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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Standard Diversified Inc | AMEX:SDI | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.00 | 0 | 00:00:00 |
From Dec 2019 to Dec 2024
Standard Diversified Inc. (“the “Company”) (NYSE American: SDI) today announced its financial results for the third quarter ended September 30, 2018. 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.
2018 Third Quarter Highlights
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, 2017, as filed with the Securities and Exchange Commission, as well as the Company’s subsequent Quarterly Reports on Form 10-Q. 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(dollars in thousands except share data)
Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues: Net sales $ 84,035 $ 73,352 $ 240,156 $ 212,226 Insurance premiums earned 7,088 - 21,539 - Net investment income 309 - 679 - Other income 163 - 557 - Total revenues 91,595 73,352 262,931 212,226 Operating costs and expenses: Cost of sales 47,742 40,386 136,147 119,522 Selling, general and administrative expenses 24,492 19,606 70,237 55,355 Incurred losses and loss adjustment expenses 5,790 - 17,007 - Other operating expenses 2,682 - 5,512 - Total operating costs and expenses 80,706 59,992 228,903 174,877 Operating income 10,889 13,360 34,028 37,349 Interest expense 4,450 4,023 12,556 13,002 Interest and investment income (243 ) (157 ) (620 ) (369 ) Loss on extinguishment of debt - - 2,384 6,116 Net periodic benefit (income) expense, excluding service cost (45 ) 58 176 174 Income before income taxes 6,727 9,436 19,532 18,426 Income tax expense 1,436 3,110 4,153 3,850 Net income 5,291 6,326 15,379 14,576 Net income attributable to noncontrolling interests 3,924 3,576 9,962 5,046Net income attributable to Standard Diversified Inc.
$ 1,367 $ 2,750 $ 5,417 $ 9,530 Net income attributable to SDI per Class A and Class B Common Share – Basic $ 0.08 $ 0.17 $ 0.33 $ 0.42 Net income attributable to SDI per Class A and Class B Common Share – Diluted $ 0.08 $ 0.16 $ 0.31 $ 0.41 Weighted Average Class A and Class B Common Shares Outstanding – Basic 16,677,412 16,399,796 16,618,82322,853,762
Weighted Average Class A and Class B Common Shares Outstanding – Diluted 16,741,660 16,410,672 16,661,809 22,880,941 Standard Diversified Inc. and Subsidiaries Consolidated Balance Sheets(dollars in thousands except share data)
September December 31, 2018 2017 ASSETS Cash and cash equivalents $ 18,520 $ 18,219 Fixed maturities available for sale, at fair value; amortized cost $34,492 in 2018 33,908 - Equity securities, at fair value; cost: $753 in 2018 804 - Trade accounts receivable, net of allowances of $44 in 2018 and $17 in 2017 6,808 3,249 Premiums receivable 6,245 - Inventories 89,433 63,296 Other current assets 14,998 10,851 Property, plant and equipment, net 28,068 9,172 Deferred income taxes - 450 Deferred financing costs, net 922 630 Intangible assets, net 38,206 26,436 Deferred policy acquisition costs 2,384 - Goodwill 147,464 134,620 Master Settlement Agreement (MSA) escrow deposits 29,926 30,826 Pension asset - 396 Other assets 2,877 569 Total assets $ 420,563 $ 298,714 LIABILITIES AND EQUITY Reserves for losses and loss adjustment expenses $ 24,741 $ - Unearned premiums 13,160 - Advance premiums collected 519 - Accounts payable 9,943 3,686 Accrued liabilities 18,336 20,014 Current portion of long-term debt 9,299 7,850 Revolving credit facility 30,000 8,000 Notes payable and long-term debt 210,427 186,190 Deferred income taxes 2,598 - Postretirement benefits 3,916 3,962 Asset retirement obligations 2,028 - Other long-term liabilities 1,959 571 Total liabilities 326,926 230,273 Commitments and contingencies Equity:Preferred stock, $0.01 par value; authorized shares 50,000,000; -0- issued andoutstanding shares
- -Class A common stock, $0.01 par value; authorized shares, 300,000,000; 9,031,641and 8,348,373 issued and outstanding shares at September 30, 2018 and December31, 2017, respectively
90 83Class B common stock, $0.01 par value; authorized shares, 30,000,000; 7,818,645and 8,041,525 issued and outstanding shares at September 30, 2018 and December31, 2017, respectively; convertible into Class A shares on a one-for-one basis
78 81 Additional paid-in capital 79,338 70,813 Accumulated other comprehensive loss (2,503 ) (1,558 ) Accumulated deficit (21,577 ) (26,982 ) Total stockholders' equity 55,426 42,437 Noncontrolling interests 38,211 26,004 Total equity 93,637 68,441 Total liabilities and equity $ 420,563 $ 298,714
View source version on businesswire.com: https://www.businesswire.com/news/home/20181109005125/en/
The Equity Group Inc.Adam Prior, 212-836-9606aprior@equityny.com
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