We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Helix Energy Solutions Group Inc | NYSE:HLX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.27% | 11.32 | 11.45 | 11.09 | 11.21 | 1,606,727 | 01:00:00 |
Helix Energy Solutions Group, Inc. (NYSE: HLX) reported net income of $11.5 million, or $0.10 per diluted share, for the third quarter of 2016 compared to net income of $9.9 million, or $0.09 per diluted share, for the same period in 2015 and a net loss of $10.7 million, or $(0.10) per diluted share, for the second quarter of 2016. The net loss for the nine months ended September 30, 2016 was $27.0 million, or $(0.25) per diluted share, compared to net income of $26.9 million, or $0.25 per diluted share, for the nine months ended September 30, 2015.
Helix reported adjusted EBITDA1 of $46.7 million for the third quarter of 2016 compared to $51.5 million for the third quarter of 2015 and $14.9 million for the second quarter of 2016. Adjusted EBITDA for the nine months ended September 30, 2016 was $62.7 million compared to $138.6 million for the nine months ended September 30, 2015.
Owen Kratz, President and Chief Executive Officer of Helix, stated, “We realized a significant improvement in financial results across our business units primarily resulting from a combination of higher vessel utilization and seasonal factors. However, industry conditions remain challenging.”
1Adjusted EBITDA is a non-GAAP measure. See reconciliation below.
Summary of Results
($ in thousands, except per share amounts, unaudited
Three Months Ended Nine Months Ended 9/30/2016 9/30/2015 6/30/2016 9/30/2016 9/30/2015 Revenues $ 161,245 $ 182,462 $ 107,267 $ 359,551 $ 538,119 Gross Profit $ 40,184 $ 31,969 $ 5,658 $ 28,912 $ 91,124 25 % 18 % 5 % 8 % 17 % Net Income (Loss) $ 11,462 $ 9,880 $ (10,671 ) $ (27,032 ) $ 26,887 Diluted Earnings (Loss) Per Share $ 0.10 $ 0.09 $ (0.10 ) $ (0.25 ) $ 0.25 Adjusted EBITDA1 $ 46,701 $ 51,497 $ 14,932 $ 62,655 $ 138,550 1Adjusted EBITDA is a non-GAAP measure. See reconciliation below.Segment Information, Operational and Financial Highlights
($ in thousands, unaudited) Three Months Ended 9/30/2016 9/30/2015 6/30/2016 Revenues: Well Intervention $ 108,287 $ 94,895 $ 59,919 Robotics 48,897 83,310 38,914 Production Facilities 17,128 19,133 18,957 Intercompany Eliminations (13,067 ) (14,876 ) (10,523 ) Total $ 161,245 $ 182,462 $ 107,267 Income (Loss) from Operations: Well Intervention $ 24,413 $ 6,233 $ (538 ) Robotics (94 ) 14,329 (8,823 ) Production Facilities 8,312 6,938 9,730 Corporate / Other (10,288 ) (8,965 ) (9,827 ) Intercompany Eliminations (873 ) (163 ) 163 Total $ 21,470 $ 18,372 $ (9,295 )Business Segment Results
Other Expenses
Financial Condition and Liquidity
* * * * *
Conference Call Information
Further details are provided in the presentation for Helix’s quarterly conference call to review its third quarter 2016 results (see the “Investor Relations” page of Helix’s website, www.HelixESG.com). The call, scheduled for 9:00 a.m. Central Daylight Time Thursday, October 20, 2016, will be audio webcast live from the “Investor Relations” page of Helix’s website. Investors and other interested parties wishing to listen to the conference via telephone may join the call by dialing 800-618-4645 for persons in the United States and 1-303-223-4398 for international participants. The passcode is "Tripodo". A replay of the conference call will be available under "Investor Relations" by selecting the "Audio Archives" link from the same page beginning approximately two hours after the completion of the conference call.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com.
Reconciliation of Non-GAAP Financial Measures
Management evaluates Company performance and financial condition using certain non-GAAP metrics, primarily EBITDA, Adjusted EBITDA, net debt and net debt to book capitalization. We define EBITDA as earnings before income taxes, net interest expense, gain on repurchase of long-term debt, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we include realized losses from the cash settlements of our ineffective foreign currency derivative contracts, which are excluded from EBITDA as a component of net other income or expense. Net debt is calculated as total long-term debt less cash and cash equivalents. Net debt to book capitalization is calculated by dividing net debt by the sum of net debt and shareholders’ equity. We use EBITDA to monitor and facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measure of EBITDA provides useful information to the public regarding our ability to service debt and fund capital expenditures and may help our investors understand our operating performance and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA and Adjusted EBITDA differently from the way we do, which may limit their usefulness as comparative measures. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income or other income data prepared in accordance with GAAP. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding our strategy; any statements regarding visibility and future utilization; any projections of financial items; future operations expenditures; any statements regarding the plans, strategies and objectives of management for future operations; any statements concerning developments; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. The forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors including but not limited to the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities; operating hazards and delays; our ultimate ability to realize current backlog; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including the Company's most recently filed Annual Report on Form 10-K and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements except as required by the securities laws.
