Steel Connect, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended July 31, 2018. For the quarter, the company reported net revenue of $202,236,000 compared to $99,777,000 a year ago. Operating loss was $153,000 compared to $7,372,000 a year ago. Loss before taxes was $7,216,000 compared to $9,356,000 a year ago. Net loss was $7,533,000 compared to $9,311,000 a year ago. Net loss attributable to common stockholders was $8,069,000 compared to $9,311,000 a year ago. Basic and diluted net loss per share was $0.13 compared to $0.17 a year ago. EBITDA was $16,874,000 compared to LBITDA was $5,022,000 a year ago. Adjusted EBITDA was $15,473,000 compared to Adjusted LBITDA of $5,131,000 a year ago. The year-over-year revenue improvement was driven primarily by an increase in revenue associated with the acquisition of IWCO Direct, offset by anticipated declines in the Supply Chain business due to planned client exits and end of life programs, primarily in the consumer electronics and computing industries.

For the full year, the company reported net revenue of $645,258,000 compared to $436,620,000 a year ago. Operating loss was $8,306,000 compared to $19,761,000 a year ago. Loss before taxes was $35,288,000 compared to $24,409,000 a year ago. Net income was $36,715,000 compared to net loss of $25,827,000 a year ago. Net income attributable to common stockholders was $35,380,000 compared to net loss attributable to common stockholders of $25,827,000 a year ago. Diluted earnings per share were $0.53 compared to diluted net loss per share of $0.47 a year ago. EBITDA was $31,794,000 compared to LBITDA of $7,077,000 a year ago. Adjusted EBITDA was $36,007,000 compared to Adjusted LBITDA of $6,923,000 a year ago. The year-over-year net revenue improvement was primarily driven by an increase in revenue associated with the acquisition of IWCO Direct, offset by lower revenue in the company's Supply Chain business, due to planned client exits as anticipated.
 

The company announced that Warren G. Lichtenstein, the Executive Chairman of the Board of Directors of Company will, effective upon the filing of the Company's Annual Report on Form 10-K for fiscal year ended July 31, 2018, assume the additional role of Interim Chief Executive Officer of the Company. As Interim Chief Executive Officer, Mr. Lichtenstein will become the Company's principal executive officer effective immediately following the filing of the 2018 10-K. On October 31, 2018, James Henderson, the President and Chief Executive Officer of the Company, notified the Board that he had determined to pursue other interests and that he was resigning from his position as President and Chief Executive Officer of the Company, effective upon filing the 2018 10-K.