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Hornbeck Offshore Announces First Quarter 2019 Results

05 / 01 / 19

COVINGTON, La., May 1, 2019 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2019.  Following is an executive summary for this period and the Company's future outlook:

  • 1Q2019 revenues were $54.0 million, in-line with 4Q2018 revenues of $53.9 million and $12.4 million, or 30%, higher than 1Q2018 revenues
  • 1Q2019 diluted EPS was $(0.97), or $0.33 lower than 4Q2018 diluted EPS of $(0.64)
  • 1Q2019 net loss was $(36.6) million, or $12.4 million lower than 4Q2018 net loss of $(24.2) million
  • 1Q2019 EBITDA was $1.5 million, a decrease of $10.5 million, or 88%, from 4Q2018 EBITDA of $12.0 million
  • Excluding a "mark-to-market" adjustment to stock-based compensation expense, 4Q2018 EBITDA would have been $4.9 million
  • 1Q2019 average new gen OSV dayrates were $18,156, a sequential decrease of $1,116, or 6%
  • 1Q2019 effective new gen OSV dayrates were $5,901, a sequential decrease of $35, or 1%
  • 1Q2019 utilization of the Company's new gen OSV fleet was 32.5%, up from 30.8% sequentially
  • 1Q2019 effective utilization of the Company's active new gen OSVs was 72.1%, in-line with 71.7% sequentially
  • The Company currently has 36 OSVs and two MPSVs stacked, which are expected to remain stacked through the end of 2Q2019
  • Quarter-end cash was $175 million, down from $225 million sequentially
  • 1Q2019 debt-for-debt exchanges and debt repurchases led to a reduction of $216.5 million in face value of 2019 and 2020 notes
  • First-lien term loans increased by $50.0 million comprised of $30.1 million for new cash and $19.9 million for exchanged notes

The Company recorded a net loss for the first quarter of 2019 of $(36.6) million, or $(0.97) per diluted share, compared to a net loss of $(38.7) million, or $(1.04) per diluted share, for the first quarter of 2018; and a net loss of $(24.2) million, or $(0.64) per diluted share, for the fourth quarter of 2018.  Included in the Company's fourth quarter 2018 results was a $7.1 million decrease in G&A expense due to a "mark-to-market" adjustment required by GAAP on cash-settled stock-based incentive compensation awards to reflect the decrease in the Company's stock price during the three months ended December 31, 2018.  Excluding the net impact of this reconciling item, net loss and diluted EPS for the fourth quarter of 2018 would have been $(29.6) million and $(0.79) per diluted share, respectively. Diluted common shares for the first quarter of 2019 were 37.8 million compared to 37.3 million and 37.6 million for the first quarter of 2018 and the fourth quarter of 2018, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the first quarter of 2019 was $1.5 million compared to $(7.2) million for the first quarter of 2018 and $12.0 million for the fourth quarter of 2018.  Excluding the "mark-to-market" adjustments to G&A expense discussed above, fourth quarter 2018 EBITDA would have been $4.9 million. See link below for full article.

Source: PR Newswire

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