Hornbeck Offshore Announces Q1 2011 Results
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2011. Following are highlights for this period and the Company's future outlook:
- Lack of drilling permits in Company's core geographic market, the GoM, results in net loss for 1Q2011
- Recently awarded long-term time charters for two additional DP-1 200 class new gen OSVs in Mexico
- Recently awarded four-year time charters for four additional DP-2 240 class new gen OSVs in Brazil
- More than half of the new gen OSV fleet now committed to long-term foreign and/or specialty time charters
- Recently reactivated five cold-stacked new gen OSVs, bringing stacked fleet back to pre-Macondo peak of ten
- Contract backlog for new gen OSV vessel-days currently at 58%, 43% and 32% for 2Q-4Q2011, 2012 and 2013
- Quarter-end cash balance of $137m as of Mar 31, 2011 up $10m sequentially from $127m as of Dec 31, 2010
First quarter 2011 revenues decreased 16.1% to $72.3 million compared to $86.2 million for the first quarter of 2010 and decreased 25.7% compared to $97.3 million for the fourth quarter of 2010. Operating income was $0.7 million, or 1.0% of revenues, for the first quarter of 2011 compared to $15.7 million, or 18.2% of revenues, for the prior-year quarter; and $18.7 million, or 19.2% of revenues, for the fourth quarter of 2010. The Company recorded a net loss for the first quarter of 2011 of ($9.0 million), or ($0.34) per diluted share, compared to net income of $2.6 million, or $0.09 per diluted share, for the year-ago quarter; and net income of $2.6 million, or $0.10 per diluted share, for the fourth quarter of 2010. EBITDA for the first quarter of 2011 was $21.3 million compared to first quarter 2010 EBITDA of $33.5 million and fourth quarter 2010 EBITDA of $38.9 million. Included in first quarter 2011 results was a $0.6 million ($0.4 million after-tax, or $0.01 per diluted share) gain on the sale of the Company's last four remaining single-hulled tank barges for net cash proceeds of $2.1 million compared to a $0.5 million ($0.3 million after-tax, or $0.01 per diluted share) gain on the sale of one conventional offshore supply vessel ("OSV") for net cash proceeds of $1.3 million in the first quarter of 2010. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 11 to the accompanying data tables.
Source: Hornbeck Offshore