News & Events
Hornbeck Offshore Announces Third Quarter 2015 Results
10 / 28 / 15
October 28, 2015 — Covington, Louisiana — Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September30, 2015. Following are highlights for this period and the Company’s future outlook:
· 3Q2015 earnings and EBITDA were $0.40 per diluted share and $60.3 million, respectively
· 3Q2015 sale of final OSV to U.S. Navy resulted in pre-tax gain on sale of assets of $11.0 million ($0.19 per diluted share)
· Excluding gain on sale of assets, 3Q2015 diluted EPS was $0.21, a decrease of $0.32, or 60%, sequentially
· Excluding gain on sale of assets, 3Q2015 EBITDA was $49.3 million, a decrease of $17.0 million, or 26%, sequentially
· Excluding gain on sale of assets, 3Q2015 operating margin was 19%, down from 29% sequentially
· 3Q2015 average new gen OSV dayrates were $25,699, a decrease of $2,479, or 9%, from the sequential quarter
· 3Q2015 utilization of the Company’s new gen OSV fleet was 50%, down from 56% sequentially
· 3Q2015 effective utilization of the Company’s active new gen OSVs was 72%, down from 80% sequentially
· First 17 HOSMAX vessels have been placed in-service with final seven newbuild deliveries expected during 4Q2015 and 2016
· The Company has now stacked a total of 27 new gen OSVs with three more pending for 4Q2015, up from 18 since last reported
· Cash opex and G&A savings due to proactive cost containment measures now approximately $125 million on an annualized basis
The Company recorded net income for the third quarter of 2015 of $14.4 million, or $0.40 per diluted share. Excluding the impact of the third quarter 2015 gain on sale of assets, income would have been $7.7 million, or $0.21 per diluted share, compared to $26.6 million, or $0.72 per diluted share, for the year-ago quarter; and $19.2 million, or $0.53 per diluted share, for the second quarter of 2015. Diluted common shares for the third quarter of 2015 were 36.4 million compared to 36.9 million for the third quarter of 2014 and 36.3 million for the second quarter of 2015. EBITDA for the third quarter of 2015 was $60.3 million. Excluding the impact of the third quarter 2015 gain on sale of assets, EBITDA would have been $49.3 million compared to $79.3 million for the third quarter of 2014 and $66.3 million for the second quarter of 2015. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.
Source: PR Newswire