News & Events
Hornbeck Offshore Announces Second Quarter 2013 Results
07 / 31 / 13
July 31, 2013 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the second quarter ended June 30, 2013. Following are highlights for this period and the Company’s future outlook:
- Record quarterly revenue of $154.3 million for 2Q2013 was up 17% from the year-ago quarter and 5% sequentially
- 2Q2013 operating income of $52.2 million increased 54% from the year-ago quarter and 10% sequentially
- 2Q2013 diluted EPS of $0.65 per share increased 97% from the year-ago quarter
- 2Q2013 EBITDA of $74.8 million increased 35% from the year-ago quarter
- The HOS Red Dawn, the first HOSMAX OSV in the OSV Newbuild Program #5, was placed in-service on June 24, 2013
- First three 300 class HOSMAX OSV newbuilds scheduled for 2013 delivery are already contracted to customers in the GoM
- 2Q2013 utilization of the 50-vessel new gen OSV fleet was 88%, roughly in-line with the year-ago and sequential quarters
- 2Q2013 high-spec OSV utilization was 95% compared to 96% a year-ago and 99% sequentially
- 2Q2013 MPSV utilization was 99%, up from 91% a year ago and 95% sequentially
- Contract backlog for new gen OSV vessel-days is currently at 66% and 27% for the remainder of 2013 and fiscal 2014
- Contract backlog for MPSV vessel-days is currently at 65% and 31% for the remainder of 2013 and fiscal 2014
- On July 22nd, the Company entered into a definitive agreement to sell its active Downstream vessels for $230 million
Second quarter 2013 revenues increased 17.2% to $154.3
million compared to $131.6 million for the second quarter of 2012 and increased
4.6% compared to $147.5 million for the first quarter of 2013. Operating income was $52.2 million, or 33.8%
of revenues, for the second quarter of 2013 compared to $33.8 million, or 25.7%
of revenues, for the prior-year quarter; and $47.4 million, or 32.1% of
revenues, for the first quarter of 2013.
The Company recorded net income for the second quarter of 2013 of $23.8
million, or $0.65 per diluted share, compared to net income of $12.0 million,
or $0.33 per diluted share, for the year-ago quarter; and net income of $6.2
million, or $0.17 per diluted share, for the first quarter of 2013. Diluted common shares for the second quarter
of 2013 were 36.5 million compared to 36.1 million for the second quarter of
2012 and 36.3 million for the first quarter of 2013. Second quarter 2013 EBITDA increased 34.8% to
$74.8 million compared to $55.5 million for the second quarter of 2012 and increased
63.3% compared to $45.8 million for the first quarter of 2013. However, the Company recorded losses on early
extinguishment of debt in each of the first two quarters of 2013 and 2012, as
discussed in greater detail below. For
sake of comparability, following is a recap of the impact of such losses on
early extinguishment of debt on the Company’s EBITDA and diluted EPS for the
three fiscal quarters reported in this press release. Excluding the impact of losses on early
extinguishment of debt, EBITDA for the second quarter of 2013, the year-ago
quarter and the sequential quarter would have been $76.3 million, $56.4 million
and $70.1 million, respectively. Excluding
the impact of losses on early extinguishment of debt, diluted EPS for the
second quarter of 2013, the year-ago quarter and the sequential quarter would
have been $0.67, $0.35 and $0.59 per share, respectively.
Source: Hornbeck Offshore Press Release