Social Media
From time to time we provide information about Helix on Twitter (@Helix_ESG) and LinkedIn (www.linkedin.com/company/helix-energy-solutions-group).
HELIX ENERGY SOLUTIONS GROUP, INC. Comparative Condensed Consolidated Statements of Operations Three Months Ended Sep. 30, Nine Months Ended Sep. 30, (in thousands, except per share data) 2016 2015 2016 2015 (unaudited) (unaudited) Net revenues $ 161,245 $ 182,462 $ 359,551 $ 538,119 Cost of sales 121,061 150,493 330,639 446,995 Gross profit 40,184 31,969 28,912 91,124 Selling, general and administrative expenses (18,714 ) (13,597 ) (47,493 ) (42,750 ) Income (loss) from operations 21,470 18,372 (18,581 ) 48,374 Equity in losses of investments (122 ) (251 ) (366 ) (553 ) Net interest expense (6,843 ) (8,713 ) (25,007 ) (18,018 ) Gain on repurchase of long-term debt 244 - 546 - Other income (expense), net 830 (5 ) 4,018 (6,197 ) Other income (expense) - oil and gas (468 ) 571 2,500 4,396 Income (loss) before income taxes 15,111 9,974 (36,890 ) 28,002 Income tax provision (benefit) 3,649 94 (9,858 ) 1,115 Net income (loss) $ 11,462 $ 9,880 $ (27,032 ) $ 26,887 Earnings (loss) per share of common stock:Basic
$ 0.10 $ 0.09 $ (0.25 ) $ 0.25Diluted
$ 0.10 $ 0.09 $ (0.25 ) $ 0.25 Weighted average common shares outstanding: Basic 113,680 105,438 109,135 105,362 Diluted 113,680 105,438 109,135 105,362 Comparative Condensed Consolidated Balance Sheets ASSETS LIABILITIES & SHAREHOLDERS' EQUITY (in thousands) Sep. 30, 2016 Dec. 31, 2015 (in thousands) Sep. 30, 2016 Dec. 31, 2015 (unaudited) (unaudited) Current Assets: Current Liabilities: Cash and cash equivalents (1) $ 482,106 $ 494,192 Accounts payable $ 127,733 $ 65,370 Accounts receivable, net 117,565 96,752 Accrued liabilities 69,904 71,641 Current deferred tax assets 15,706 53,573 Income tax payable - 2,261 Income tax receivable 9,569 - Current maturities of long-term debt (1) 70,905 71,640 Other current assets 54,064 39,518 Total Current Liabilities 268,542 210,912 Total Current Assets 679,010 684,035 Property & equipment, net 1,649,484 1,603,009 Long-term debt (1) 607,502 677,695 Equity investments - 26,200 Deferred tax liabilities 173,901 180,974 Goodwill 45,107 45,107 Other non-current liabilities 44,425 51,415 Other assets, net 57,945 41,608 Shareholders' equity (1) 1,337,176 1,278,963 Total Assets $ 2,431,546 $ 2,399,959 Total Liabilities & Equity $ 2,431,546 $ 2,399,959 (1) Net debt to book capitalization - 13% at September 30, 2016. Calculated as net debt (total long-term debt less cash and cash equivalents - $196,301) divided by the sum of net debt and shareholders' equity ($1,533,477). Helix Energy Solutions Group, Inc. Reconciliation of Non-GAAP MeasuresEarnings Release:
Reconciliation from Net Income (Loss) to Adjusted EBITDA:
Three Months Ended Nine Months Ended 9/30/2016 9/30/2015 6/30/2016 9/30/2016 9/30/2015 (in thousands) Net income (loss) $ 11,462 $ 9,880 $ (10,671 ) $ (27,032 ) $ 26,887 Adjustments: Income tax provision (benefit) 3,649 94 (4,219 ) (9,858 ) 1,115 Net interest expense 6,843 8,713 7,480 25,007 18,018 Gain on repurchase of long-term debt (244 ) - (302 ) (546 ) - Other (income) expense, net (830 ) 5 (1,308 ) (4,018 ) 6,197 Depreciation and amortization 27,607 32,805 25,674 84,846 86,333 EBITDA 48,487 51,497 16,654 68,399 138,550 Adjustments:Realized losses from cash settlements of ineffective
foreign currency derivative contracts
(1,786 ) - (1,722 ) (5,744 ) - Adjusted EBITDA $ 46,701 $ 51,497 $ 14,932 $ 62,655 $ 138,550 We define EBTIDA as earnings before income taxes, net interest expense, gain on repurchase of long-term debt, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we include realized losses from the cash settlements of our ineffective foreign currency derivative contracts, which are excluded from EBITDA as a component of net other income or expense. We use EBITDA to monitor and facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measure of EBITDA provides useful information to the public regarding our ability to service debt and fund capital expenditures and may help our investors understand our operating performance and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA and Adjusted EBITDA differently from the way we do, which may limit their usefulness as comparative measures. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income or other income data prepared in accordance with GAAP. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161019006501/en/
Helix Energy Solutions Group, Inc.Erik Staffeldt, 281-618-0400Vice President - Finance & Accounting
1 Year Helix Energy Solutions Chart |
1 Month Helix Energy Solutions Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions