HOUSTON, Aug. 5, 2010 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor, today reported net income for the three months ended June 30, 2010, of $7.0 million or $0.26 diluted earnings per share (based on 27,200,611 diluted shares outstanding). These results compare to net income of $6.3 million or $0.28 diluted earnings per share (based on 22,148,304 diluted shares outstanding) for the same period a year ago.
- Second quarter 2010 contract revenues were $87.1 million, an increase of 23.1%, as compared with the second quarter of 2009 revenues of $70.8 million. Second quarter revenues fell short of the Company's stated second quarter 2010 goal range of $90-$95 million due to changes in the timing of certain jobs.
- Gross profit for the quarter was $19.6 million which represents an increase of $0.7 million as compared with the second quarter of 2009. Gross profit margin for the quarter was 22.5%, which was lower than the prior year period of 26.7%. During the second quarter 2009 gross profit margin was higher as a result of the timing of jobs in progress and higher self-performance.
- The Company self-performed approximately 85% of its work as measured by cost during the second quarter 2010 as compared with 90% in the prior year period.
- Selling, General, and Administrative expenses for the second quarter 2010 were $8.6 million which were in line with the prior year period.
- The Company's second quarter 2010 EBITDA was $15.7 million, representing an 18.1% EBITDA margin, which compares to second quarter 2009 EBITDA of $15.2 million, or a 21.4% EBITDA margin.