News & Events
Hornbeck Offshore Announces Third Quarter 2017 Results
11 / 01 / 17
COVINGTON, La., Nov. 1, 2017 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the third quarter ended September 30, 2017. Following is an executive summary for this period and the Company's future outlook:
- 3Q2017 diluted EPS was $(0.51), an improvement of $0.02, or 4%, from 2Q2017 diluted EPS of $(0.53)
- 3Q2017 net loss was $(19.0) million, an improvement of $0.5 million, or 3%, from 2Q2017 net loss of $(19.5) million
- 3Q2017 EBITDA was $10.6 million, a decrease of $1.6 million, or 13%, from 2Q2017 EBITDA of $12.2 million
- 3Q2017 average new gen OSV dayrates were $18,483, a sequential increase of $1,281, or 7%
- 3Q2017 effective new gen OSV dayrates were $4,861, a sequential increase of $1,025, or 27%
- 3Q2017 utilization of the Company's new gen OSV fleet was 26%, up from 22% sequentially
- 3Q2017 effective utilization of the Company's active new gen OSVs was 86%, up from 67% sequentially
- The Company currently has 43 OSVs stacked and expects to have a total of 45 OSVs stacked by the end of 4Q2017
- Quarter-end cash was $113 million, down from $125 million sequentially, with $66 million of newbuild growth capex remaining to be funded
- 3Q2017 total liquidity (cash and credit availability) of $317 million represents a decrease of $12 million, or 4%, from 2Q2017
The Company recorded a net loss for the third quarter of 2017 of $(19.0) million, or $(0.51) per diluted share, compared to $(16.5) million, or $(0.45) per diluted share, for the year-ago quarter; and $(19.5) million, or $(0.53) per diluted share, for the second quarter of 2017. Included in the Company's second quarter 2017 results is a $15.5 million ($10.5 million after-tax or $0.29 per diluted share) net gain on early extinguishment of debt resulting from the repurchase of a portion of the Company's 1.500% Convertible Senior Notes due 2019 and 5.875% Senior Notes due 2020, offset in part by the write-off of certain related deal costs, unamortized financing costs and original issue discount. Excluding the impact of such net gain on early extinguishment of debt, net loss and diluted EPS for the second quarter of 2017 would have been $(30.0) million and $(0.82) per share, respectively. After adjusting for these reconciling items included in the second quarter of 2017, the third quarter net loss and diluted EPS would have been $11.0 million and $0.31 per share higher than the sequential quarter, respectively. Diluted common shares for the third quarter of 2017 were 37.0 million compared to 36.3 million and 36.8 million for the third quarter of 2016 and the second quarter of 2017, respectively. GAAP requires the use of basic shares outstanding for diluted EPS when reporting a net loss. EBITDA for the third quarter of 2017 was $10.6 million compared to $15.2 million for the third quarter of 2016 and $12.2 million for the second quarter of 2017. Excluding the net gain on early extinguishment of debt in the second quarter of 2017, sequential EBITDA would have been $(3.3) million.See link below for full article.
Source: PR Newswire