About HC2
HC2 Holdings, Inc. is a publicly traded (NYSE MKT: HCHC), a diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders.  HC2 has a diverse array of operating subsidiaries across seven reportable segments including, Manufacturing, Marine Services, Insurance, Utilities, Telecommunications, Life Sciences and other.  Currently, HC2’s largest operating subsidiaries are Schuff International, Inc., a leading structural steel fabricator and erector in the United States, and  Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables.  Founded in 1994, HC2 is headquartered in New York, New York.
Latest News
HC2 Holdings Reports Second Quarter 2016 Results Posted 8/9/2016 4:13:00 PM

NEW YORK, Aug. 09, 2016 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. ("HC2") (NYSE MKT:HCHC), a diversified holding company that focuses on acquiring, operating and growing businesses that it considers to be under or fairly valued, today announced its consolidated results for the second quarter ended on June 30, 2016.

"I am pleased with today's announcement, as we continued to execute well during the second quarter evidenced by the strength and stability of our core operating subsidiaries driving sequential growth," said Philip Falcone, HC2's Chairman, President and Chief Executive Officer. "This quarter's results further demonstrate the power of our model, which combines a diverse portfolio of cash generating businesses, a strong capital base and significant upside potential in our early stage investments. In the second half of 2016, we will focus on continuing our positive momentum via capital structure and liquidity optimization, active management and expansion of our portfolio."

Second Quarter Financial Highlights: 

  • Net Revenue: Consolidated total net revenues were $359.3 million for the second quarter of 2016, an increase of $27.5 million or 8.3% compared to the first quarter of 2016, and an increase of $78.3 million, or 27.9% compared to the year-ago quarter, primarily driven by growth in the telecom segment, as well as the contribution from the Company's Continental Insurance business, which was completed in December 2015.

  • Net Income / (Loss): HC2 reported Net Income attributable to common and participating preferred stockholders of $0.9 million or $0.02 per fully diluted share for the second quarter of 2016, compared to a loss of $(31.5) million or $(0.89) per fully diluted share for the first quarter of 2016, and a loss of $(12.0) million or $(0.47) per fully diluted share compared to the year ago quarter.  Second quarter 2016 Net Income included a beneficial adjustment to the Company's depreciation and amortization expense of $1.3 million related to the Company's acquisition of Schuff. Excluding this adjustment, second quarter Net Income (loss) attributable to common and participating preferred stockholders would have been a loss of $(0.4) million or $(0.01) per fully diluted share.

  • Adjusted EBITDA: Adjusted EBITDA for "Core Operating Subsidiaries", which includes HC2's Manufacturing, Marine Services, Utilities and Telecommunications segments, was a combined $27.1 million for the second quarter of 2016 compared to $12.7 million in the first quarter of 2016 and $30.8 million in the year-ago quarter.  Core Operating Subsidiary results for the second quarter were driven primarily by the Marine Services segments stable maintenance business, as well as strong performance from the Company's joint ventures; the Manufacturing segment's continued strong margins; and the ongoing growth in scale and customer relationships in the Telecommunications segment.

    Total Adjusted EBITDA (excluding the Insurance segment) for the second quarter, which includes results from Core Operating Subsidiaries, Early-Stage, Other and Non-Operating Corporate segments, was $15.2 million, compared to $0.3 million in the first quarter of 2016 and $19.6 million for the year-ago quarter. 

  • Balance Sheet: As of June 30, 2016, HC2 had consolidated cash, cash equivalents and investments of $1.6 billion, which includes cash and investments associated with HC2's Insurance segment. At the corporate level, HC2 had $40.3 million in cash and cash equivalents as of June 30, 2016. 

  • Increased Liquidity: In light of improvements in the overall value of the Company's portfolio, the Collateral Coverage Ratio as calculated under its 11% Senior Secured Notes Due 2019 (the "11% Notes") for the quarter ending June 30, 2016 was greater than 2.0x. As a result, the applicable period in the Company's Maintenance of Liquidity covenant under its 11% Notes was reduced from 12 months to six months, resulting in approximately $19 million of incremental available cash and cash equivalents from the $40.3 million balance as of June 30, 2016. Taking into consideration this increased liquidity, available cash and cash equivalents at the end of the second quarter was $21.4 million. The Company noted that if the Collateral Coverage Ratio decreases below 2.0x in the future, the Company's Maintenance Liquidity Requirement under its 11% Notes would increase back to 12 months. 

Additional Second Quarter Highlights and Recent Developments 

  • Manufacturing -  HC2's Manufacturing segment (Schuff Steel) reported Net Income of $9.4 million for the second quarter of 2016, compared to $4.4 million for the first quarter and $5.9 million for the year-ago quarter. Excluding the $1.3 million prior period beneficial adjustment for depreciation and amortization expense related to the Company's acquisition of Schuff, Manufacturing Net Income for the second quarter would have been $8.1 million.

    Manufacturing Adjusted EBITDA was $13.2 million for the second quarter of 2016, compared to $11.5 million for the first quarter and $14.0 million for the year-ago quarter. Backlog at the end of the second quarter was $344.3 million. Taking into consideration awarded, but unsigned contracts, backlog would be over $500 million. The Company said it continues to see a number of large opportunities in the commercial sector totaling over $400 million in potential new projects that could be awarded over the next three to four months, which are not in the greater than $500 million backlog noted above. These projects include a number of new sporting arenas and stadiums, as well as new healthcare facilities and commercial office buildings.

  • Marine Services - Global Marine reported Net Income of $6.0 million for the second quarter of 2016, compared to a Net Loss of $(5.9) million for the first quarter and Net Income of $9.4 million for the year-ago quarter. Adjusted EBITDA was $11.8 million for the second quarter of 2016, compared to $0.5 million for the first quarter and $16.4 million for the year-ago quarter. The second quarter 2016 results include a full quarter contribution from the acquisition of offshore renewables specialist CWind. In addition, Global Marine continued to realize stable maintenance revenues during the second quarter, as well as strong performance from its global joint ventures. 

  • Utilities - American Natural Gas (ANG) reported Net Income of $0.07 million for the second quarter of 2016, compared to a Net Loss of $(0.03) million for the first quarter and Net Loss of $(0.13) million for the year-ago quarter. Adjusted EBITDA was $0.54 million for the second quarter of 2016, compared to $0.40 million for the first quarter and $0.14 million for the year-ago quarter. ANG currently owns and/or operates 17 natural gas fueling stations compared to 11 stations at the end of the first quarter of 2016.  ANG continues to expect to own/operate approximately 20 fueling stations by the end of 2016, many of which are in various stages of planning, design and construction.

  • Telecommunications - Net Income for PTGI-ICS was $1.0 million for the second quarter of 2016, compared to $1.2 million for the first quarter and $0.6 million for the year-ago quarter. Adjusted EBITDA was $1.5 million for the second quarter of 2016, compared to $0.3 million for the first quarter and $0.2 million in year-ago quarter. The second quarter of 2016 marked the fifth consecutive quarter of profitability for PTGI-ICS, driven primarily by growth in wholesale traffic volumes due to continued expansion in the scale and number of customer relationships.

  • Insurance - As of June 30, 2016, the Insurance companies had approximately $77.0 million of statutory surplus and $2.1 billion in total GAAP assets.

  • Pansend Life Sciences - During the second quarter, MediBeacon™ Inc., a portfolio company within HC2's Pansend Life Sciences platform and maker of proprietary, non-invasive, real-time monitoring systems for kidney function, gastrointestinal permeability and other light-activated diagnostics, completed the acquisition of Mannheim Pharma & Diagnostics, a life science company based in Mannheim, Germany. Use of the Manheim technology enhances preclinical assessment of kidney therapeutics, evaluation of nephrotoxicity and fundamental understanding of kidney function in animals. The acquired technology adds to MediBeacon's robust intellectual property assets, which includes a portfolio of fluorescent tracer agents. MediBeacon's system designed for human use is currently in clinical trials.

  • HC2 Corporate - Subsequent to quarter end, the Company entered into agreements with affiliates of Luxor Capital Partners, LP ("Luxor") and Corrib Master Fund, Ltd. ("Corrib") to respectively convert their shares the Company's Series A-1 Convertible Participating Preferred Stock and Series A Preferred stock into shares of the Company's common stock. The Company also issued shares of common stock to the investors in place of accrued and unpaid dividends and agreed to issue additional shares in the future in place of any dividends the investors would have been entitled to had they remained holders of the preferred stock. After giving effect to these conversions, the cumulative outstanding accreted value of the Company's Series A, A-1 and A-2 Convertible Participating Preferred Stock was reduced to $42.7 million.

 

Non-GAAP Financial Measures

In this release, HC2 refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including Core Operating Subsidiary Adjusted EBITDA, Total Adjusted EBITDA (excluding the Insurance segment) and Adjusted EBITDA for its operating segments.  Management believes that Adjusted EBITDA measures provide investors with meaningful information for gaining an understanding of the Company's results as it is frequently used by the financial community to provide insight into an organization's operating trends and facilitates comparisons between peer companies, because interest, taxes, depreciation, amortization and the other items for which adjustments are made as noted in the definition of Adjusted EBITDA below can differ greatly between organizations as a result of differing capital structures and tax strategies. In addition, management uses Adjusted EBITDA measures in evaluating certain of the Company's segments performance because they eliminate the effects of considerable amounts of non-cash depreciation and amortization and items not within the control of the Company's operations managers. While management believes that these non-US GAAP measurements are useful as supplemental information, such adjusted results are not intended to replace our US GAAP financial results and should be read together with HC2's results reported under GAAP.

Management defines Adjusted EBITDA as Net income (loss) adjusted to exclude the impact of asset impairment expense; gain (loss) on sale or disposal of assets; lease termination costs; interest expense; loss on early extinguishment or restructuring of debt; other income (expense), net; foreign currency transaction gain (loss); income tax (benefit) expense; gain (loss) from discontinued operations; non-controlling interest; share-based compensation expense; acquisition related and other non-recurring items and depreciation and amortization. A reconciliation of Adjusted EBITDA to net income is included in the financial tables at the end of this release.

Conference Call

HC2 Holdings, Inc. will host a live conference call to discuss its second quarter 2016 financial results and operations today, Tuesday, August 9, 2016 at 5:30 p.m. ET. Dial-in instructions for the conference call and the replay are as follows:

Live Call

Dial-In (Toll Free): 1-866-395-3893

International Dial-In: 1-678-509-7540

Participant Entry Number: 49610865

Alternatively, a live webcast of the conference call can be accessed by interested parties through the Investor Relations section of the HC2 Website, www.HC2.com.

Conference Replay*

Domestic Dial-In (Toll Free): 1-855-859-2056

International Dial-In: 1-404-537-3406

Conference Number: 49610865

*Available approximately two hours after the end of the conference call through September, 30, 2016.

Cautionary Statement Regarding Forward-Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. The forward-looking statements in this press release include without limitation statements regarding our expectation regarding building shareholder value.  Such statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Such important factors include, without limitation, issues related to the restatement of our financial statements; the fact that we have historically identified material weaknesses in our internal control over financial reporting, and any inability to remediate future material weaknesses; capital market conditions; the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions; volatility in the trading price of HC2 common stock; the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities; our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries of HC2. These risks and other important factors discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For information on HC2 Holdings, Inc., please contact Andrew G. Backman - Managing Director - Investor Relations & Public Relations - abackman@hc2.com - 212-339-5836

