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Orion Marine Group, Inc. Reports Third Quarter 2013 Results

Stocks in this article: ORN

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.

"We are pleased with our solid level of backlog and bid opportunities as we head into 2014," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "As previously announced in our mid-period update, our third quarter results were impacted by some jobs, particularly those involving dredging service, shifting into future periods, along with an increase in certain job costs associated with differing site conditions, both of which should benefit 2014. Even with these impacts, our third quarter results once again reflect a year-over-year increase in revenue with EBITDA results that were in line with the prior period as we continue to demonstrate that we are on the right path. We have a strong backlog to liquidate next year and we continue to see a high level of demand for our services."

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

Third Quarter 2013

  • 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.

Backlog of work under contract as of September 30, 2013 was $216.5 million, which compares with backlog under contract at September 30, 2012 of $217.1 million. Additionally, the Company is currently the apparent low bidder on approximately $110 million of work.

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