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.
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