On this page of StockholderLetter.com we present the latest annual shareholder letter from STAR EQUITY HOLDINGS, INC. — ticker symbol STRR. Reading current and past STRR letters to shareholders can bring important insights into the investment thesis.
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)489-95005/18/2023 Letter Continued (Full PDF)