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.
- 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.