NEW YORK, Nov. 05, 2015 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. ("HC2" or the "Company") (NYSE:HCHC) today announced that it expects to receive an $8.2 million dividend from its subsidiary, Schuff International, Inc. (“Schuff”), on December 1, 2015. Including the expected dividend, HC2 will have received $16.4 million in total dividends from Schuff, as of December 1, 2015.
On November 4, 2015, Schuff announced it will pay a dividend of $2.34 per share on December 1, 2015 to stockholders of record at the close of business on November 16, 2015.
Cautionary Statement Regarding Forward-Looking Statements
Any statements made in this press release that are not statements of historical fact, including statements about the Company’s beliefs and expectations and our anticipated receipt of an $8.2 million dividend from Schuff on December 1, 2015, are forward-looking statements within the meaning of the federal securities laws and should be evaluated as such. In accordance with the 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. These statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of events, performance or results, and actual events or results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Important factors that could cause actual results, events and developments to differ include, without limitation, the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions, and the risk that Schuff may not pay a dividend in the amount or at the time the Company expects, or at all. Additional information concerning this and other risks and uncertainties can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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 HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Schuff International, Inc.
Founded in 1976, Schuff International, Inc. and its family of steel companies is a leading steel fabrication and erection company in the United States. The Company offers integrated steel construction services from a single source. Professional services include design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, project management, and single-source steel management systems. Major market segments include industrial, public works, bridges, healthcare, gaming and hospitality, convention centers, stadiums, mixed-use and retail, transportation, and international projects.
Schuff, which is headquartered in Phoenix, Arizona, has operations in Arizona, Georgia, Texas, Kansas and California, with its construction projects primarily located in the aforementioned states. In addition, Schuff has construction projects in select international markets, primarily Panama through a Panamanian joint venture with Empresas Hopsa, S.A. that provides steel fabrication services.
For more information, visit www.schuff.com.
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 six reportable segments, including Manufacturing, Marine Services, Utilities, Telecommunications, Life Sciences and Other. Currently, HC2’s largest operating subsidiaries are Schuff International, Inc., a leading structural steel fabricator and erector in the United States, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in Herndon, Virginia.