STRR Shareholder/Stockholder Letter Transcript:
2022 ANNUAL REPORT
Dear Fellow Stockholders,
2022 was a year of significant growth and improvement for Star Equity Holdings, Inc. ( Star Equity ).
This year, we generated strong top and bottom-line growth in our Construction Division due to
stronger leadership, processes, and internal controls. We also made significant improvements to our
Healthcare division beginning in early 2022 which resulted in stronger financial performance
throughout the year. On May 4, 2023, those efforts culminated in the sale of our Healthcare division,
enabling us to pay off all debt while retaining upside via a continuing ownership in the buyer s
company. This period has been transformational for us and we are now very well positioned for the
future. I thank all our dedicated employees for their flexibility and hard work throughout the year and
throughout the process of the sale of our Healthcare division.
We believe our holding company growth strategy and value enhancement initiatives will lead to
increased revenue, cash flow, earnings and, ultimately, stockholder value. Exceptional leadership at
our operating businesses, along with disciplined planning and execution give us confidence in the
potential for continued performance and growth. We have a strong cash position, and against the
backdrop of our strong 2022 performance, the Star Equity board and management team continue to
assess and prioritize all the elements of our growth strategy. These could be acquisitions, including
Construction bolt-ons, or entries into new business sectors, as well as thoughtfully expanding activity
at our Investments division. We plan to provide shareholders regular updates on these and other
initiatives going forward.
We have a bright future ahead of us. As we review our operating businesses, the markets we serve,
and the strength of our teams, we are very excited about our prospects and our potential for profitable
growth. The entire Star Equity Executive Team is dedicated to our success in the next phase of our
strategy, and we are working hard to ensure our efforts result in continued value to YOU, our
stockholders. Thank you to our stockholders, our employees, our board, and our executive team with
your continued support, we have accomplished many things, and expect to accomplish many more.
We look forward to our continued success.
Sincerely,
Richard K. Coleman, Jr.
Chief Executive Officer
Jeffrey E. Eberwein
Executive Chairman
BOARD OF DIRECTORS
OFFICERS & EXECUTIVES
SHAREOWNERS INFORMATION
Jeffrey E. Eberwein
Executive Chairman of Star Equity
Holdings, Inc. (Chief Executive
Officer of Hudson Global, Inc.)
Jeffrey E. Eberwein
Executive Chairman of Star Equity
Holdings, Inc
Richard K. Coleman, Jr.
Chief Executive Officer of Star Equity
Holdings, Inc.
Richard K. Coleman, Jr.
Chief Executive Officer of Star Equity
Holdings, Inc.
John W. Gildea
Director of Star Equity Holdings, Inc.
(Retired Principal, Gildea
Management Company)
David J. Noble
Chief Financial Officer of Star Equity
Holdings, Inc.
Trading Market
Market: NASDAQ
Symbol: STRR, STRRP
Michael A. Cunnion
Director of Star Equity Holdings, Inc.
(Advisor to Growth Companies)
Hannah M. Bible
Chief Legal Officer of Star Equity
Holdings, Inc.
Investor Relations
The Equity Group
Lena Cati
The Equity Group
Tel: (212) 836 9611
John W. Sayward
Director of Star Equity Holdings, Inc.
(Retired Partner Nippon Heart
Hospital LLC)
Mitchell I. Quain
Director of Star Equity Holdings, Inc.
(Industrialist)
Headquarters
Star Equity Holdings, Inc.
53 Forest Ave. Suite 101,
Old Greenwich, Connecticut 06870
Tel: (203) 489 9500
Email: admin@starequity.com
Web: www.starequity.com
Transfer Agent
American Stock Transfer
59 Maiden Lane
New York, NY 10038
Tel: 718 921 8206
Fax: 718 921 8336
Independent Auditors
Wolf and Company, P.C.
255 State Street
Boston, MA 02109
Tel: (617) 419 4238
Corporate Counsel
Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, NY 10019
Tel: (212) 451 2300
Fax: (212) 451 2222
STAR EQUITY HOLDINGS, INC.
53 FOREST AVE, SUITE 101, OLD GREENWICH, CT 06870
WWW.STAREQUITY.COM
T (203)489-9500
STAR EQUITY HOLDINGS, INC.
53 FOREST AVE, SUITE 101, OLD GREENWICH, CT 06870
WWW.STAREQUITY.COM
T (203)489-9500
5/18/2023 Letter Continued (Full PDF)