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Orion Marine Group, Inc. Reports Second Quarter 2010 Results

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. 

"Our bid markets remain strong and there continues to be good drivers for long-term growth," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "Overall, the second quarter showed good growth and we are pleased with the results."

Financial highlights of the Company's second quarter 2010 include:

Second Quarter 2010
  • 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. 

Backlog of work under contract as of June 30, 2010 was $218.1 million which compares with backlog under contract at June 30, 2009 of $141.8 million. In addition, the recently announced large project awards, including the announcement made this morning, add approximately $40 million to backlog. Including these projects, the Company has approximately $258 million worth of backlog. The Company reminds investors that backlog can fluctuate from period to period due to the timing and execution of contracts. Given the typical duration of the Company's projects, which range from three to nine months, the Company's backlog at any point in time usually represents only a portion of the revenue it expects to realize during a twelve month period. Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress and not yet complete, and the Company cannot guarantee that the revenue projected in its backlog will be realized, or, if realized will result in earnings. 

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