Standard Diversified Inc. (the “Company”) (NYSE American: SDI)
today announced its financial results for the second quarter and
six months ended June 30, 2019. In addition to its Quarterly Report
on Form 10-Q filed with the Securities and Exchange Commission, the
Company will also make available an updated Investor Presentation
on its corporate website at www.standarddiversified.com.
2019 Second Quarter
Highlights
- Total revenues increased 14.0% to $101.8 million as a result of
strong growth at Turning Point Brands, Inc. (NYSE: TPB).
- Net income attributable to SDI was $1.0 million or $0.05 per
diluted share.
2019 First Half
Highlights
- Total revenues increased 17.8% to $201.8 million as a result of
strong growth at Turning Point Brands, Inc.
- Net loss attributable to SDI was $(2.6) million or $(0.16) per
diluted share.
About Standard Diversified
Inc.
Standard Diversified Inc. is a holding company that owns and
operates subsidiaries in a variety of industries, including
insurance, other tobacco products and outdoor advertising. For more
information about the Company, please visit the Company’s website
at www.standarddiversified.com.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, are forward-looking
statements. These forward-looking statements address, among other
things activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future. These
forward-looking statements are subject to a number of risks that
could cause actual results to differ materially from those
contained in the forward-looking statements, including those risks
described in Part I, Item 1A of the Company’s Annual Report on Form
10-K for the year ended December 31, 2018. Except as required by
law, the Company assumes no obligation to update publicly any such
forward-looking statements.
Standard Diversified Inc. and
Subsidiaries
Consolidated Statements of
Income (Loss)
(dollars in thousands except
share and per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2019
2018
2019
2018
Revenues: Net sales
$
94,053
$
81,773
$
186,362
$
156,121
Insurance premiums earned
7,158
7,134
14,307
14,451
Net investment income
222
176
557
370
Other income
331
187
550
394
Total revenues
101,764
89,270
201,776
171,336
Operating costs and expenses: Cost of sales
52,803
45,950
104,580
88,406
Selling, general and administrative expenses
22,438
22,275
53,178
45,745
Incurred losses and loss adjustment expenses
9,152
5,405
15,716
11,217
Impairment loss on goodwill and other intangible assets
-
-
2,826
-
Other operating expenses
2,529
1,541
5,245
2,830
Total operating costs and expenses
86,922
75,171
181,545
148,198
Operating income
14,842
14,099
20,231
23,138
Interest expense, net
4,358
4,110
8,849
8,106
Interest and investment income
(176)
(270)
(338)
(377)
Loss on extinguishment of debt
150
-
150
2,384
Net periodic benefit (income) expense, excluding service cost
(11)
264
(22)
221
Income before income taxes
10,521
9,995
11,592
12,804
Income tax expense
2,979
1,908
4,333
2,717
Net income
7,542
8,087
7,259
10,087
Net income attributable to noncontrolling interests
(6,580)
(4,559)
(9,840)
(6,038)
Net income (loss) attributable to Standard Diversified Inc.
$
962
$
3,528
$
(2,581)
$
4,049
Net income (loss) attributable to SDI per Class A and
Class B Common Share – Basic
$
0.06
$
0.21
$
(0.15)
$
0.24
Net income (loss) attributable to SDI per Class A and Class B
Common Share – Diluted
$
0.05
$
0.20
$
(0.16)
$
0.23
Weighted Average Class A and Class B Common Shares Outstanding –
Basic
16,819,824
16,609,828
16,839,456
16,795,815
Weighted Average Class A and Class B Common Shares Outstanding –
Diluted
16,862,337
16,610,654
16,839,456
16,829,326
Standard Diversified Inc. and
Subsidiaries
Consolidated Balance
Sheets
(dollars in thousands except
share and per share data)
June 30, December 31,
2019
2018
(Unaudited) ASSETS Cash and cash equivalents
$
16,357
$
21,201
Fixed maturities available for sale, at fair value; amortized cost
of $25,173 in 2019 and $32,474 in 2018
25,514
32,132
Equity securities, at fair value; cost: $1,099 in 2019 and $794 in
2018
1,050
693
Trade accounts receivable, net of allowances of $49 in 2019 and $42
in 2018
6,604
2,901
Premiums receivable
5,303
5,858
Inventories
94,583
91,237
Other current assets
18,694
15,045
Property, plant and equipment, net
28,586
27,741
Right of use assets
13,802
-
Deferred financing costs, net
797
870
Intangible assets, net
33,608
38,325
Deferred policy acquisition costs
2,135
2,279
Goodwill
147,846
146,696
Master Settlement Agreement (MSA) escrow deposits
31,724
30,550
Other assets
6,049
6,415
Total assets
$
432,652
$
421,943
LIABILITIES AND EQUITY Reserves for losses and loss
adjustment expenses
$
28,911
$
27,330
Unearned premiums
11,861
12,707
Advance premiums collected
331
500
Accounts payable
21,132
9,225
Accrued liabilities
21,223
23,883
Current portion of long-term debt
14,696
9,431
Revolving credit facility
15,000
26,000
Notes payable and long-term debt
194,327
208,616
Lease liabilities
12,221
-
Deferred income taxes
1,949
2,711
Postretirement benefits
3,096
3,096
Asset retirement obligations
2,100
2,028
Other long-term liabilities
3,193
1,687
Total liabilities
330,040
327,214
Commitments and contingencies Equity: Preferred
stock, $0.01 par value; authorized shares 50,000,000; -0- issued
and outstanding shares
-
-
Class A common stock, $0.01 par value; authorized shares,
300,000,000; 9,086,776 issued and outstanding at June 30, 2019 and
9,156,293 issued and 9,052,801 outstanding at December 31, 2018
91
92
Class B common stock, $0.01 par value; authorized shares,
30,000,000; 7,750,528 and 7,801,995 issued and outstanding at June
30, 2019 and December 31, 2018, respectively; convertible into
Class A shares on a one-for-one basis
78
78
Additional paid-in capital
79,958
81,260
Class A treasury stock, 103,492 common shares at cost as of
December 31, 2018
-
(1,440)
Accumulated other comprehensive loss
(1,252)
(1,683)
Accumulated deficit
(27,194)
(24,613)
Total stockholders' equity
51,681
53,694
Noncontrolling interests
50,931
41,035
Total equity
102,612
94,729
Total liabilities and equity
$
432,652
$
421,943
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190808005092/en/
Adam Prior The Equity Group Inc. Phone: (212) 836-9606
aprior@equityny.com
Standard Diversified (AMEX:SDI)
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