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Hornbeck Offshore Announces First Quarter 2018 Results

05 / 02 / 18

COVINGTON, La., May 2, 2018 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2018.  Following is an executive summary for this period and the Company's future outlook:

  • 1Q2018 diluted EPS was $(1.04), a decrease of $3.52 from 4Q2017 diluted EPS of $2.48
  • 1Q2018 net loss was $(38.7) million, a decrease of $132.5 million from 4Q2017 net income of $93.8 million
  • Excluding the reconciling items discussed below, adjusted 4Q2017 diluted EPS and net loss were $(0.44) and $(16.1) million, respectively
  • 1Q2018 EBITDA was $(7.2) million, a decrease of $21.1 million, or 152%, from 4Q2017 EBITDA of $13.9 million
  • 1Q2018 average new gen OSV dayrates were $17,985, a sequential decrease of $979, or 5%
  • 1Q2018 effective new gen OSV dayrates were $3,723, a sequential decrease of $847, or 19%
  • 1Q2018 utilization of the Company's new gen OSV fleet was 21%, down from 24% sequentially
  • 1Q2018 effective utilization of the Company's active new gen OSVs was 71%, down from 81% sequentially
  • The Company currently has 40 OSVs stacked and expects to have a total of 40 OSVs stacked at the end of 2Q2018
  • Quarter-end cash was $171 million, down from $187 million sequentially, with $62 million of newbuild growth capex remaining to be funded
  • The Company expects delivery of final two MPSVs in 2019 with $17 million and $45 million of growth capex in 2018 and 2019, respectively
  • 1Q2018 total liquidity (cash and credit availability) of $308 million represents a decrease of $16 million, or 5%, from 4Q2017
  • The Company recently entered into a vessel purchase agreement with Aries Marine to acquire four high-spec OSVs for $36.6 million in cash

The Company recorded a net loss for the first quarter of 2018 of $(38.7) million, or $(1.04) per diluted share, compared to a net loss of $(27.9) million, or $(0.76) per diluted share, for the first quarter of 2017; and net income of $93.8 million, or $2.48 per diluted share, for the fourth quarter of 2017.  Included in the Company's year-ago quarter results was a $9.4 million redelivery fee related to the completion of a long-term contract for one of the Company's OSVs and $3.8 million of G&A expense resulting from additional bad debt reserves due to an unfavorable ruling in 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. Included in the Company's sequential quarter results was a $125.2 million tax benefit related to U.S. tax reform legislation that was enacted in December 2017, partially offset by $14.2 million of tax expense due to valuation allowances related to tax credits that may expire prior to being utilized and a $1.7 million non-cash write-off of goodwill.  Excluding the net impact of these reconciling items, net loss and diluted EPS for the fourth quarter of 2017 would have been $(16.1) million and $(0.44) per diluted share, respectively.  Diluted common shares for the first quarter of 2018 were 37.3 million compared to 36.6 million and 37.9 million for the first quarter of 2017 and the fourth quarter of 2017, respectively.  GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss.  EBITDA for the first quarter of 2018 was $(7.2) million compared to $1.6 million for the first quarter of 2017 and $13.9 million for the fourth quarter of 2017. See link below for full article.

Source: PR Newswire

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