 
HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
 
    Three Months Ended June 30,   Six Months Ended June 30,
    2016   2015   2016   2015
Services revenue   $ 197,372     $ 147,841     $ 379,481     $ 221,559  
Sales revenue   125,759     133,141     246,256     261,231  
Life, accident and health earned premiums, net   20,037         39,971      
Net investment income   13,707         27,786      
Net realized gains (losses) on investments   2,418         (2,457 )    
Net revenue   359,293     280,982     691,037     482,790  
Operating expenses                
Cost of revenue - services   183,193     134,589     358,066     196,509  
Cost of revenue - sales   101,290     110,909     200,967     221,445  
Policy benefits, changes in reserves, and commissions   29,189         63,328      
Selling, general and administrative   35,614     26,476     71,916     49,988  
Depreciation and amortization   5,887     5,478     11,484     10,733  
(Gain) loss on sale or disposal of assets   (1,837 )   498     (950 )   971  
Lease termination costs   338         338      
Total operating expenses   353,674     277,950     705,149     479,646  
Income (loss) from operations   5,619     3,032     (14,112 )   3,144  
Interest expense   (10,569 )   (10,125 )   (20,895 )   (18,825 )
Other income (expense), net   430     (2,344 )   540     (2,571 )
Income (loss) from equity investees   6,035     1,429     2,101     (1,259 )
Gain (loss) from continuing operations before income taxes   1,515     (8,008 )   (32,366 )   (19,511 )
Income tax benefit (expense)   (224 )   (2,678 )   2,315     3,336  
Gain (loss) from continuing operations   1,291     (10,686 )   (30,051 )   (16,175 )
Loss from discontinued operations       (11 )       (20 )
Net income (loss)   1,291     (10,697 )   (30,051 )   (16,195 )
Less: Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest   644     (204 )   1,524     57  
Net income (loss) attributable to HC2 Holdings, Inc.   1,935     (10,901 )   (28,527 )   (16,138 )
Less: Preferred stock dividends and accretion   1,044     1,089     2,113     2,177  
Net income (loss) attributable to common stock and participating preferred stockholders   $ 891     $ (11,990 )   $ (30,640 )   $ (18,315 )
Basic income (loss) per common share:                
Income (loss) from continuing operations   $ 0.02     $ (0.47 )   $ (0.87 )   $ (0.74 )
Loss from discontinued operations                
Net income (loss) attributable to common stock and participating preferred stockholders   $ 0.02     $ (0.47 )   $ (0.87 )   $ (0.74 )
Diluted income (loss) per common share:                
Income (loss) from continuing operations   $ 0.02     $ (0.47 )   $ (0.87 )   $ (0.74 )
Loss from discontinued operations                
Net income (loss) attributable to common stock and participating preferred stockholders   $ 0.02     $ (0.47 )   $ (0.87 )   $ (0.74 )
Weighted average common shares outstanding:                
Basic   35,518     25,514     35,391     24,838  
Diluted   35,643     25,514     35,391     24,838  


 
HC2 HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(Unaudited)
 
    June 30, 2016   December 31, 2015
Assets        
Investments:        
Fixed maturity securities, available-for-sale at fair value   $ 1,323,821     $ 1,231,841  
Equity securities, available-for-sale at fair value   52,703     49,682  
Mortgage loans   4,165     1,252  
Policy loans   18,311     18,476  
Other invested assets   62,304     53,119  
Total investments   1,461,304     1,354,370  
Cash and cash equivalents   134,510     158,624  
Restricted cash   590     538  
Accounts receivable (net of allowance for doubtful accounts of $1,516 and $794 at June 30, 2016 and December 31, 2015, respectively)   221,295     210,853  
Costs and recognized earnings in excess of billings on uncompleted contracts   29,957     39,310  
Inventory   11,116     12,120  
Recoverable from reinsurers   526,158     522,562  
Accrued investment income   15,079     15,300  
Deferred tax asset   41,062     52,511  
Property, plant and equipment, net   243,497     214,466  
Goodwill   83,931     61,178  
Intangibles, net   36,909     29,409  
Other assets   38,801     65,206  
Assets held for sale   1,116     6,065  
Total assets   $ 2,845,325     $ 2,742,512  
Liabilities, temporary equity and stockholders' equity        
Life, accident and health reserves   $ 1,625,560     $ 1,591,937  
Annuity reserves   256,014     260,853  
Value of business acquired   49,699     50,761  
Accounts payable and other current liabilities   212,438     225,389  
Billings in excess of costs and recognized earnings on uncompleted contracts   43,098     21,201  
Deferred tax liability   11,514     4,281  
Long-term obligations   394,489     371,876  
Pension liability   21,419     25,156  
Other liabilities   9,896     17,793  
Total liabilities   2,624,127     2,569,247  
Commitments and contingencies        
Temporary equity:        
Preferred stock, $.001 par value - 20,000,000 shares authorized; Series A - 28,308 and 29,172 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively; Series A-1 - 10,000 shares issued and outstanding at June 30, 2016 and December 31, 2015; Series A-2 - 14,000 shares issued and outstanding at June 30, 2016 and December 31, 2015   51,854     52,619  
Redeemable noncontrolling interest   2,811     3,122  
Total temporary equity   54,665     55,741  
Stockholders' equity:        
Common stock, $.001 par value - 80,000,000 shares authorized; 35,605,957 and 35,281,375 shares issued and 35,574,331 and 35,249,749 shares outstanding at June 30, 2016 and December 31, 2015, respectively   36     35  
Additional paid-in capital   218,478     209,477  
Accumulated deficit   (108,256 )   (79,729 )
Treasury stock, at cost   (378 )   (378 )
Accumulated other comprehensive gain (loss)   27,577     (35,375 )
Total HC2 Holdings, Inc. stockholders' equity before noncontrolling interest   137,457     94,030  
Noncontrolling interest   29,076     23,494  
Total stockholders' equity   166,533     117,524  
Total liabilities, temporary equity and stockholders' equity   $ 2,845,325     $ 2,742,512  


