11.03.2019 22:31:00

Standard Diversified Inc. Reports Financial Results for Its Fourth Quarter and Year Ended December 31, 2018

Standard Diversified Inc. (the "Company”) (NYSE American: SDI) today announced its financial results for the fourth quarter and year ended December 31, 2018. In addition to its Annual Report on Form 10-K 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 Fourth Quarter Highlights

  • Total revenues increased 39.8% to $102.9 million as a result of strong growth at Turning Point Brands, Inc. (NYSE: TPB) and the addition of $7.1 million of earned insurance premiums from Maidstone Insurance Company, which the Company acquired on January 2, 2018
  • Net loss attributable to SDI was $3.0 million or $(0.18) per diluted share

2018 Annual Highlights

  • Total revenues increased 28.0% to $365.8 million as a result of strong growth at Turning Point Brands, Inc. (NYSE: TPB) and the addition of $28.6 million of earned insurance premiums from Maidstone Insurance Company, which the Company acquired on January 2, 2018
  • Net income attributable to SDI was $2.4 million, or $0.13 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

(dollars in thousands except share data)

           
Three Months Ended Year Ended
December 31, December 31,
2018 2017 2018 2017
Revenues:
Net sales $ 94,972 $ 73,575 $ 335,128 $ 285,801
Insurance premiums earned 7,109 - 28,648 -
Net investment income 172 - 851 -
Other income   601   -   1,158   -
Total revenues   102,854   73,575   365,785   285,801
 
Operating costs and expenses:
Cost of sales 56,189 41,313 192,336 160,835
Selling, general and administrative expenses 29,242 22,510 99,479 77,865
Incurred losses and loss adjustment expenses 8,214 - 25,221 -
Other operating expenses   3,119   -   8,631   -
Total operating costs and expenses   96,764   63,823   325,667   238,700

Operating income

6,090 9,752 40,118 47,101
 
Interest expense 4,681 3,894 17,237 16,904
Interest and investment income (116) (140) (736) (517)
Loss on extinguishment of debt - - 2,384 6,116
Net periodic benefit (income) expense, excluding service cost   (45)   6   131   180
Income before income taxes 1,570 5,992 21,102 24,418
Income tax expense   2,132   3,430   6,285   7,280
Net income (loss) (562) 2,562 14,817 17,138
Net income attributable to noncontrolling interests   (2,474)   (1,715)   (12,436)   (6,761)
Net income (loss) attributable to Standard Diversified Inc. $ (3,036) $ 847 $ 2,381 $ 10,377
 
 
Net income (loss) attributable to SDI per Class A and Class B Common Share – Basic $ (0.18) $ 0.05 $ 0.14 $ 0.49
Net income (loss) attributable to SDI per Class A and Class B Common Share – Diluted $ (0.18) $ 0.05 $ 0.13 $ 0.48
Weighted Average Class A and Class B Common Shares Outstanding – Basic 16,929,066 16,387,398 16,697,542 21,223,884
Weighted Average Class A and Class B Common Shares Outstanding – Diluted 16,929,066 16,401,604

16,747,585

21,289,466
 
   

Standard Diversified Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands except share data)

 
December 31, December 31,
2018 2017
ASSETS
Cash and cash equivalents $ 21,201 $ 18,219
Fixed maturities available for sale, at fair value; amortized cost $32,474 in 2018 32,132 -
Equity securities, at fair value; cost: $794 in 2018 693 -
Trade accounts receivable, net of allowances of $42 in 2018 and $17 in 2017 2,901 3,249
Premiums receivable 5,858 -
Inventories 91,237 63,296
Other current assets 15,045 10,851
Property, plant and equipment, net 27,741 9,172
Deferred income taxes - 450
Deferred financing costs, net 870 630
Intangible assets, net 38,325 26,436
Deferred policy acquisition costs 2,279 -
Goodwill 146,696 134,620
Master Settlement Agreement (MSA) escrow deposits 30,550 30,826
Other assets   6,415   965
Total assets $ 421,943 $ 298,714
 
LIABILITIES AND EQUITY
Reserves for losses and loss adjustment expenses $ 27,330 $ -
Unearned premiums 12,707 -
Advance premiums collected 500 -
Accounts payable 9,225 3,686
Accrued liabilities 23,883 20,014
Current portion of long-term debt 9,431 7,850
Revolving credit facility 26,000 8,000
Notes payable and long-term debt 208,616 186,190
Deferred income taxes 2,711 -
Postretirement benefits 3,096 3,962
Asset retirement obligations 2,028 -
Other long-term liabilities   1,687   571
Total liabilities   327,214   230,273
 
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; 9,156,293 issued and 9,052,801 outstanding shares at December 31, 2018 and 8,348,373 issued and outstanding at December 31, 2017, respectively

91 83
Class B common stock, $0.01 par value; authorized shares, 30,000,000; 7,801,995 and 8,041,525 issued and outstanding shares at December 31, 2018 and December 31, 2017, respectively; convertible into Class A shares on a one-for-one basis 78 81
Additional paid-in capital 81,261 70,813
Class A Treasury stock, 103,492 and 0 common shares at cost at December 31, 2018 and 2017 (1,440) -
Accumulated other comprehensive loss (1,683) (1,558)
Accumulated deficit (24,613) (26,982)
Total stockholders' equity 53,694 42,437
Noncontrolling interests 41,035 26,004
Total equity 94,729 68,441
Total liabilities and equity $ 421,943 $ 298,714

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