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Orion Marine Group, Inc. Reports First Quarter 2013 Results

Stocks in this article: ORN

HOUSTON, May 2, 2013 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a heavy civil marine contractor, today reported a net loss for the three months ended March 31, 2013, of $1.1 million ($0.04 diluted loss per share). These results compare to a net loss of $6.3 million ($0.23 diluted loss per share) for the same period a year ago.

"Our first quarter results reflect a solid year-over-year increase in revenue and EBITDA," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "As expected, we did encounter gaps between certain projects which resulted in a decline in the utilization of our dredging assets in the first quarter. Overall we were pleased with our results for the quarter and we remain encouraged by the market outlook for the remainder of 2013." 

Financial highlights of the Company's first quarter 2013 include:

First Quarter 2013

  • First quarter 2013 contract revenue was $75.1 million, an increase of 48%, as compared with first quarter 2012 revenue of $50.9 million. While first quarter 2013 revenue was down sequentially, it was up significantly year over year as a result of the Company's adjusted pricing strategy in an effort to drive a higher volume of work.   
  • The Company self-performed approximately 83% of its work as measured by cost during the first quarter 2013, as compared with 85% in the prior year period.   
  • Gross profit for the quarter was $5.8 million, which represents an increase of $8.7 million as compared with the first quarter of 2012. Gross profit margin for the quarter was 7.8%, which was higher than the prior year period of negative 5.6%. During the first quarter of 2013, gross profit margin improved due to the volume, timing, and mix of projects as compared to the prior year period.   
  • Selling, General, and Administrative expenses for the first quarter 2013 were $7.7 million as compared to $7.1 million in the prior year period. The increase is primarily related to additional overhead expenses as a result of the acquisition made in late 2012.   
  • The Company's first quarter 2013 EBITDA was $3.8 million, representing a 5.1% EBITDA margin, which compares to first quarter 2012 EBITDA of negative $4.4 million, or a negative 8.5% EBITDA margin.

Backlog of work under contract as of March 31, 2013 was $150.4 million, which compares with backlog under contract at March 31, 2012 of $215.4 million. Additionally, the Company is currently the apparent low bidder on approximately $117 million of work.

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