Hornbeck Offshore Announces Fourth Quarter 2015 Results

02 / 17 / 16

February 17, 2016 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the fourth quarter ended December31, 2015.  Following are highlights for this period and the Company’s future outlook:

·  4Q2015 diluted EPS was $(0.07), a decrease of $0.28, or 133%, from the comparable 3Q2015 diluted EPS of $0.21

·  4Q2015 revenues were $88.7 million, a decrease of $27.6 million, or 24%, from 3Q2015 revenues of $116.3 million

·  4Q2015 EBITDA was $32.2 million, a decrease of $17.1 million, or 35%, from the comparable 3Q2015 EBITDA of $49.3 million

·  4Q2015 operating margin was 5%, down from the comparable 3Q2015 operating margin of 19%

·  4Q2015 average new gen OSV dayrates were $24,033, a decrease of $1,666, or 7%, from the sequential quarter

·  4Q2015 utilization of the Company’s new gen OSV fleet was 46%, down from 50% sequentially

·  4Q2015 effective utilization of the Company’s active new gen OSVs was 84%, up from 72% sequentially

·  4Q2015 effective new gen OSV dayrates were $11,127, a decrease of $1,800, or 14%, from the sequential quarter

·  The Company announced plans to modify and enhance four remaining 310 class MPSV newbuilds, upgrading two to 400 class

·  First 20 HOSMAX vessels have been placed in-service with final four MPSV newbuild deliveries expected during 2016 and 2017

·  The Company has now stacked a total of 33 new gen OSVs, up from 27 since last reported

·  Annualized cash opex and G&A savings due to proactive cost containment measures are now $160 million, up from $125 million

The Company recorded a net loss for the fourth quarter of 2015 of $(2.7) million, or $(0.07) per diluted share, compared to net income of $18.8 million, or $0.52 per diluted share, for the year-ago quarter; and net income of $14.4 million, or $0.40 per diluted share, for the third quarter of 2015. Included in the Company’s third quarter 2015 net income was a gain of $11.0 million ($6.7 million after-tax or $0.19 per diluted share) related to the August 2015 sale of the final 250EDF class OSV to the U.S. Navy.   Excluding the impact of such gain on sale of assets, net income and diluted EPS for the third quarter of 2015 would have been $7.7 million, and $0.21 per share, respectively.  Diluted common shares for the fourth quarter of 2015 were 35.9 million compared to 36.4 million for each of the fourth quarter of 2014 and the third quarter of 2015.  The fourth quarter 2015 share count was lower because GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the fourth quarter of 2015 was $32.2 million compared to $67.4 million in the fourth quarter of 2014 and $60.3 million in the third quarter of 2015.  Excluding the impact of the third quarter 2015 gain on sale of assets, EBITDA for the third quarter would have been $49.3 million.  For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.

Source: PR Newswire

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