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Orion Marine Group, Inc. Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: ORN

Please refer to the Company's Annual Report on Form 10-K, filed on March 8, 2011, which is available on its website at www.orionmarinegroup.com or at the SEC's website at www.sec.gov , for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

 

Orion Marine Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share information)
         
  Three Months Ended Twelve Months Ended
  December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Contract revenues  $ 98,634  $ 55,313  $ 292,042  $ 259,852
Costs of contract revenues   86,112   54,975   277,672   249,614
Gross profit  12,522  338  14,370  10,238
Selling, general and administrative expenses   6,819   7,876   28,573   29,519
Operating (loss) / income   5,703   (7,538)   (14,203)   (19,281)
         
Loss from sale of assets, net  (1,822)  --  (1,822)  (60)
Other income (expense)  (1)  154  227  198
Interest income  12  9  35  31
Interest expense   (105)   (86)   (743)   (349)
Other income (expense), net    (1,916)   77   (2,303)   (180)
(Loss) / Income before income taxes  3,787  (7,461)  (16,506)  (19,461)
Income tax expense   2,301   (2,242)   (4,640)   (6,347)
Net (loss) / income  $ 1,486  $ (5,219)  $ (11,866)  $ (13,114)
         
Basic earnings per share—Common  $ 0.05  $ (0.19)  $ (0.44)  $ (0.49)
Diluted earnings per share—Common  $ 0.05  $ (0.19)  $ (0.44)  $ (0.49)
Shares used to compute earnings per share:        
Basic—Common  27,176,449  27,119,191  27,138,927  26,990,059
Diluted—Common  27,617,218  27,119,191  27,138,927  26,990,059
         

 

Orion Marine Group, Inc. and Subsidiaries
EBITDA and EBITDA Margin Reconciliations
(In Thousands, except margin data)
         
  Three Months Ended Twelve Months Ended
  December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net (loss) / income  $ 1,486  $ (5,219)  $ (11,866)  $ (13,114)
Income tax expense  2,301  (2,242)  (4,640)  (6,347)
Interest (income) expense, net  93  77  708  318
Depreciation and amortization   5,532   5,396   21,570   22,092
EBITDA 1  $ 9,412  $ (1,988)  $ 5,772  $ 2,949
         
Operating (loss) / income margin 2  3.9%  (13.4)%  (5.5)%  (7.3)%
  Impact of depreciation and amortization  5.6%  9.8%  7.4%  8.5%
  EBITDA margin 1  9.5%  (3.6)%  1.9%  1.2%
         
 _____________________________        
1 EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by contract revenues.
2 Operating income margin is calculated by dividing operating income minus loss from sale of assets by contract revenues.

 

     
Orion Marine Group, Inc. and Subsidiaries  
Supplementary Financial Information  
(In Thousands)  
  Balance as of Balance as of
  December 31, 2012 December 31, 2011
  (Audited) (Audited)
Assets    
Current assets    
Cash and cash equivalents  $ 43,084  $ 38,979
Accounts receivable    
Trade  45,072  20,954
Retainage  8,213  5,977
Other  1,712  1,111
Taxes receivable  3,110  13,998
Note receivable  46  51
Inventory  4,354  3,361
Deferred tax assets  37  1,182
Costs and estimated earnings in excess of billings on uncompleted contracts  19,245  15,112
Asset held for sale  920  --
Prepaid expenses and other   2,857   2,470
Total current assets  128,650  103,195
Property and equipment, net  150,671  146,107
Accounts receivable, long-term  1,410  1,410
Inventory, non-current  915 ---
Goodwill  34,817  32,168
Intangible assets, net of amortization  627  --
Other assets   225   207
Total assets  $ 317,315  $ 283,087
     
Liabilities and Stockholders' Equity    
Current liabilities    
Current debt  $ 12,621  $  --
Accounts payable    
Trade  28,744  11,977
Retainage  2,433  374
Accrued liabilities  12,456  9,339
Taxes payable  252  --
Billings in excess of costs and estimated earnings on uncompleted contracts   16,369   5,665
Total current liabilities  72,875  27,355
Other long-term liabilities  564  606
Deferred income taxes  18,496  21,287
Deferred revenue   146   203
Total liabilities  92,081  49,451
Stockholders' equity    
Common stock  275  274
Treasury stock   (3,003)   (3,003)
Additional paid in capital  160,973  157,560
Retained earnings   66,939   78,805
Equity attributable to common stockholders  225,184  233,636
Noncontrolling interests   50   --
Total stockholders' equity   225,234   233,636
Total liabilities and stockholders' equity  $ 317,315  $ 283,087
     

 

     
Orion Marine Group, Inc. and Subsidiaries  
Supplementary Financial Information  
(In Thousands)  
     
  Twelve Months Ended December 31, 2012 Twelve Months Ended December 31, 2011
  (Unaudited) (Unaudited)
     
Cash flows from operating activities    
Net loss $ (11,866) $ (13,114)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization  21,570  22,092
Deferred financing cost amortization  103  132
Bad debt expense  12  255
Deferred income taxes  (1,646)  5,192
Stock-based compensation  3,115  2,712
Loss on sale of property and equipment  1,822  60
Change in operating assets and liabilities:    
Accounts receivable  (26,966)  26,135
Income tax receivable  10,888  (6,331)
Inventory  (497)  (370)
Note receivable  5  39
Prepaid expenses and other  (497)  (377)
Costs and estimated earnings in excess of billings on uncompleted contracts  (4,133)  10,991
Accounts payable  18,826  (12,970)
Accrued liabilities  2,803  (2,728)
Income tax payable  252  (262)
Billings in excess of costs and estimated earnings on uncompleted contracts, net  10,704  1,277
Deferred revenue   (57)   (57)
Net cash provided by operating activities   24,438   32,676
Cash flows from investing activities    
Proceeds from sale of property and equipment  374  841
Purchase of property and equipment  (24,647)  (14,894)
Acquisition of business in Alaska   (9,000)   --
Net cash used in investing activities   (33,273)   (14,053)
Cash flows from financing activities    
Borrowings from Credit Facility  18,000  --
Payments made on borrowings from Credit Facility  (5,379)  --
Distributions to noncontrolling interests  34  185
Exercise of stock options  298  --
Excess tax benefit from stock option exercise  --  --
Increase in loan costs  (13)  --
Purchase of shares into treasury   --   (3,003)
Net cash (used in) provided by financing activities   12,940   (2,818)
Net change in cash and cash equivalents  4,105  15,805
Cash and cash equivalents at beginning of period   38,979   23,174
Cash and cash equivalents at end of period $ 43,084 $ 38,979
CONTACT: Orion Marine Group, Inc.
         Mark Stauffer, Executive Vice President & CFO
         Chris DeAlmeida, Vice President,
         Accounting & Finance, 713-852-6506
         Drew Swerdlow, Sr. Analyst,
         Finance & Investor Relations, 713-852-6582

Orion Marine Group, Inc. Logo

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