News & Events
Hornbeck Offshore Announces Second Quarter 2016 Results
08 / 03 / 16
August 3, 2016 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the second quarter ended June30, 2016. Following is an executive summary for this period and the Company’s future outlook:
· 2Q2016 diluted EPS was $(0.57), an incremental loss of $0.36 from 1Q2016 diluted EPS of $(0.21)
· 2Q2016 revenues were $53.7 million, a decrease of $23.1 million, or 30%, from 1Q2016 revenues of $76.8 million
· 2Q2016 EBITDA was $6.9 million, a decrease of $21.3 million, or 76%, from 1Q2016 EBITDA of $28.2 million
· 2Q2016 operating loss was (40)% of revenues, down from 1Q2016 operating loss of (1)%
· 2Q2016 average new gen OSV dayrates were $26,642, an increase of $2,041, or 8%, from the sequential quarter
· 2Q2016 utilization of the Company’s new gen OSV fleet was 24%, down from 35% sequentially
· 2Q2016 effective utilization of the Company’s active new gen OSVs was 74%, down from 77% sequentially
· 2Q2016 effective new gen OSV dayrates were $6,367, a decrease of $2,268, or 26%, from the sequential quarter
· Total cash of $225 million with only $79 million of growth capex remaining to be funded under the 24-vessel newbuild program
· Company reached agreement with shipyard to postpone delivery of final two MPSVs and push $43 million of growth capex into 2018
· By the end of September 2016, the Company now expects to have stacked a total of 48 new gen OSVs, up from 46 since last reported
· Annualized cash opex and G&A savings due to proactive cost containment measures are now $210 million, up from $185 million
· On July 29, 2016, the Company amended its revolving credit facility generally applicable commencing with 3Q2016
The Company recorded a net loss for the second quarter of 2016 of $(20.6) million, or $(0.57) per diluted share, compared to net income of $19.2 million, or $0.53 per diluted share, for the year-ago quarter; and a net loss of $(7.5) million, or $(0.21) per diluted share, for the first quarter of 2016. Diluted common shares for the second quarter of 2016 were 36.2 million compared to 36.3 million and 36.1 for the second quarter of 2015 and the first quarter of 2016, respectively. GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss. EBITDA for the second quarter of 2016 was $6.9 million compared to $66.3 million in the second quarter of 2015 and $28.2 million in the first 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