Hornbeck Offshore Reports 4Q Results

Friday, February 28, 2003
Hornbeck Offshore Services, Inc. announced today that revenues for the quarter ended December 31, 2002 increased 20.7 percent to $26.2 million compared to $21.7 million for the same quarter in 2001. Operating income was $9.5 million or 36.3 percent of revenues for the fourth quarter of 2002, compared to $8.7 million or 40.1 percent of revenues for the same quarter in 2001. Fourth quarter 2002 net income was $3.3 million compared to $0.5 million for the fourth quarter 2001. The increase in fourth quarter 2002 revenue was primarily the result of the addition of five deepwater offshore supply vessels (“OSVs”) that entered the fleet since September 30, 2001. The increase in operating costs and depreciation expense compared to the fourth quarter 2001 was primarily related to the new vessels. The fourth quarter 2001 net income reflects the put warrant accounting methodology that was adopted in the Form S-1 that the Company filed in July 2002 and withdrew in October 2002. The Company had outstanding put warrants during 2001 that required it to report the changes in market value for these warrants as additional interest expense upon the filing of the Company’s Form S-1 with the Securities and Exchange Commission. The Company previously presented this item as a pro forma adjustment to net income in its 2001 Form 10-K in anticipation of the Company filing a Form S-1 during 2002. These warrants were repurchased in October 2001 and therefore did not affect the operating results for 2002. Therefore, the $2.8 million increase in fourth quarter 2002 net income resulted from a $3.0 million non-cash charge to interest expense during the fourth quarter 2001 related to the put warrants.

For 2002, revenues increased 34.6 percent to $92.6 million from $68.8 million in calendar 2001. Operating income for 2002 was $34.3 million, or 37.0 percent of revenues, compared to calendar 2001 operating income of $27.9 million, or 40.6 percent of revenues. Income before extraordinary items totaled $11.6 million for 2002, compared to $9.0 million for the calendar year 2001. The primary reason for the year-over-year increase in operating income was the increase in the size of the Company’s fleet by an average of 3.2 OSVs and 3.7 tank barges during 2002 compared to 2001. Income before extraordinary items for 2002 also increased over 2001 due to a $3.0 million non-cash charge to interest expense during 2001 related to the previously outstanding put warrants, as discussed above.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Royal Caribbean to Install Scrubbers on 19 Ships

Royal Caribbean Cruises Ltd. (RCL) will retrofit 19 of its ships with advanced emissions purification (AEP) systems. These systems, also known as scrubbers, will

Wärtsilä to Power LNG-fuelled RoPax Ferry

A new passenger ferry being built for Swedish operator Rederi AB Gotland will be fuelled by liquefied natural gas (LNG) and will feature a Wärtsilä integrated solution.

Keeping to the Schedule in the Pacific Northwest

When a tightly scheduled repower for the Kodiak-based trawler Sea Mac in early December took a very bad turn, Mike Fourtner used his 25 years of fishing experience

Finance

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1586 sec (6 req/sec)