HORNBECK ANNOUNCES SECOND QUARTER RESULTS
HORNBECK ANNOUNCES SECOND QUARTER RESULTS HOUSTON, July 28 /PRNewswire/ -- Hornbeck Offshore Services, Inc.
(NASDAQ-NMS: HOSS) today announced its results of operations for the three and six month periods ended June 30, 1992. Hornbeck had a net loss of $191,000 or $.02 per share on revenues of $4,108,000 for the three months ended June 30, 1992.
For the first six months of 1992, Hornbeck had a net loss of $764,000 or $.09 per share on revenues of $8,155,000. In 1991, second quarter net income totaled $685,000 ($.06 per share) and revenues were $5,690,000; six month net income in 1991 was $1,225,000 ($.11 per share) and revenues were $11,183,000. Larry D. Hornbeck, chairman of the board, president and chief executive officer, stated that: "The company is able to report improved results in the second quarter as compared to the first quarter despite decreased operating revenues because of successful cost cutting efforts. Operating, general and administrative expenses declined by $454,000 or 14 percent at the same time as fleet utilization improved by 9 percent, which would normally lead to increased costs. Operating revenues declined because decreased dayrates more than offset the positive impact of higher utilization. Additionally, a distribution from a limited partnership in which the company serves as the general partner decreased the second quarter net loss by $185,000 ($.02 per share)." Hornbeck noted that vessel utilization increased in the second quarter and that current industry conditions seem to indicate that the downturn in the Gulf of Mexico is at or near the bottom and that dayrates could begin to improve in the foreseeable future. Two consolidated limited partnerships, in which a subsidiary of the company serves as the general partner, turned over physical possession of their three vessels to representatives of the U.S. Maritime Administration. It appears that these limited partnerships will not be able to continue and will ultimately default on their obligations and lose title to the vessels. Hornbeck Offshore Services, Inc. is not a guarantor of the partnership debt. The surrender of the vessels is not expected to have a significant impact on the consolidated financial statements of the company and the results of this event are expected to be positive to the company in the future because of reduced costs associated with these vessels. The company is engaged in the worldwide offshore marine services business, primarily serving the oil and gas industry through its operation and management of a diversified fleet of 31 vessels. The fleet consists of supply, tug-supply, utility, crew, container hauling and geophysical vessels. The company maintains offices in Galveston, Texas and Morgan City, La. HORNBECK OFFSHORE SERVICES, INC. Periods ended Three months Six months June 30 1991 1992 1991 1992 Revenues $ 5,690,000 $ 4,108,000 $11,183,000 $ 8,155,000 Income (loss) before income taxes 1,038,000 (278,000) 1,856,000 (1,100,000) Net income (loss) 685,000 (191,000) 1,225,000 (764,000) Earnings (loss) per common share $ .06 $ (.02) $ .11 $ (.09) Weighted average common shares outstanding 11,557,764 8,638,621 11,615,250 8,637,217 NOTE: Weighted average shares outstanding decreased in 1992 compared to 1991 principally because of the company's repurchase of 93 percent of its Series 1 preferred stock in September of 1991. -0- 7/28/92 /CONTACT: Robert W. Hampton, vice president, treasurer and chief financial officer of Hornbeck Offshore Services, 409-762-8228 or 713-488-0067/ (HOSS) CO: Hornbeck Offshore Services Inc. ST: Texas IN: OIL SU: ERN
TS -- NY057 -- 4094 07/28/92 12:36 EDT
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|Date:||Jul 28, 1992|
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