 
HC2 HOLDINGS, INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(in thousands)
(Unaudited)
 
    Three Months Ended June 30, 2016
    Core Operating Early Stage & Other Non-
 operating
Corporate
HC2**
    Manufacturing   Marine
Services
  Telecom   Utilities   Total Core
Operating
 Life
Sciences
  Other and
Eliminations
Net income (loss)   $ 9,364     $ 6,002     $ 1,009     $ 68     $ 16,443   $ (2,004 )   $ (2,608 ) $ (7,603 ) $ 4,228  
Adjustments to reconcile net income (loss) to Adjusted EBITDA:                              
Depreciation and amortization   303     5,725     140     468     6,636   36     336     7,008  
Depreciation and amortization (included in cost of revenue)*   (206 )               (206 )         (206 )
(Gain) loss on sale or disposal of assets   (1,845 )   7             (1,838 )     1     (1,837 )
Lease termination costs           338         338           338  
Interest expense   303     1,285         14     1,602       1   8,966   10,569  
Other (income) expense, net   (32 )   211     29     (344 )   (136 )     (10 ) 465   319  
Foreign currency (gain) loss (included in cost of revenue)       (1,540 )           (1,540 )         (1,540 )
Income tax (benefit) expense   4,524     (212 )           4,312       1   (9,404 ) (5,091 )
Noncontrolling interest   768     200         244     1,212   (812 )   (1,044 )   (644 )
Share-based payment expense       152         90     242   34     40   1,359   1,675  
Acquisition and nonrecurring items           18         18         313   331  
Adjusted EBITDA   $ 13,179     $ 11,830     $ 1,534     $ 540     $ 27,083   $ (2,746 )   $ (3,283 ) $ (5,904 ) $ 15,150  


     
    Three Months Ended June 30, 2015
    Core Operating Early Stage & Other Non-
operating
Corporate
HC2**
    Manufacturing   Marine
Services
  Telecom   Utilities   Total Core
Operating
Life
Sciences
  Other and
Eliminations
Net income (loss)   $ 5,878     $ 9,398     $ 587     $ (134 )   $ 15,729   $ (1,383 )   $ (2,232 ) $ (22,885 ) $ (10,771 )
Adjustments to reconcile net income (loss) to Adjusted EBITDA:                              
Depreciation and amortization   499     4,324     98     397     5,318   1     159     5,478  
Depreciation and amortization (included in cost of revenue)   1,932                 1,932           1,932  
Loss on sale or disposal of assets   498                 498           498  
Interest expense   366     963         11     1,340       1   8,784   10,125  
Other (income) expense, net   (6 )   (1,388 )   (469 )   (7 )   (1,870 )     (1,128 ) 5,342   2,344  
Foreign currency (gain) loss (included in cost of revenue)       2,758             2,758           2,758  
Income tax (benefit) expense   4,335     38             4,373   (9 )   (1,571 ) (115 ) 2,678  
Loss from discontinued operations   11                 11           11  
Noncontrolling interest   499     310         (129 )   680   (475 )   (1 )   204  
Share-based payment expense               2     2       (2 ) 2,364   2,364  
Acquisition and nonrecurring items                           1,969   1,969  
Adjusted EBITDA   $ 14,012     $ 16,403     $ 216     $ 140     $ 30,771   $ (1,866 )   $ (4,774 ) $ (4,541 ) $ 19,590  
 

(*) Includes depreciation adjustments from purchase accounting as fully described previously within the Second Quarter Financial Highlights.
(**) Excludes net loss from Insurance segment in the amount of $2.3 million and $0.1 million for the three months ended June 30, 2016 and 2015, respectively.

