News & Events
Hornbeck Offshore Announces First Quarter 2017 Results
05 / 03 / 17
COVINGTON, La., May 3, 2017 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today results for the first quarter ended March 31, 2017. Following is an executive summary for this period and the Company's future outlook:
- 1Q2017 diluted EPS was $(0.76), a decrease of $0.23, or 43%, from 4Q2016 diluted EPS of $(0.53)
- 1Q2017 net loss was $(27.9) million, a decrease of $8.7 million from 4Q2016 net loss of $(19.2) million
- 1Q2017 EBITDA was $1.6 million, a slight increase from 4Q2016 EBITDA of $1.1 million
- 1Q2017 revenues include a redelivery fee of $9.4 million related to the completion of a long-term OSV contract
- 1Q2017 G&A expense includes $3.8 million of additional bad debt reserve related to a former customer's bankruptcy proceedings
- Excluding these two items, adjusted 1Q2017 diluted EPS and net loss were $(0.87) and $(31.7) million, respectively
- Excluding these two items, adjusted 1Q2017 EBITDA was $(3.9) million, a decrease of $5.0 million from 4Q2016 EBITDA of $1.1 million
- Excluding the redelivery fee, 1Q2017 average new gen OSV dayrates were $19,221, a decrease of $4,991, or 21%, sequentially
- Excluding the redelivery fee, 1Q2017 effective new gen OSV dayrates were $3,787, a decrease of $1,055, or 22%, sequentially
- 1Q2017 utilization of the Company's new gen OSV fleet was 20%, in-line with the sequential quarter
- 1Q2017 effective utilization of the Company's active new gen OSVs was 68%, down from 75% sequentially
- The Company has exercised the interest coverage holiday permitted by the revolving credit facility capping the borrowing base at $75 million
- The Company currently has 41 OSVs and two MPSVs stacked and expects to have 46 OSVs and two MPSVs stacked by end of 3Q17
- Quarter-end cash was $209 million with only $70 million of growth capex remaining to be funded under the 24-vessel newbuild program
The Company recorded a net loss for the first quarter of 2017 of $(27.9) million, or $(0.76) per diluted share, compared to a net loss of $(7.5) million, or $(0.21) per diluted share, for the year-ago quarter; and a net loss of $(19.2) million, or $(0.53) per diluted share, for the fourth quarter of 2016. Included in the Company's first quarter 2017 results is a $9.4 million redelivery fee related to the completion of a long-term contract for one of the Company's OSVs. Also included in the Company's first quarter 2017 results is a $3.8 million increase in G&A expense resulting from additional bad debt reserves due to an unfavorable ruling in recent bankruptcy proceedings related to a receivable from a former customer. Excluding the net impact of these two items, net loss and diluted EPS for the first quarter of 2017 would have been $(31.7) million, and $(0.87) per share, respectively. Diluted common shares for the first quarter of 2017 were 36.6 million compared to 36.1 million and 36.4 million for the first quarter of 2016 and the fourth quarter of 2016, respectively. GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss. EBITDA for the first quarter of 2017 was $1.6 million compared to $28.2 million for the first quarter of 2016 and $1.1 million for the fourth quarter of 2016. Excluding the net impact of the two items discussed above, first quarter 2017 EBITDA would have been $(3.9) million. For additional information regarding EBITDA as a non-GAAP financial measure, please see Note 10 to the accompanying data tables.
Source: PR Newswire