HOUSTON, Oct. 31, 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 September 30, 2013, of $0.9 million ($0.03 diluted loss per share). These results compare to a net loss of $1.6 million ($0.06 diluted loss per share) for the same period a year ago.
- Third quarter 2013 contract revenue was $89.0 million, an increase of 18%, as compared with third quarter 2012 revenue of $75.4 million.
- The Company self-performed approximately 85% of its work as measured by cost during the third quarter 2013, which compares to 84% in the prior year period.
- Gross profit for the quarter was $5.6 million, which represents an increase of $0.7 million as compared with the third quarter of 2012. Gross profit margin for the quarter was 6.3%, which was lower than the prior year period of 6.5%. During the third quarter of 2013, gross profit margin declined as a result of the timing of certain jobs shifting to future periods.
- Selling, General, and Administrative expenses for the third quarter 2013 were $8.0 million as compared to $7.2 million in the prior year period.
- The Company's third quarter 2013 EBITDA was $3.1 million, representing a 3.5% EBITDA margin, which compares to third quarter 2012 EBITDA of $3.1 million, or a 4.1% EBITDA margin.