HOUSTON, Dec. 21, 2010 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor, today provided an operations, market and outlook update.
In December, as part of its normal monthly review of backlog and work in progress, the Company identified changes in the anticipated timing and mix of projects as well as three jobs experiencing production issues. As a result, the Company expects to see a material change in its forecasted fourth quarter 2010 revenue and EBITDA margin. The Company is lowering its full year 2010 revenue goal from between $360 million and $370 million, to between $345 million and $355 million and is lowering its full year 2010 EBITDA margin goal from 16% - 18%, to 14% - 16%.
"We are not pleased with having to make this adjustment, but feel it is imperative to promptly update you given the changes we have seen," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "We expect the revenue from any timing related shortfalls which occur during the quarter will be recognized in 2011. We have acted on those production issues which are within our control and have made the necessary changes to eliminate them in the future."Factors affecting the fourth quarter: Revenue Impacts
- Production schedule shifts
- Sub-contractor delays
- Revenue mix change
- Production issues