DBM Global Inc., a HC2 Portfolio Company, to Pay Cash Dividend
November 08 2019 - 4:09PM
HC2 Holdings, Inc. (NYSE:HCHC), a diversified holding company,
announced today that its operating subsidiary DBM Global Inc.
(OTC:DBMG), a family of companies providing fully integrated steel
construction services, will pay a cash dividend of approximately
$13.2 million, or $3.42 per share, on November 27, 2019 to DBM
Global Inc. stockholders of record at the close of business on
November 20, 2019. As the largest stockholder of DBM Global
Inc., HC2 expects to receive approximately $12.2 million of the
total $13.2 million dividend payout.
The DBM Global Inc. dividend is one of a set of
planned distributions, fees and reimbursements HC2 anticipates
receiving from its operating subsidiaries in November.
About HC2
HC2 Holdings, Inc. is a publicly traded
(NYSE:HCHC) diversified holding company, which seeks opportunities
to acquire and grow businesses that can generate long-term
sustainable free cash flow and attractive returns in order to
maximize value for all stakeholders. HC2 has a diverse array
of operating subsidiaries across eight reportable segments,
including Construction, Marine Services, Energy,
Telecommunications, Life Sciences, Broadcasting, Insurance and
Other. HC2’s largest operating subsidiaries include DBM
Global Inc., a family of companies providing fully integrated
structural and steel construction services, and Global Marine
Systems Limited, a leading provider of engineering and underwater
services on submarine cables. Founded in 1994, HC2 is headquartered
in New York, New York. Learn more about HC2 and its portfolio
companies at www.hc2.com.
About DBM Global
DBM Global Inc. is a fully integrated 3D
Building Information Modeling (“BIM”) modeler, detailer,
fabricator, and erector of structural steel and heavy steel plate.
DBMG models, details, fabricates and erects structural steel for
commercial and industrial and infrastructure construction projects
such as high-and low-risk buildings and office complexes, hotels
and casinos, convention centers, sports arenas and stadiums,
shopping malls, hospitals, dams, bridges, mines and power
plants. DBMG also fabricates trusses and girders and
specializes in the fabrication and erection of large-diameter water
pipe and water storage tanks. Through its Aitken business
(“Aitken”), DBMG manufactures pollution control scrubbers, tunnel
liners, pressure vessels, strainers, filters, separators and a
variety of customized products. Through its most recent
acquisition, GrayWolf Industrial (“GrayWolf”), DBMG also provides
specialty maintenance, repair, and installation services to a
diverse set of end markets, including power, petrochemical, pulp
& paper, and refinery. Headquartered in Phoenix, Arizona,
DBMG has operations in Arizona, California, Georgia, Kansas,
Kentucky, Texas, and Utah with construction projects primarily
located in the aforementioned states.
Cautionary Statement Regarding Forward-Looking
Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains, and certain oral statements made by our representatives
from time to time may contain, forward-looking statements.
Generally, forward-looking statements include information
describing actions, events, results, strategies and expectations
and are generally identifiable by use of the words “believes,”
“expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,”
“projects,” “may,” “will,” “could,” “might,” or “continues” or
similar expressions. The forward-looking statements in this press
release include, without limitation, our 2019 guidance for the
Construction and Marine Services segments and statements regarding
our expectations regarding building shareholder value and future
cash flow and invested assets. Such statements are based on
the beliefs and assumptions of HC2's management and the management
of HC2's subsidiaries and portfolio companies. The Company believes
these judgments are reasonable, but you should understand that
these statements are not guarantees of performance or results, and
the Company’s actual results could differ materially from those
expressed or implied in the forward-looking statements due to a
variety of important factors, both positive and negative, that may
be revised or supplemented in subsequent statements and reports
filed with the Securities and Exchange Commission (“SEC”),
including in our reports on Forms 10-K, 10-Q, and 8-K. Such
important factors include, without limitation, issues related to
the restatement of our financial statements; the fact that we have
historically identified material weaknesses in our internal control
over financial reporting, and any inability to remediate future
material weaknesses; capital market conditions, including the
ability of HC2 and HC2's subsidiaries to raise capital; the ability
of HC2's subsidiaries and portfolio companies to generate
sufficient net income and cash flows to make upstream cash
distributions; volatility in the trading price of HC2 common stock;
the ability of HC2 and its subsidiaries and portfolio companies to
identify any suitable future acquisition or disposition
opportunities; our ability to realize efficiencies, cost savings,
income and margin improvements, growth, economies of scale and
other anticipated benefits of strategic transactions; difficulties
related to the integration of financial reporting of acquired or
target businesses; difficulties completing pending and future
acquisitions and dispositions; effects of litigation,
indemnification claims, and other contingent liabilities; changes
in regulations and tax laws; and risks that may affect the
performance of the operating subsidiaries and portfolio companies
of HC2. Although HC2 believes its expectations and
assumptions regarding its future operating performance are
reasonable, there can be no assurance that the expectations
reflected herein will be achieved. These risks and other
important factors discussed under the caption “Risk Factors” in our
most recent Annual Report on Form 10-K filed with the SEC, and our
other reports filed with the SEC could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release.
You should not place undue reliance on
forward-looking statements. All forward-looking statements
attributable to HC2 or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and unless
legally required, HC2 undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Investor RelationsICRGarrett
Edsonir@hc2.com(212) 235-2691
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