Hornbeck Announces Record 2005 Results

Friday, February 24, 2006
Hornbeck Offshore reported that fourth quarter revenues increased $19.3 million, or 51.1%, to $57.1 million compared to $37.8 million for the fourth quarter of 2004. Operating income was $24.9 million, or 43.6% of revenues, for the fourth quarter of 2005 compared to $10.2 million, or 27.0% of revenues, for the prior-year quarter. These record operating results were primarily driven by continued full practical utilization of the Company's offshore supply vessel (OSV) fleet in the U.S. Gulf of Mexico (GoM) at record dayrates and greater tug and tank barge (TTB) fleet capacity due to 2005 vessel deliveries under TTB Newbuild Program #1. Fourth quarter 2005 EBITDA was $32.2 million, or roughly double fourth quarter 2004 EBITDA of $16.5 million and above the high-end of Hornbeck's guidance range of $28.0 million to $30.0 million. Net income for the fourth quarter of 2005 was $15.1 million, or $0.55 per diluted share, compared to $4.7 million, or $0.22 per diluted share, of adjusted net income reported in the fourth quarter of 2004, excluding bond refinancing charges for the retirement of old senior notes. Net income for the fourth quarter of 2005 was more than triple the amount of adjusted net income recorded in the fourth quarter of 2004, while diluted EPS more than doubled despite having roughly 6.5 million of additional weighted average diluted shares outstanding in the fourth quarter of 2005. Included in net income for the fourth quarter of 2005 was approximately $2.8 million ($1.8 million after-tax or $0.06 per diluted share) of interest income, up from $0.1 million in the fourth quarter of 2004, due to the substantially higher cash position resulting from proceeds raised during the Company's recent debt and equity offerings, which were completed in early October 2005. Revenues from the OSV segment were $35.7 million for the fourth quarter of 2005, an increase of 60.8% from $22.2 million for the same period in 2004. Tug and tank barge (TTB) segment revenues for the fourth quarter of 2005 were up 37.8% over the same period in 2004 to $21.5 million. Revenues for 2005 increased 38.0% to $182.6 million compared to $132.3 million for 2004.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Finance

Canadian Authorities seek to contain oil spill moving down river

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

NASSCO Bags USS Oak Hill Modification Award

General Dynamics NASSCO-Norfolk was awarded a $42 million cost-plus-award-fee modification to a previously awarded contract for the repair and alteration for the USS Oak Hill (LSD-51).

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0943 sec (11 req/sec)