||||||||||
Cost of Acquired Entity, Cash Paid | 3.1 | |||||||||||
Percentage of Voting Interests Acquired, Additional Membership Interest (as a percent) | 40.00% | |||||||||||
Period During Which Company has the Option to Acquire Additional Interest (in years) | 2 years | |||||||||||
Number of Directors Appointed (in directors) | 2 | |||||||||||
Number of Directors on Board (in directors) | 3 | |||||||||||
Control Premium (as a percent) | 50.00% | |||||||||||
Percentage of voting interests acquired (as a percent) | 10.00% | 80.00% | 15.00% | |||||||||
Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 0.9 | 0.9 | ||||||||||
Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 0.5 | 0.8 | ||||||||||
Income Benefit, Measurement Period Adjustment | $ 15.1 | $ 15.1 | $ 15.1 | $ 15.1 |
Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense: (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |
2013 (remaining six months) | $ 3,950 |
2014 | 6,612 |
2015 | 5,281 |
2016 | 4,273 |
2017 | 3,158 |
Thereafter | 11,982 |
Finite-Lived Intangible Assets, Net | $ 35,256 |