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Star Equity Holdings, Inc. is a diversified holding company focused on enhancing stockholder value through operational excellence, strategic proficiency, and efficient capital allocation. The company operates through two primary segments: construction and investments.
Under the construction segment, Star Equity Holdings Inc engages in manufacturing modular housing units for commercial and residential uses. This segment comprises modular building manufacturing, structural wall panel and wood foundation manufacturing, and building supply retail operations.
On the other hand, the investments segment oversees the company's corporate-owned real estate assets, including manufacturing facilities in Maine that are leased back to KBS and other businesses. Star Equity Holdings Inc primarily generates revenue from its construction activities.
Additionally, the company's investment division manages real estate assets and investment positions in both private and public companies, contributing to its diversified portfolio.
Star Equity Holdings reported significant Q2 2021 financial results, with total revenues from continuing operations soaring 77.8% to $25.8 million, driven by 57.0% growth in Healthcare and 117.2% in Construction. Despite this revenue growth, gross profit fell to $1.5 million, and the net loss grew to $1.8 million (or $0.36 per share). Cash and cash equivalents decreased to $6.3 million. The company reduced net debt to $6.8 million, enhancing liquidity for future growth and acquisitions.
Star Equity Holdings (Nasdaq: STRR; STRRP) announced the appointment of John W. Gildea to its Board of Directors, expanding the board to six members. Gildea, a seasoned investor with over 30 years of experience, will also serve on the Audit Committee. He is the founding partner of Gildea Management Co., which focuses on special situation investments. Previously, Gildea managed significant joint ventures and served on various corporate boards. His inclusion is expected to enhance the Company's growth strategy, according to Executive Chairman Jeff Eberwein.
Star Equity Holdings (Nasdaq: STRR; STRRP) will release its Q2 financial results on August 10, 2021, prior to market opening. A conference call is set for 10:00 a.m. ET to discuss the outcomes and management's future outlook. The Company operates in three sectors: Healthcare, Construction, and Investments, focusing on diagnostic medical imaging, modular housing, and real estate management. Shareholders should tune in to gain insights into financial performance and strategic direction.
Star Equity Holdings (Nasdaq: STRR; STRRP) announced its participation in the Access to Giving Virtual Conference on July 15, 2021, with a presentation scheduled for 3:30 pm ET. The event will allow investors to access the presentation live online. Additionally, Star Equity's management will engage with investors throughout the day, enhancing investor interaction.
Star Equity operates three business divisions: Healthcare, Construction, and Investments, focusing on diverse operations including diagnostic imaging products and modular housing manufacturing.
Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) has adopted a Rights Agreement effective immediately, aiming to protect its significant net operating loss carryforwards (NOLs) of approximately $94.9 million as of December 31, 2020. This agreement, subject to stockholder approval at the 2021 annual meeting, prevents ownership changes that could limit tax benefits under Section 382 of the Internal Revenue Code. A dividend of one right to purchase preferred stock will be issued to stockholders of record as of June 14, 2021. The agreement is effective until June 2, 2024.
Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) announced a dividend of $0.25 per share for its 10% Series A Cumulative Perpetual Preferred Stock. The record date for this dividend is June 1, 2021, with payment scheduled for June 11, 2021. This decision reflects the Company's commitment to returning value to its shareholders while managing its diverse operations across Healthcare, Construction, and Investments. The Company emphasizes its focus on growth despite the inherent risks associated with its significant debt obligations.
Star Equity Holdings (Nasdaq: STRR; STRRP) will present at the Sidoti Virtual Microcap Conference on May 20, 2021, at 11:30 am ET. The event will be hosted in Virtual Estate Room #1, with live streaming available through a provided link. Star Equity is a diversified holding company with three primary divisions: Healthcare, Construction, and Investments. Investors can download a PDF version of the presentation from the company's investor relations section on their website.
Star Equity Holdings (Nasdaq: STRR; STRRP) reported a Q1 2021 net loss of $0.6 million or $0.12 per share, improving from a loss of $2.4 million in Q1 2020. Total revenues rose 16.5% to $22.4 million primarily driven by a 65% revenue increase in the Construction division. However, gross profit decreased to $3.1 million, with Healthcare revenues dropping 2.7%. Significant asset sales bolstered the company’s balance sheet, reducing net debt to $3.5 million.
Star Equity Holdings (Nasdaq: STRR; STRRP) will release its first quarter financial results for 2021 before the market opens on May 14, 2021. A conference call at 10:00 a.m. ET will follow to discuss these results and management’s outlook. Investors can access the call via phone or through a live webcast on the Star Equity website. Star Equity operates in three business divisions: Healthcare, Construction, and Investments, focusing on diagnostic imaging, modular construction, and real estate asset management.
Star Equity Holdings (Nasdaq: STRR; STRRP) has completed the sale of DMS Health Technologies for $18.75 million in cash, enhancing its balance sheet. The divestiture, along with a previous asset sale for $1.4 million, allows the company to focus on lower capex and higher margin segments within its Healthcare division. CEO Matt Molchan stated the sales team aims to expand its client base for Digirad branded imaging products. This strategic move positions Star Equity for future acquisitions and investments in high-return sectors.
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