This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Orion Marine Group, Inc. Reports Second Quarter 2013 Results

HOUSTON, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a heavy civil marine contractor, today reported net income for the three months ended June 30, 2013, of $0.2 million ($0.01 diluted earnings per share). These results compare to a net loss of $5.4 million ($0.20 diluted loss per share) for the same period a year ago.

"During the second quarter we had strong utilization on our construction equipment and improvements in dredge utilization," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "Significant improvements in our year over year results indicate a gradual improvement in market conditions, along with our ability to operate profitably with the right mix and volume of work. As we begin the second half of 2013, we are continuing to see pockets of pricing improvement with continued high demand for our services."

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

Second Quarter 2013
  • Second quarter 2013 contract revenue was $84.1 million, an increase of 25%, as compared with second quarter 2012 revenue of $67.1 million.  
  • The Company self-performed approximately 82% of its work as measured by cost during the second quarter 2013, which was the same in the prior year period.   
  • Gross profit for the quarter was $7.8 million, which represents an increase of $8.0 million as compared with the second quarter of 2012. Gross profit margin for the quarter was 9.3%, which was higher than the prior year period of negative 0.3%. During the second quarter of 2013, gross profit margin improved as a result of improved equipment utilization as compared with the prior year period. Margin in the prior year period was also driven down due to idle crews and equipment following project completions.   
  • Selling, General, and Administrative expenses for the second quarter 2013 were $7.8 million as compared to $7.5 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 second quarter 2013 EBITDA was $5.7 million, representing a 6.7% EBITDA margin, which compares to second quarter 2012 EBITDA of negative $2.4 million, or a negative 3.5% EBITDA margin.

Backlog of work under contract as of June 30, 2013 was $243.9 million, which compares with backlog under contract at June 30, 2012 of $193.7 million. Additionally, the Company is currently the apparent low bidder on approximately $67 million of work.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs