Orion Marine Group, Inc., a leading heavy civil marine contractor, today reported net income for the three months ended December 31, 2010, of $3.0 million ($0.11 diluted earnings per share).
These results compare to net income of $4.0 million ($0.15 diluted earnings per share) for the same period a year ago. For the full year 2010, Orion Marine Group reported net income of $21.9 million ($0.81 diluted earnings per share), which compares to 2009 net income of $20.0 million ($0.84 diluted earnings per share). Full year 2010 earnings per share calculations include additional shares outstanding as a result of the secondary offering made during the third quarter 2009.
“ During 2010, we saw many challenges and many accomplishments, ” said Mike Pearson , Orion Marine Group’s President and Chief Executive Officer. “ Although less than we initially expected, we continued to grow the business which resulted in record full year revenue with a solid bottom line performance and strong EBITDA margins. In fact, we ended 2010 with more than double the amount of revenue we had in 2005, while maintaining industry leading EBITDA margins.”
Backlog of work under contract as of December 31, 2010 was $194.5 million which compares with backlog under contract at December 31, 2009 of $252.9 million. Subsequent to the end of the year, the Company has been successful in continuing to obtain additional awards for new work. The Company reminds investors that backlog can fluctuate from period to period due to the timing and execution of contracts. Given the typical duration of the Company’s projects, which range from three to nine months, the Company’s backlog at any point in time usually represents only a portion of the revenue it expects to realize during a twelve month period. Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress and not yet complete, and the Company cannot guarantee that the revenue projected in its backlog will be realized, or, if realized will result in earnings.
“ We are comfortable with our backlog and we continue to see solid demand for our services, ” said Mark Stauffer , Orion Marine Group’s Executive Vice President and Chief Financial Officer. “ We urge you to continue to focus on long term results and not short term fluctuations. We continue to be an industry leader and ended 2010 with a strong stable balance sheet, positive year-over-year net income growth, positive year-over year EBITDA growth and a 20% growth in the top line. Our goal is to double revenues again during the next five years while continuing to deliver solid bottom line results. We will accomplish this through growth opportunities, strategic acquisitions, and new service lines to complement our core capabilities. We feel there is plenty of market to support this growth and are optimistic about the road ahead.”
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Source: orionmarinegroup ,March 03, 2011;