Hornbeck Offshore Net Income Doubled in Q4 2013
Covington, LA. headquartered Hornbeck Offshore Services, Inc. has announced its financial results for the fourth quarter ended December 31, 2013 with a year-on-year almost quarterly doubling of net income. Highlights of the report are as follows:
The Company recorded net income for the fourth quarter of 2013 of $22.2 million, or $0.61 per diluted share, compared to net income of $11.3 million, or $0.31 per diluted share, for the year-ago quarter; and net income of $59.2 million, or $1.61 per diluted share, for the third quarter of 2013. Excluding the impact of the gain on sale of Downstream assets, net income and diluted EPS for the third quarter of 2013 would have been $21.1 million and $0.57 per share, respectively.
Diluted common shares for the fourth quarter of 2013 were 36.7 million compared to 36.1 million for the fourth quarter of 2012 and 36.7 million for the third quarter of 2013. EBITDA from consolidated operations for the fourth quarter of 2013 was $66.8 million compared to $55.1 million in the fourth quarter of 2012 and $126.5 million in the third quarter of 2013. Excluding the impact of the gain on sale of Downstream assets, such EBITDA for the third quarter of 2013 would have been $66.5 million.
Revenues were $144.9 million for the fourth quarter of 2013, an increase of $26.3 million, or 22.2%, from $118.6 million for the fourth quarter of 2012; and an increase of $12.0 million, or 9.0%, from $132.9 million for the third quarter of 2013. The year-over-year increase in Upstream revenues primarily resulted from improved market conditions for the Company's MPSVs and four newly constructed vessels placed in service under the Company's fifth OSV newbuild program.
As of December 31, 2013, excluding four inactive non-core vessels (two of which have been sold thus far in 2014 at a nominal gain) and two OSV newbuild deliveries that occurred in February 2014, the Company's operating fleet consisted of 53 new generation OSVs and four MPSVs.
The Company will hold a conference call to discuss its fourth quarter 2013 financial results and recent developments at 10:00 a.m. Eastern (9:00 a.m. Central), February 20, 2014. To participate in the call, dial (480) 629-9868 and ask for the Hornbeck Offshore call at least 10 minutes prior to the start time.
To access it live over the Internet, log onto the web at http://www.hornbeckoffshore.com , on the "IR Home" page of the "Investors" section of the Company's website at least fifteen minutes early to register, download and install any necessary audio software.