News & Events
Hornbeck Offshore Announces First Quarter 2015 Results
04 / 29 / 15
COVINGTON, La., April 29, 2015 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2015. Following are highlights for this period and the Company's future outlook:
- 1Q2015 sale of three OSVs to U.S. Navy resulted in pre-tax gain on sale of assets of $33.1 million ($0.57 per diluted share)
- Excluding gain on sale of assets, 1Q2015 diluted EPS was $0.42, an increase of $0.11, or 35%, from the year-ago quarter
- Excluding gain on sale of assets, 1Q2015 EBITDA was $61.7 million, an increase of $7.4 million, or 14%, from the year-ago quarter
- Excluding gain on sale of assets, 1Q2015 operating margin was 25%, up from 18% a year ago and 23% sequentially
- 1Q2015 avg new gen OSV dayrates were $26,705, down $900 from the sequential quarter and in-line with the prior-year quarter
- 1Q2015 utilization of the Company's new gen OSV fleet was 65% compared to 75% a year-ago and 76% sequentially
- 1Q2015 effective utilization of the Company's active new gen OSVs was 77% compared to 75% a year-ago and 80% sequentially
- First 16 HOSMAX vessels have been placed in-service with final eight newbuild deliveries expected during 2015 and 2016
- The Company has now stacked a total of 18 new generation OSVs, up from 12 since last reported
- Converted 300 class OSV was re-delivered as a Jones Act MPSV and immediately began a 90-day charter in the GoM with options
- Contract backlog for new gen OSV vessel-days is currently at 52% and 36% for 2Q2015 and for the remainder of 2015, respectively
- Contract backlog for MPSV vessel-days is currently at 58% and 29% for 2Q2015 and for the remainder of 2015, respectively
- Forward line-item guidance updated to reflect latest stacked fleet, vessel sales to U.S. Navy and related O&M contract
- Cash opex and G&A savings due to proactive cost containment measures now up to $80 million on an annualized basis
- Purchase option for the sale of fourth 250EDF class OSV to U.S. Navy expected to be exercised by third quarter of 2015
The Company recorded income from continuing operations for the first quarter of 2015 of $35.9 million, or $0.99 per diluted share. Excluding the impact of the first quarter 2015 gain on sale of assets, income from continuing operations would have been $15.2 million, or $0.42 per diluted share, compared to $11.4 million, or $0.31 per diluted share, for the year-ago quarter; and $18.8 million, or $0.52 per diluted share, for the fourth quarter of 2014. Diluted common shares for the first quarter of 2015 were 36.1 million compared to 36.7 million for the first quarter of 2014 and 36.4 million for the fourth quarter of 2014. EBITDA from continuing operations for the first quarter of 2015 was $94.8 million. Excluding the impact of the first quarter 2015 gain on sale of assets, EBITDA from continuing operations would have been $61.7 million compared to $54.3 million for the first quarter of 2014 and $67.4 million for the fourth quarter of 2014. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.
To read the full press release, follow the link below.
Source: PR Newswire