Orion Marine Group Inc, a leading heavy civil marine contractor, today reported a net loss for the three months ended September 30, 2012, of $1.6 million ($0.06 diluted loss per share). These results compare to a net loss of $6.2 million ($0.23 diluted loss per share) for the same period a year ago.
“The plan we put in place to drive a larger volume of work to offset lower job margins has begun to yield encouraging results in the form of positive gross margin and positive EBITDA for the first time since the second quarter of 2011, ” said Mike Pearson, Orion Marine Group’s President and Chief Executive Officer . “ Our strategy has also allowed us to maintain a solid backlog, which is at its highest reported level in two years. However, challenges still exist in the form of continued uncertainty as to the ongoing pace of Corps lettings.”
Financial highlights of the Company’s third quarter 2012 include:
– Third Quarter 2012
– Third quarter 2012 contract revenues were $75.4 million, an increase of 38.1%, as compared with third quarter of 2011 revenues of $54.6 million.
– The Company self-performed approximately 84% of its work as measured by cost during the third quarter 2012 as compared with 81% in the prior year period.
– Gross profit for the quarter was $4.9 million, which represents an increase of $7.3 million as compared with the third quarter of 2011. Gross profit margin for the quarter was 6.5%, which was higher than the prior year period of negative 4.5%. During the third quarter of 2012, gross profit improved due to increased utilization of construction equipment.
– Selling, General, and Administrative expenses for the third quarter 2012 were $7.2 million as compared to $6.6 million in the prior year period.
– The Company’s third quarter 2012 EBITDA was $3.1 million, representing a 4.1% EBITDA margin, which compares to third quarter 2011 EBITDA of negative $3.4 million, or a negative 6.3% EBITDA margin.
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Press Release, November 1, 2012