     
    Three Months Ended March 31, 2016
    Core Operating Early Stage & Other Non-
operating
Corporate
HC2**
    Manufacturing   Marine
Services
  Telecom   Utilities   Total Core
Operating
Life
Sciences
  Other and
Eliminations
Net income (loss)   $ 4,384     $ (5,918 )   $ 1,202     $ (27 )   $ (359 ) $ 1,298     $ (10,494 ) $ (13,409 ) $ (22,966 )
Adjustments to reconcile net income (loss) to Adjusted EBITDA:                              
Depreciation and amortization   529     4,797     106     429     5,861   19     336     6,216  
Depreciation and amortization (included in cost of revenue)   1,933                 1,933           1,933  
(Gain) loss on sale or disposal of assets   904     (17 )           887           887  
Interest expense   310     1,070         9     1,389         8,937   10,326  
Other (income) expense, net   (44 )   612     (1,025 )   (31 )   (488 ) (3,221 )   6,006   (1,611 ) 687  
Foreign currency (gain) loss (included in cost of revenue)       (147 )           (147 )         (147 )
Income tax (benefit) expense   3,445     (640 )           2,805         (4,226 ) (1,422 )
Noncontrolling interest   61     (155 )       (22 )   (116 ) (720 )   (44 )   (880 )
Share-based payment expense       609         14     623   22     159   2,386   3,191  
Acquisition and nonrecurring items       266         27     293         2,201   2,494  
Adjusted EBITDA   $ 11,522     $ 477     $ 283     $ 399     $ 12,681   $ (2,602 )   $ (4,037 ) $ (5,722 ) $ 319  
 

(**) Excludes net loss from Insurance segment in the amount of $7.5 million for the three months ended March 31, 2016.

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HC2 Holdings, Inc. Sets Second Quarter 2016 Earnings Release Date and Webcast Posted 7/25/2016 4:16:00 PM

NEW YORK, July 25, 2016 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (NYSE:HCHC) ("HC2" or the "Company") announced today that it will release its financial results for the second quarter 2016 on Tuesday, August 9, 2016 after the market closes.

The company will host an earnings conference call reviewing these results and its operations the same day, beginning at 5:30 p.m. ET. Participating on the call will be Philip Falcone, the Company's Chairman, President and CEO, Michael Sena, Chief Financial Officer, Keith Hladek, Chief Operating Officer and Andrew G. Backman, Managing Director of Investor Relations and Public Relations.

Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through HC2's website, www.hc2.com in the "Investor Relations" section. To listen to the live call, please go to the "Investor Relations" section of the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the HC2 website.

Conference Call Details

Live Call
Dial-In (Toll Free): 1-866-395-3893
International Dial-In: 1-678-509-7540
Participant Entry Number: 49610865

Conference Replay*
Domestic Dial-In (Toll Free): 1-855-859-2056
International Dial-In: 1-404-537-3406
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About HC2

HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across seven reportable segments, including Manufacturing, Marine Services, Utilities, Telecommunications, Life Sciences, Insurance and Other. HC2's largest operating subsidiaries include Schuff International, Inc., a leading structural steel fabricator and erector in the United States, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in Herndon, Virginia.

Cautionary Statement Regarding Forward-Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. The forward-looking statements in this press release include without limitation statements regarding our expectation regarding building shareholder value. Such statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Such important factors include, without limitation, issues related to the restatement of our financial statements; the fact that we have historically identified material weaknesses in our internal control over financial reporting, and any inability to remediate future material weaknesses; capital market conditions; the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions; volatility in the trading price of HC2 common stock; the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities; our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries of HC2. These risks and other important factors discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For information on HC2 Holdings, Inc., please contact: Andrew G. Backman Managing Director – Investor Relations & Public Relations abackman@hc2.com 212-339-5836

HC2 Holdings, Inc.


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