Hornbeck Offshore Announces First Quarter 2016 Results

05 / 04 / 16

May 4, 2016 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March31, 2016.  Following are highlights for this period and the Company’s future outlook:

·  1Q2016 diluted EPS was $(0.21), an incremental loss of $0.14 from 4Q2015 diluted EPS of $(0.07)

·  1Q2016 revenues were $76.8 million, a decrease of $11.9 million, or 13%, from 4Q2015 revenues of $88.7 million

·  1Q2016 EBITDA was $28.2 million, a decrease of $4.0 million, or 12%, from 4Q2015 EBITDA of $32.2 million

·  1Q2016 operating loss was (1)% of revenues, down from 4Q2015 operating income margin of 5%

·  1Q2016 average new gen OSV dayrates were $24,601, an increase of $568, or 2%, from the sequential quarter

·  1Q2016 utilization of the Company’s new gen OSV fleet was 35%, down from 46% sequentially

·  1Q2016 effective utilization of the Company’s active new gen OSVs was 77%, down from 84% sequentially

·  1Q2016 effective new gen OSV dayrates were $8,635, a decrease of $2,492, or 22%, from the sequential quarter

·  Final four MPSV newbuild deliveries are still expected during 2Q2016, 3Q2016, 2Q2017 and 4Q2017

·  Total cash of $256 million with only $104 million of growth capex remaining to be funded under the 24-vessel newbuild program

·  Total of 42 new gen OSVs stacked (including five 300 class OSVs), with four more stackings planned (including one 300 class OSV)

·  By the end of June 2016, the Company now expects to have stacked a total of 46 new gen OSVs, up from 33 since last reported

·  Annualized cash opex and G&A savings due to proactive cost containment measures are now $185 million, up from $160 million

The Company recorded a net loss for the first quarter of 2016 of $(7.5) million, or $(0.21) per diluted share, compared to net income of $35.9 million, or $0.99 per diluted share, for the year-ago quarter; and a net loss of $(2.7) million, or $(0.07) per diluted share, for the fourth quarter of 2015. Included in the Company’s first quarter 2015 net income was a gain of $33.1 million ($20.7 million after-tax or $0.57 per diluted share) related to the February 2015 sale of three 250EDF class OSVs to the U.S. Navy.   Excluding the impact of such gain on sale of assets, net income and diluted EPS for the first quarter of 2015 would have been $15.2 million, and $0.42 per share, respectively.  Diluted common shares for the first quarter of 2016 were 36.1 million compared to 36.1 million and 35.9 for the first quarter and the fourth quarter of 2015, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the first quarter of 2016 was $28.2 million compared to $94.8 million in the first quarter of 2015 and $32.2 million in the fourth quarter of 2015.  Excluding the impact of the first quarter 2015 gain on sale of assets, EBITDA for such quarter would have been $61.7 million. For additional information, use link below to read the full release.

Source: PR Newswire

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