SEC Filings

8-K
HORNBECK OFFSHORE SERVICES INC /LA filed this Form 8-K on 08/07/2003
Entire Document
 
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                HORNBECK OFFSHORE SERVICES, INC. AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands, except Other Operating Data)


<Table>
<Caption>
                                          THREE MONTHS ENDING          SIX MONTHS ENDING
                                                JUNE 30,                    JUNE 30,
                                         ----------------------      ----------------------
                                           2003          2002          2003          2002
                                         --------      --------      --------      --------
<S>                                      <C>           <C>           <C>           <C>     
STATEMENT OF OPERATIONS (UNAUDITED):
Revenue ................................ $ 26,010      $ 21,315      $ 53,357      $ 44,058
Operating expenses .....................   10,575         8,064        21,049        16,096
Depreciation and amortization ..........    3,996         2,811         7,617         5,352
General and administrative expenses ....    2,819         2,205         5,713         5,053
                                         --------      --------      --------      --------
Total operating expenses ...............   17,390        13,080        34,379        26,501
                                         --------      --------      --------      --------
Operating income .......................    8,620         8,235        18,978        17,557
Interest expense .......................    4,357         3,855         8,574         7,796
Interest income ........................      (43)         (202)         (115)         (448)
Other income, net 2 ....................       --            --          (707)           --
                                         --------      --------      --------      --------
Income before income taxes .............    4,306         4,582        11,226        10,209
Income tax expense .....................   (1,633)       (1,741)       (4,263)       (3,879)
                                         --------      --------      --------      --------
Net income ............................. $  2,673      $  2,841      $  6,963      $  6,330
                                         ========      ========      ========      ========

OTHER FINANCIAL DATA (UNAUDITED):
EBITDA 1
Net income ............................. $  2,673      $  2,841      $  6,963      $  6,330
Plus (minus):
Interest expense .......................    4,357         3,855         8,574         7,796
Income tax expense .....................    1,633         1,741         4,263         3,879
Depreciation and amortization ..........    3,996         2,811         7,617         5,352
Other income, net 2 ....................       --            --          (707)           --
                                         --------      --------      --------      --------
EBITDA ................................. $ 12,659      $ 11,248      $ 26,710      $ 23,357
                                         ========      ========      ========      ========
</Table>



<Table>
<Caption>
                                                                AS OF JUNE 30,      AS OF DECEMBER 31,
                                                                    2003                   2002
                                                             ------------------     ------------------
<S>                                                          <C>                    <C>               
BALANCE SHEET DATA (UNAUDITED):
Cash and cash equivalents ..............................     $           14,747     $           22,228
Working capital ........................................                 27,212                 22,265
Property, plant and equipment, net .....................                297,965                226,232
Total assets ...........................................                356,092                278,290
Total debt .............................................                212,542                172,350
Stockholders' equity ...................................                106,357                 71,875
</Table>


1    Earnings before interest expense, provision for income taxes, depreciation
     and amortization ("EBITDA") is an important financial performance measure
     that is used by ratings agencies, lenders and most of the Company's
     investors, particularly those who invest in the Senior Notes, as well as
     investment banks that issue high yield debt research on the Company. In
     addition, EBITDA is used in the financial ratios and covenants included in
     the credit agreement governing the revolving line of credit and the
     indenture governing the Senior Notes. This table reflects the calculation
     of EBITDA. EBITDA is presented as it is commonly used by certain investors
     to analyze and compare operating performance and to determine a company's
     ability to service or incur debt. EBITDA should not be considered in
     isolation or as a substitute for net income, cash flow or other income or
     cash flow data or as a measure of a company's profitability or liquidity
     and is not a measure calculated in accordance with accounting principles
     generally accepted in the United States. EBITDA is not necessarily
     comparable with similarly titled measures reported by other companies. In
     determining the Company's EBITDA, other income or (expense) is excluded,
     except for equity in income from investments.

2    Represents other income and expenses, including gains or losses on
     disposition of assets, foreign currency exchange gains or losses and
     minority interests in income or loss from unconsolidated entities.

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