News & Events
Hornbeck Offshore Announces Fourth Quarter 2016 Results
02 / 15 / 17
COVINGTON, La., Feb. 15, 2017 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the fourth quarter ended December 31, 2016. Following is an executive summary for this period and the Company's future outlook:
- 4Q2016 diluted EPS was $(0.53), a decrease of $0.08, or 18%, from 3Q2016 diluted EPS of $(0.45)
- 4Q2016 revenues were $41.9 million, a decrease of $10.0 million, or 19%, from 3Q2016 revenues of $51.9 million
- 4Q2016 net loss was $(19.2) million, a $2.7 million decrease from 3Q2016 net loss of $(16.5) million
- 4Q2016 operating loss was (66)% of revenues compared to an operating loss of (28)% of revenues in 3Q2016
- 4Q2016 EBITDA was $1.1 million, a decrease of $14.1 million, or 93%, from 3Q2016 EBITDA of $15.2 million
- 4Q2016 average new gen OSV dayrates were $24,212, a decrease of $1,427, or 6%, from the sequential quarter
- 4Q2016 utilization of the Company's new gen OSV fleet was 20%, down from 22% sequentially
- 4Q2016 effective utilization of the Company's active new gen OSVs was 75%, roughly in-line with 76% sequentially
- 4Q2016 effective new gen OSV dayrates were $4,842, a decrease of $799, or 14%, from the sequential quarter
- The Company currently has 44 OSVs and two MPSVs stacked and expects to have 46 OSVs and two MPSVs stacked by end of 3Q17
- Total cash of $217 million with only $71 million of growth capex remaining to be funded under the 24-vessel newbuild program
The Company recorded a net loss for the fourth quarter of 2016 of $(19.2) million, or $(0.53) per diluted share, compared to a net loss of $(2.7) million, or $(0.07) per diluted share, for the year-ago quarter; and a net loss of $(16.5) million, or $(0.45) per diluted share, for the third quarter of 2016. Diluted common shares for the fourth quarter of 2016 were 36.4 million compared to 35.9 million and 36.3 million for the fourth quarter of 2015 and the third quarter of 2016, respectively. GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss. EBITDA for the fourth quarter of 2016 was $1.1 million compared to $32.2 million for the fourth quarter of 2015 and $15.2 million for the third quarter of 2016. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.
Source: PR Newswire