HOUSTON, March 3, 2011 (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 December 31, 2010, of $3.0 million ($0.11 diluted earnings per share). These results compare to net income of $4.0 million ($0.15 diluted earnings per share) for the same period a year ago. For the full year 2010, Orion Marine Group reported net income of $21.9 million ($0.81 diluted earnings per share), which compares to 2009 net income of $20.0 million ($0.84 diluted earnings per share). Full year 2010 earnings per share calculations include additional shares outstanding as a result of the secondary offering made during the third quarter 2009.
- Fourth quarter 2010 contract revenues were $90.4 million, an increase of 26.9%, as compared with fourth quarter of 2009 revenues of $71.2 million.
- Gross profit for the quarter was $11.6 million which represents a decrease of $1.9 million as compared with the fourth quarter of 2009. Gross profit margin for the quarter was 12.9%, which was lower than the prior year period of 19.0%. During the fourth quarter 2010 gross profit margin was impacted by production issues on a couple of jobs and changes in the mix of contracts as compared to the prior year period.
- Selling, General, and Administrative expenses for the fourth quarter 2010 were $7.2 million as compared to $7.3 in the prior year period.
- The Company's fourth quarter 2010 EBITDA was $9.3 million, representing a 10.3% EBITDA margin, which compares to fourth quarter 2009 EBITDA of $10.1 million, or a 14.2% EBITDA margin.
- Full year 2010 contract revenues increased to $353.1 million, up 20.3% year-over-year as compared with full year 2009 revenues of $293.5 million.
- Gross profit for the year was $65.2 million which represents an increase of $2.5 million as compared with the full year 2009. Gross profit margin for the year was 18.5%, which was down from 21.4% for the full year 2009. Gross profit margin was primarily impacted during the year by pricing pressure in the East Coast construction market.
- The Company self-performed approximately 82% of its work as measured by cost during 2010 as compared with 88% during 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 full year 2010 were $32.6 million as compared with $30.7 million in the prior year period.
- The Company's full year 2010 EBITDA was $53.6 million, representing a 15.2% EBITDA margin, which compares to full year 2009 EBITDA of $50.5 million, or a 17.2% EBITDA margin.