Digirad Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Reaffirms Earnings Guidance for the Year 2016; Provides Effective Tax Rate Guidance for the Year 2017
April 29, 2016 at 06:00 am EDT
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Digirad Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company's total revenues were $31,157,000 compared to $13,839,000 a year ago. Loss from operations was $553,000 compared to income from operations of $165,000 a year ago. Loss before income taxes was $852,000 compared to income before income taxes of $165,000 a year ago. Net income was $11,609,000 compared to $745,000 a year ago. Diluted net income per share was $0.58 compared to $0.04 a year ago. Non-GAAP adjusted net income was $1,303,000 compared to $286,000 a year ago. Non-GAAP adjusted net income per share - diluted was $0.07 compared to $0.02 a year ago. Non-GAAP adjusted EBITDA was $3,656,000 compared to $822,000 a year ago.
The company reaffirms its previously announced fiscal year 2016 financial guidance of revenues between $125 million and $130 million and non-GAAP adjusted EBITDA between $17 million and $18 million. In addition, based on the completion of the underlying transaction accounting, the Company is now providing financial guidance for adjusted diluted earnings per share between $0.30 and $0.35 for fiscal year 2016. It expects effective tax rate for 2016 of around 6%.
For the year 2017, the company, expects effective tax rate to be in the 38% to 40% range.
Star Equity Holdings, Inc. is a diversified holding company. The Company operates through two divisions: Construction and Investments. The Construction division manufactures modular housing units for commercial and residential applications. Its Construction division operates in two businesses: modular building manufacturing, and structural wall panel and wood foundation manufacturing, including building supply retail operations. The modular building manufacturing business services the northeast United States and is operated by KBS Builders, Inc. (KBS) in Maine. The structural wall panel and wood foundation manufacturing business is operated by EdgeBuilder, Inc., and the retail building supplies are sold through Glenbrook Building Supply, Inc. (Glenbrook). Its Investments division holds its corporate-owned real estate, which includes its two manufacturing facilities in Maine that are leased to KBS and one manufacturing facility in Minnesota that is leased to Glenbrook.
Digirad Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Reaffirms Earnings Guidance for the Year 2016; Provides Effective Tax Rate Guidance for the Year 2017