Star Equity reports Q4 adjusted EPS 14c vs 6c last year

Reports Q4 revenue $32.1M vs $29.5M last year. Rick Coleman, Chief Executive Officer, noted, "The strength of our fourth quarter 2022 financial results comes from significantly better operating performance, with improvements we made throughout the year now beginning to show through in our financial results. At our Construction division, both KBS and EBGL delivered strong top and bottom-line growth, resulting in fourth quarter adjusted EBITDA of $2.9 million, more than double that of the prior year quarter. Operational efficiency improvements on large projects combined with better pricing and cost discipline drove the division’s improved results. Our Healthcare division performed well in the fourth quarter despite the continued impact of labor market tightness on our scanning service volumes. Although Healthcare division revenue decreased by 6.7% versus the prior year quarter, gross margin improved by seven percentage points to 27.0% due to our increased focus on cost management and higher margin products and services. As a result of the substantial changes we made beginning with our May 2022 reorganization, Healthcare division fourth quarter adjusted EBITDA improved 79% year-over-year to $2.2 million, and we enter 2023 with a significantly improved Healthcare business and overall operating portfolio. In addition, we continue to identify and investigate future acquisition opportunities, which could either be bolt-ons for our existing divisions or an entry into a new business sector."