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Hornbeck Offshore Announces Third Quarter 2019 Results

10 / 30 / 19

COVINGTON, La., Oct. 30, 2019 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September 30, 2019.  Following is an executive summary for this period and the Company's future outlook:

  • 3Q2019 revenues were $52.8 million, a decrease of $4.0 million, or 7%, from 2Q2019 revenues of $56.8 million
  • 3Q2019 diluted EPS was $(1.09), a decrease of $0.25, or 30%, from 2Q2019 diluted EPS of $(0.84)
  • 3Q2019 net loss was $(41.4) million, an increase of $9.5 million, or 30%, from 2Q2019 net loss of $(31.9) million
  • 3Q2019 EBITDA was $(1.9) million, a decrease of $5.5 million, or 153%, from 2Q2019 EBITDA of $3.6 million
  • 3Q2019 average new gen OSV dayrates were $19,750, a sequential increase of $1,552, or 9%
  • 3Q2019 effective (utilization-adjusted) new gen OSV dayrates were $4,622, a sequential decrease of $1,256, or 21%
  • 3Q2019 utilization of the Company's new gen OSV fleet was 23.4%, down from 32.3% sequentially
  • 3Q2019 effective utilization of the Company's active new gen OSVs was 49.9%, down from 70.4% sequentially
  • The Company has 35 OSVs and two MPSVs stacked, but plans to reactivate one OSV and one MPSV in 4Q2019 and 1Q2020, respectively
  • Quarter-end cash and cash equivalents were $136 million, down from $143 million sequentially

The Company recorded a net loss for the third quarter of 2019 of $(41.4) million, or $(1.09) per diluted share, compared to a net loss of $(31.2) million, or $(0.83) per diluted share, for the third quarter of 2018; and a net loss of $(31.9) million, or $(0.84) per diluted share, for the second quarter of 2019.  Diluted common shares for the third quarter of 2019 were 38.0 million compared to 37.6 million and 37.9 million for the third quarter of 2018 and the second quarter of 2019, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the third quarter of 2019 was $(1.9) million compared to $5.2 million for the third quarter of 2018 and $3.6 million for the second quarter of 2019.  For additional information, see link below for full article.

Source: PR Newswire

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