Orion Marine Group, Inc. Reports Third Quarter 2010 Results
HOUSTON, Nov. 4, 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 September 30, 2010, of $7.1 million or $0.26 diluted earnings per share (based on 27,094,326 diluted shares outstanding). These results compare to net income of $5.4 million or $0.22 diluted earnings per share (based on 24,678,251 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 we are pleased with the third quarter as revenue exceeded our goal of $90 to $95 million and EBITDA margins were within our goal range of 16% to 18%. I am pleased to say that this was the first quarter in our company's history in which we exceeded $100 million in quarterly revenues."
Financial highlights of the Company's third quarter 2010 include:Third Quarter 2010
- Third quarter 2010 contract revenues were $100.0 million, an increase of 22.8%, as compared with third quarter of 2009 revenues of $81.5 million. Third quarter revenues exceeded the Company's stated third quarter 2010 goal range of $90-$95 million as a result of favorable conditions including the acceleration of project schedules.
- Gross profit for the quarter was $18.4 million which represents an increase of $2.4 million as compared with the third quarter of 2009. Gross profit margin for the quarter was 18.4%, which was lower than the prior year period of 19.6%. During the third quarter 2010 gross profit margin was impacted by lower self-performance resulting from changes in the mix of contracts as compared to the prior year period.
- The Company self-performed approximately 79% of its work as measured by cost during the third quarter 2010 as compared with 83% in the prior year period. Self performance was lower than the Company's historical average due to changes in the mix of contracts as compared to the prior year period.
- Selling, General, and Administrative expenses for the third quarter 2010 were $7.0 million as compared to $7.7 in the prior year period. SG&A was slightly lower than initially expected as a result of adjustments to incentive compensation.
- The Company's third quarter 2010 EBITDA was $16.4 million, representing a 16.4% EBITDA margin, which compares to third quarter 2009 EBITDA of $13.2 million, or a 16.2% EBITDA margin.
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