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FOR IMMEDIATE RELEASE                                
                
HC2 Holdings Reports Second Quarter 2018 Results
Re-Affirms 2018 Guidance for Construction and Marine Services Segments

New York, August 8, 2018 (GlobeNewswire) -
HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a diversified holding company, announced today its consolidated results for the second quarter 2018, which ended on June 30, 2018.

“The second quarter was one of the best performing quarters over the past two years across our portfolio,” said Philip Falcone, HC2’s Chairman, President and Chief Executive Officer. “Our core operating subsidiaries, DBM Global and Global Marine Group, both delivered very strong results as DBM continues to diversify its offerings, maintain a very robust backlog and execute on key projects underway. In addition, Global Marine had a much stronger second quarter, due in part to the timing of project work at the Huawei Marine joint venture, a development we anticipated and discussed in our first quarter announcement, in addition to strong performance in their telecom and offshore power businesses. Both DBM and Global Marine continue to validate our confidence in them, despite expected timing variations, and we are once again reaffirming our full year 2018 Adjusted EBITDA guidance of $60 million to $65 million for DBM Global and $45 million to $50 million for Global Marine.”

Mr. Falcone added, “ANG continues to grow its business through business development and marketing efforts and recently secured a 5-year, take-or-pay renewal of multiple contracts with a very large consumer company, indicative of the types of agreements the ANG team is pursuing. During the quarter, we also closed the sale of BeneVir Biopharm to Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, in a transaction that is valued at $1.04 billion, assuming all pre-determined milestones are met. The sale of BeneVir demonstrates the considerable value we can create through our portfolio and we continue to actively explore opportunities to similarly realize value from other companies under the Pansend umbrella.”

Mr. Falcone continued, “Our Broadcasting segment continues to integrate and expand its network as we build what we believe to be the country’s largest, most comprehensive, flexible state-of-the art Over-The-Air broadcast distribution platform. We are focused on integrating the stations we’ve acquired, driving efficiencies and cost savings, while at the same time building out the infrastructure needed to support future business. As such, in order to facilitate pending and future broadcasting acquisitions, distributions to HC2 and working capital for our broadcasting subsidiaries, we recently obtained $38 million of debt and equity financing at the Broadcasting subsidiary level from certain institutional investors.”

Mr. Falcone concluded, “We also expect to imminently announce Continental General Insurance Company's (“CGIC”) completion of its acquisition of the $2.4 billion long-term care insurance business from Humana, Inc. Upon completion of this transaction, which will immediately be accretive to CGIC's Risk Based Capital ratio and statutory capital, CGIC will have cash and invested assets of


The following information was filed by Hc2 Holdings, Inc. (HCHC) on Wednesday, August 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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