Steel Connect, Inc. - STCN STOCK NEWS

Steel Connect (NASDAQ: STCN) reported a 27.6% year-over-year decline in net revenue to $156.0 million for Q2 2021, down from $215.5 million. The net loss was $2.2 million, compared to a loss of $3.6 million in Q2 2020. Adjusted EBITDA decreased by 5.9% to $21.2 million. The company continues to face challenges due to COVID-19, affecting both revenue and operational costs. As of January 31, 2021, cash and cash equivalents stood at $87.6 million, with $376.9 million in total debt.

Steel Connect Inc. (NASDAQ: STCN) released a heartfelt letter from Executive Chairman Warren Lichtenstein honoring the late Tommy Lasorda. Lichtenstein reflects on their friendship, Lasorda's legendary baseball career, and his impact as a mentor. Lasorda's values, including self-belief, respect, and perseverance, are highlighted as essential to his legacy. Steel Sports, inspired by Lasorda, aims to instill these qualities in youth. The letter emphasizes Lasorda's patriotism, connection with fans, and his influence on many lives, ensuring that his spirit and teachings will endure.

Steel Connect, Inc. (NASDAQ: STCN) announced that its Special Committee of independent directors has engaged Houlihan Lokey as financial advisor and Dentons US LLP as legal counsel to evaluate a non-binding Expression of Interest from Steel Partners Holdings L.P. The interest involves purchasing all outstanding shares of Steel Connect not already owned by Steel Holdings. The Board emphasizes no final decision has been made, and the proposal could be withdrawn at any time. No further updates will be disclosed until a definitive agreement is reached or the transaction is halted.

Steel Connect, Inc. (Nasdaq: STCN) announced an amendment to its tax benefits preservation plan, extending its term to January 8, 2024. This plan aims to protect the company’s significant net operating loss carryforwards from being limited by an "ownership change" as defined under Section 382 of the Internal Revenue Code. If a stockholder exceeds a 4.99% ownership threshold, existing stockholders can purchase additional shares at a discount, potentially causing dilution. The amendment does not include other changes, and further details were outlined in a prior SEC report.

Steel Connect, Inc. (NASDAQ: STCN) reported Q1 financial results for the period ending October 31, 2020, showing a net revenue of $169.93 million, a 24.5% decline from $225.15 million in 2019. The company experienced a net loss of $3.55 million compared to a profit of $4.79 million a year prior. Despite restructuring costs and pandemic impacts, Adjusted EBITDA decreased only slightly to $22.54 million. The company is focused on cost controls and cash management, holding cash and equivalents of $104.5 million as of October 31, 2020, and pursuing a potential acquisition by Steel Partners Holdings.

IWCO Direct announced the appointment of Mike Parker as Chief Marketing & Solutions Officer on December 10, 2020. With over 20 years in omnichannel marketing, Parker is expected to drive business growth and innovation. Previously, he led the global digital agency iCrossing and served as Global Chief Digital Officer at McCann WorldGroup. His client-focused approach emphasizes data-driven targeting and creativity. IWCO Direct is a leader in direct marketing solutions, offering comprehensive services for omnichannel campaigns and possessing ISO/IEC 27001 certification for data security.

Steel Connect, Inc. (NASDAQ: STCN) has appointed Renata Simril to its Board of Directors effective October 23, 2020. Simril, who is the President and CEO of the LA84 Foundation, brings over 25 years of experience in economic development, municipal finance, and real estate. Her background includes significant roles in the Los Angeles Times and the Los Angeles Dodgers. The company aims to leverage her expertise to enhance corporate governance and drive long-term profitability for stakeholders.

Steel Connect, Inc. (STCN) reported its Q4 and fiscal year 2020 financial results, showing a 19.4% decline in quarterly revenue to $164.9 million and a 4.5% decrease in annual revenue totaling $782.8 million. Despite these revenue drops, the company reduced its net loss to $5.3 million from $66.7 million year-over-year. Adjusted EBITDA increased by 32.8% to $86.9 million, reflecting improved margins and cost management. As of July 31, 2020, cash and cash equivalents stood at $75.9 million.

IWCO Direct has announced the appointment of Stephen Flood as executive vice president of sales and Sherri Bonacci as senior vice president of supply chain and competitive improvement planning. Flood, with over 20 years of experience, aims to enhance market share and drive sales, while Bonacci will focus on cost improvement initiatives. CEO John Ashe expressed confidence in their abilities to achieve growth and client satisfaction goals. The company continues to provide data-driven direct marketing solutions, underscoring its commitment to strengthening its market position.