Printer Friendly

HORNBECK ANNOUNCES THIRD QUARTER RESULTS

 HORNBECK ANNOUNCES THIRD QUARTER RESULTS
 GALVESTON, Texas, Oct. 23 /PRNewswire/ -- Hornbeck Offshore


Services, Inc. (NASDAQ-NMS: HOSS) announced its results of operations for the three and nine month periods ended Sept. 30, 1992.
 Hornbeck had a net loss of $337,000 or $.04 per share on revenues of $3,977,000 for the three months ended Sept. 30, 1992. For the first nine months of 1992, Hornbeck had a net loss of $1,101,000 or $.13 per share on revenues of $12,132,000. In 1991, third quarter net income totaled $591,000 ($.05 per share) and revenues were $5,446,000; nine month net income in 1991 was $1,816,000 ($.16 per share) and revenues were $16,629,000.
 Larry D. Hornbeck, chairman of the board, president and chief executive officer, stated: "After subtracting the effect of a $185,000 ($.02) per share) one-time partnership distribution that benefited second quarter 1992 earnings, third quarter 1992 operating performance was approximately the same as for the second quarter of 1992. Supply vessel industry fundamentals have improved since August of this year. The number of rigs working in the U.S. Gulf of Mexico has risen, resulting in significantly increased utilization for the company's fleet. Average dayrates received have also moved up over 30 percent in October compared to average third quarter 1992 rates.
 Hornbeck noted that although the company has cut expenses, it has not altered its equipment maintenance program or allowed any of its required vessel Coast Guard drydocking certificates to lapse as many other companies have done during the recent downturn. This enables the company to take full advantage of all revenue producing assets during the current industry upturn.
 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, Louisiana. The company's common stock is traded on the NASDAQ National Market System under the symbol "HOSS."
 HORNBECK OFFSHORE SERVICES, INC.
 Earnings Release
 October 23, 1992
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1991 1992 1991 1992
 Revenues $ 5,446,000 $ 3,977,000 $16,629,000 $12,132,000
 Income (loss)
 before income
 taxes 896,000 (510,000) 2,752,000 (1,610,000)
 Net income (loss) 591,000 (337,000) 1,816,000 (1,101,000)
 Earnings (loss) per
 common share $ .05 $ (.04)$ .16 $ (.13)
 Weighted average
 common shares
 outstanding 11,049,000 8,641,000 11,284,000 8,639,000
 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- 10/23/92
 /CONTACT: Robert W. Hampton, vice president, treasurer and CFO of Hornbeck Offshore Services, Inc., 409-762-8228 or 713-488-0067/
 (HOSS) CO: Hornbeck Offshore Services, Inc. ST: Texas IN: MAR SU: ERN


PS -- NY037 -- 4151 10/23/92 12:19 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 23, 1992
Words:512
Previous Article:PNC COMPLETES ACQUISITION OF CCNB CORPORATION
Next Article:DEXTER DECLARES QUARTERLY DIVIDEND
Topics:


Related Articles
HORNBECK ADOPTS INTERNATIONAL STRATEGY
HORNBECK ANNOUNCES SECOND QUARTER RESULTS
HORNBECK ANNOUNCES SUPPLY VESSEL FLEET PURCHASE
HORNBECK ANNOUNCES RECORD FIRST QUARTER RESULTS
HORNBECK SIGNS DEFINITIVE AGREEMENT TO ACQUIRE 40 PCT. OF A MAJOR NORTH SEA SAFETY/STANDBY VESSEL COMPANY PLUS OPTIONS FOR REMAINING EQUITY
HORNBECK REPORTS FIRST QUARTER PROFITS
HORNBECK SIGNS LETTER OF INTENT TO ACQUIRE TRICO MARINE SERVICES, INC. WITH FLEET OF 48 OFFSHORE SERVICE VESSELS
HORNBECK ANNOUNCES TERMINATION OF PROPOSED ACQUISITION OF TRICO MARINE SERVICES, INC.
HORNBECK COMPLETES ACQUISITION OF THIRTEEN OFFSHORE SERVICE VESSELS FROM OIL & GAS RENTAL SERVICES, INC.
HORNBECK REPORTS 1995 RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters