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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Schedule of Preliminary Purchase Price Allocation

The preliminary purchase price allocation is as follows (in thousands):

Cash and cash equivalents		$	(627	)
Investments			1,714
Accounts receivable			130,622
Costs and recognized earnings in excess of billings on uncompleted contracts			27,126
Prepaid expenses and other current assets			3,079
Inventories			14,487
Property and equipment, net			85,662
Goodwill			24,533
Trade names			4,478
Other assets			1,826
Total assets acquired			292,900
Accounts payable			37,621
Accrued payroll and employee benefits			10,468
Accrued expenses and other current liabilities			12,532
Billings in excess of costs and recognized earnings on uncompleted contracts			65,985
Accrued income taxes			1,202
Accrued interest			76
Current portion of long-term debt			15,460
Long-term debt			4,375
Deferred tax liability			7,815
Other liabilities			604
Noncontrolling interest			4,365
Total liabilities assumed			160,503
Enterprise value			132,397
Less fair value of noncontrolling interest			53,647
Purchase price attributable to controlling interest		$	78,750

Schedule of Acquired Amortizable Intangible Assets and Related Estimated Useful Lives

The acquired amortizable intangible assets and the related estimated useful lives consist of the following (in thousands):

		Preliminary Estimated Useful Lives				Preliminary Estimated Value May 29, 2014
Trade names			15 years			$	4,478
Total intangible assets						$	4,478

Schedule of Unaudited Consolidated Pro Forma Results of Operations

The following schedule presents unaudited consolidated pro forma results of operations data as if the Schuff acquisition had occurred on January 1, 2013. This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in thousands, except per share amounts):

		Three Months Ended June 30,
		2014				2013
Net revenue		$	169,184			$	158,080
Net income (loss) from continuing operations			(1,320	)			4,317
Net income (loss) from discontinued operations			4				(567	)
Gain (loss) from sale of discontinued operations			—				135,045
Net income (loss) attributable to HC2 Holdings, Inc.		$	(1,316	)		$	138,795
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.		$	(0.08	)		$	0.31
Income (loss) from discontinued operations			—				(0.04	)
Gain (loss) from sale of discontinued operations			—				9.67
Net income (loss) attributable to HC2 Holdings, Inc.		$	(0.08	)		$	9.94
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.		$	(0.08	)		$	0.30
Income (loss) from discontinued operations			—				(0.04	)
Gain (loss) from sale of discontinued operations			—				9.35
Net income (loss) attributable to HC2 Holdings, Inc.		$	(0.08	)		$	9.61

		Six Months Ended June 30,
		2014				2013
Net revenue		$	317,681			$	305,000
Net income (loss) from continuing operations			(3,416	)			(516	)
Net income (loss) from discontinued operations			12				1,819
Gain (loss) from sale of discontinued operations			(784	)			135,045
Net income (loss) attributable to HC2 Holdings, Inc.		$	(4,188	)		$	136,348
Basic income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.		$	(0.22	)		$	(0.04	)
Income (loss) from discontinued operations			—				0.13
Gain (loss) from sale of discontinued operations			(0.05	)			9.69
Net income (loss) attributable to HC2 Holdings, Inc.		$	(0.27	)		$	9.78
Diluted income (loss) per common share:
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.		$	(0.22	)		$	(0.04	)
Income (loss) from discontinued operations			—				0.13
Gain (loss) from sale of discontinued operations			(0.05	)			9.69
Net income (loss) attributable to HC2 Holdings, Inc.		$	(0.27	)		$	9.78

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

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- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275



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-Name Accounting Standards Codification

-Topic 350

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-Section 50

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

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