BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of Unaudited Consolidated Pro Forma Results of Operations

The following schedule presents unaudited consolidated pro forma results of operations data as if the acquisitions had occurred on January 1, 2014. This information does not purport to be indicative of the actual results that would have occurred if the acquisitions 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):

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Net revenue	$	212,518		$	406,108
Net income (loss) from continuing operations		6,489			12,645
Net income (loss) from discontinued operations		(52	)		(48	)
Gain (loss) from sale of discontinued operations		-			(784	)
Net income (loss) attributable to HC2 Holdings, Inc.	$	6,437		$	11,813

Recorded Net Revenue and Net Income (Loss)

All expenditures incurred in connection with the acquisitions were expensed and are included in selling, general and administrative expenses. The Company recorded net revenue and net income (loss) as follows (in thousands):

	Three Months Ended June 30, 2015					Six Months Ended June 30, 2015
	Net Revenue		Net Income (Loss)			Net Revenue		Net Income (Loss)
Schuff	$	130,985	$	5,889		$	257,851	$	9,086
ANG		1,368		(134	)		2,591		(247	)
GMSL		43,875		10,360			70,877		11,967

Schuff International, Inc [Member]

Business Acquisition [Line Items]

Schedule of Preliminary Purchase Price Allocation

The 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		24,490
Trade names		4,478
Other assets		2,947
Total assets acquired		293,978

Accounts payable		37,621
Accrued payroll and employee benefits		11,668
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		7,693
Other liabilities		604
Noncontrolling interest		4,365
Total liabilities assumed		161,581
Enterprise value		132,397
Less fair value of noncontrolling interest		53,647
Purchase price attributable to controlling interest	$	78,750

American Natural Gas [Member]

Business Acquisition [Line Items]

Schedule of Preliminary Purchase Price Allocation

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

Cash and cash equivalents	$	15,704
Accounts receivable		306
Prepaid expenses and other current assets		31
Inventories		27
Property and equipment, net		1,921
Customer contracts		2,700
Trade names		6,300
Other assets		2
Total assets acquired		26,991
Accounts payable		49
Accrued payroll and employee benefits		5
Accrued expenses and other current liabilities		26
Billings in excess of costs and recognized earnings on uncompleted contracts		114
Current portion of long-term debt		34
Long-term debt		870
Deferred tax liability		3,530
Total liabilities assumed		4,628
Fair value of net assets acquired		22,363
Less purchase price		15,500
Less fair value of noncontrolling interest		2,189
Excess of fair value of net assets over purchase price	$	4,674

Global Marine Systems Limited [Member]

Business Acquisition [Line Items]

Schedule of Preliminary Purchase Price Allocation

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

Cash and cash equivalents	$	62,555
Accounts receivable		26,183
Prepaid expenses and other current assets		9,886
Inventories		7,395
Restricted cash		4,682
Property and equipment, net		156,976
Customer contracts		7,796
Trade name		1,137
Developed technology		1,624
Investments		24,266
Other assets		7,482
Total assets acquired		309,982
Accounts payable		8,965
Accrued expenses and other current liabilities		34,767
Accrued income taxes		1,251
Current portion of long-term debt		8,140
Long-term debt		78,356
Pension liability		45,923
Deferred tax liability		1,013
Other liabilities		1,179
Total liabilities assumed		179,594
Enterprise value		130,388
Less fair value of noncontrolling interest		3,803
Purchase price attributable to controlling interest	$	126,585