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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. 

Backlog of work under contract as of September 30, 2010 was $217.3 million which compares with backlog under contract at September 30, 2009 of $224.3 million. 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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