Hornbeck Offshore Services, Inc. announced today results for the second quarter ended June 30, 2011.
Following are highlights for this period and the Company’s future outlook:
Second quarter 2011 revenues decreased 27.8% to $80.8 million compared to $111.9 million for the second quarter of 2010 and increased 11.8% compared to $72.3 million for the first quarter of 2011. Operating income was $3.8 million, or 4.7% of revenues, for the second quarter of 2011 compared to $34.5 million, or 30.8% of revenues, for the prior-year quarter; and $0.7 million, or 1.0% of revenues, for the first quarter of 2011.
The Company recorded a net loss for the second quarter of 2011 of ($7.0 million), or ($0.26) per diluted share, compared to net income of $13.0 million, or $0.48 per diluted share, for the year-ago quarter; and a net loss of ($9.0 million), or ($0.34) per diluted share, for the first quarter of 2011. This is the second consecutive quarterly net loss in fiscal 2011 caused by the lack of drilling permits in the Company’s principal Upstream market due to the on-going de facto regulatory moratorium. EBITDA for the second quarter of 2011 was $24.0 million compared to second quarter 2010 EBITDA of $54.1 million and first quarter 2011 EBITDA of $21.3 million.
[mappress] Source: Hornbeck Offshore, August 04, 2011;