HORNBECK OFFSHORE SERVICES, INC. ANNOUNCES 1991 EARNINGS
GALVESTON, Texas, Feb. 13 /PRNewswire/ -- Hornbeck Offshore Services, Inc. (NASDAQ: HOSS) announced 1991 earnings of $1,931,000 or $.18 per share based on revenues of $22,031,000. In 1990, Hornbeck earned $4,513,000 or $.49 per share based on revenues of $24,382,000. For the fourth quarter of 1991 earnings were $115,000 or $.01 per share and revenues totaled $5,402,000 compared to earnings and revenues of $1,090,000 ($.10 per share) and $6,534,000, respectively. Decreased drilling activity in the U.S. Gulf of Mexico resulted in lower average dayrates and utilization for the company's fleet of supply vessels in 1991. This decrease in activity negatively impacted the company's performance for the year in spite of an increase of 23 percent in the size of the company's fleet. The company was able to acquire five additional supply vessels in 1991 at depressed values due to industry conditions.
Hornbeck has previously announced its intention to move equipment out of the U.S. Gulf of Mexico to more favorable overseas markets under appropriate conditions. Larry D. Hornbeck, president, chairman and chief executive officer, noted that a significant portion of the company's fleet is well-suited for foreign service. "We have equipment capable of foreign service and we have recently added personnel to develop these markets. We will continue to maintain our presence in the U.S. Gulf of Mexico market which we believe has significant long-term prospects while expanding our efforts in targeted foreign markets."
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 34 vessels. The fleet consists of supply, tug-supply, utility, crew, container hauling and geophysical vessels. The company maintains offices in Galveston and Morgan City, La.
HORNBECK OFFSHORE SERVICES, INC.
Periods ended Three Months 12 Months
Dec. 31 1990 1991 1990 1991
Revenues $ 6,534,000 $5,402,000 $24,382,000 $22,031,000
Income (loss) before
income taxes 1,652,000 168,000 6,616,000 2,920,000
Net income (loss) 1,090,000 115,000 4,513,000 1,931,000
Earnings (loss) per
Primary $ .10 $ .01 $ .51 $ .18
Fully diluted $ .10 $ .01 $ .49 $ .18
Primary 10,394,494 8,928,753 8,655,839 10,592,288
Fully diluted 10,479,218 8,928,753 9,541,464 10,592,288
Working capital $17,227,000 $10,135,000
Long-term debt $12,618,000 $13,663,000
Stockholders' equity $40,375,000 $37,450,000
/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 AH -- NY092 -- 9945 02/13/92 16:44 EST