News & Events
Hornbeck Offshore Announces Fourth Quarter 2014 Results
02 / 11 / 15
February 11, 2015 -- Covington, Louisiana -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the fourth quarter ended December 31, 2014. Following are highlights for this period and the Company’s future outlook:
• 4Q2014 diluted EPS from continuing operations of $0.52 decreased $0.09, or 15%, from the year-ago quarter
• 4Q2014 EBITDA from continuing operations of $67.4 million increased $0.5 million, or 1%, over the year-ago quarter
• 4Q2014 avg new gen OSV dayrates were $27,623, down $400 from the sequential quarter and in-line with the prior year quarter
• 4Q2014 utilization of the Company’s new gen OSV fleet was 76% compared to 79% a year-ago and 82% sequentially
• 4Q2014 utilization of the Company’s MPSV fleet was 94% compared to 88% a year-ago and 88% sequentially
• First 15 HOSMAX OSVs have been placed in-service with final four OSV newbuild deliveries expected during 2015
• First HOSMAX MPSV has been placed in-service with final four MPSV newbuild deliveries expected during 2H2015 and 2016
• Contract backlog for new gen OSV vessel-days is currently at 59% and 38% for 1Q2015 and fiscal 2015, respectively
• Contract backlog for MPSV vessel-days is currently at 48% and 24% for 1Q2015 and fiscal 2015, respectively
• 2015 guidance reflects several cost containment measures initiated by the Company due to prevailing market conditions
• The Company bought back approximately 900,000 shares, or 2.5%, of its common stock for $25 million during 4Q2014
• Company has agreed to sell four 250EDF OSVs to U.S. Navy and enter into 10-yr operating arrangement, subject to final documentation
• As separately announced today, revolving credit facility has been amended to extend maturity and improve financial covenants
The Company recorded income from continuing operations for the fourth quarter of 2014 of $18.8 million, or $0.52 per diluted share, compared to $22.1 million, or $0.61 per diluted share, for the year-ago quarter; and $26.6 million, or $0.72 per diluted share, for the third quarter of 2014. Diluted common shares for the fourth quarter of 2014 were 36.4 million compared to 36.7 million for the fourth quarter of 2013 and 36.9 million for the third quarter of 2014. EBITDA from continuing operations for the fourth quarter of 2014 increased to $67.4 million compared to $66.9 million for the fourth quarter of 2013 and decreased 15.0% compared to $79.3 million for the third quarter of 2014. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 9 to the accompanying data tables. The historical results for the Downstream segment, which was sold in August 2013, have been presented as discontinued operations for all periods in this press release and the accompanying data tables.