SEC Filings

8-K
HORNBECK OFFSHORE SERVICES INC /LA filed this Form 8-K on 08/07/2003
Entire Document
 
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                                                                    Exhibit 99.3


              (HORNBECK OFFSHORE SERVICES, INC LOGO APPEARS HERE)

                        HORNBECK OFFSHORE SERVICES, INC.
                               Service with Energy

                               ---NEWS RELEASE---

TO: BUSINESS WIRE, DAILY PAPERS, TRADE PRESS,            FOR: IMMEDIATE RELEASE
    FINANCIAL AND SECURITIES ANALYSTS

CONTACTS: TODD HORNBECK, CEO        (985) 727-2000, EXT. 206
          JIM HARP, CFO             (985) 727-2000, EXT. 203

             HORNBECK OFFSHORE REPORTS SECOND QUARTER 2003 RESULTS,
      ANNOUNCES DELIVERY OF 240-FT. HOS GEMSTONE, EXPANSION INTO MEXICO AND
               ACQUISITION OF AN ADDITIONAL 220-FT. DEEPWATER OSV

NEW ORLEANS, LOUISIANA - (BUSINESS WIRE) -- AUGUST 7, 2003

SECOND QUARTER RESULTS

         Hornbeck Offshore Services, Inc. ("Hornbeck" or "the Company")
announced today that revenues for the quarter ended June 30, 2003 increased 22.1
percent to $26.0 million compared to $21.3 million for the same quarter in 2002.
Operating income was $8.6 million or 33.1 percent of revenues for the second
quarter of 2003, compared to $8.2 million or 38.5 percent of revenues for the
same quarter in 2002. Second quarter 2003 net income was $2.7 million compared
to $2.8 million for the second quarter 2002.

         The primary reason for the increase in revenue was the increase in the
size of the Company's fleet by an average of 4.0 deepwater offshore supply
vessels ("OSVs") during the second
 quarter 2003 compared to the second quarter
2002. The decrease in operating margin was primarily due to soft market
conditions in the Company's deepwater OSV segment, and with respect to its tug
and tank barge segment, a change in contract mix and substantially higher number
of vessel days out of service for scheduled drydockings in the second quarter
2003.

FIRST HALF RESULTS

         For the first half of 2003, revenues increased 21.1 percent to $53.4
million resulting in operating income of $19.0 million or 35.6 percent of
revenues, compared to first-half 2002 revenues of $44.1 million that resulted in
operating income of $17.6 million or 39.9 percent of revenues. Net income
totaled $7.0 million for the first six months of 2003, compared to net income of
$6.3 million for the first six months of 2002.