HOUSTON--(BUSINESS WIRE)--Apr 28, 2021--

Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported net income of $0.9 million ($0.03 diluted earnings per share) for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights

  • Operating income was $2.1 million for the first quarter of 2021 compared to operating income of $4.4 million for the first quarter of 2020.
  • Net income was $0.9 million ($0.03 diluted earnings per share) for the first quarter of 2021 compared to net income of $2.7 million ($0.09 diluted earnings per share) for the first quarter of 2020.
  • The first quarter 2021 net income included $0.5 million ($0.01 earnings per diluted share) of non-recurring items and $0.2 million ($0.00 earnings per diluted share) of tax benefit associated with the movement of certain valuation allowances. First quarter 2021 adjusted net income was $1.2 million ($0.04 diluted earnings per share). (Please see page 9 of this release for a reconciliation of adjusted net income).
  • EBITDA, adjusted to exclude the impact of the aforementioned non-recurring items, was $9.5 million in the first quarter of 2021, which compares to adjusted EBITDA of $12.2 million for the first quarter of 2020. (Please see page 10 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure).
  • Backlog at the end of the first quarter was $364.8 million on a first quarter book-to-bill of 0.51x.

“Our results for the first quarter were in-line with our expectations,” stated Mark Stauffer, Orion’s Chief Executive Officer. “First quarter results reflect the impact of the historic winter storm that affected our Texas operations, causing work on Texas projects in both segments, including for dredging projects, to stop for up to ten days. This reduced revenue for the quarter by approximately $8.2 million and lowered earnings per share by approximately $0.03. Also, worth noting was the year-over-year EBITDA comparison in our marine segment wherein the first quarter of 2020 was up as a result of execution related margin gains on several large projects.

“Our concrete segment continued its improved performance in the first quarter, in spite of the challenging weather conditions. Despite the impact of historically cold weather conditions in Texas during February and the related project impacts, our concrete operation delivered revenue growth and more importantly, generated a meaningful year-over-year increase in profitability. We view this as further validation of our Invest, Scale and Grow (“ISG”) program, which continues benefitting our results after its implementation in 2019.

“Our overall bidding opportunities are proceeding at a high level, and we see our intermediate-to-long term prospects as strong as they have ever been. We continue to watch end market drivers, including a possible new Federal infrastructure bill, which would be a catalyst for even greater expansion of our addressable bidding landscape. Given the breadth of our end markets and our unique and highly versatile construction capabilities and expertise, we are very well positioned to capitalize on a wide range of attractive project opportunities as they emerge throughout our operating footprint.

“Additionally, we are in an increasingly strong liquidity position. In the first quarter we generated solid free cash flow, which further enhanced our balance sheet, providing us with the flexibility to continue to execute on projects in backlog and pursue new awards, while at the same time enabling us to execute on our strategic plan, including positioning ourselves for potential accretive acquisition opportunities. We would expect our pending asset sales to contribute to additional improvement in our financial position in the coming quarters.”

Mr. Stauffer concluded, “Overall, with the project opportunities we see on the horizon, our continuously improving execution resulting from our ISG program and our strong financial position, we remain confident in our ability to achieve our goals for the current year and generate growth in profitability and shareholder value as we move toward a post-pandemic economy.”

Consolidated Results for First Quarter 2021 Compared to First Quarter 2020

  • Contract revenues were $153.3 million, down 8.0% as compared to $166.6 million. The decrease was primarily driven by the severe winter storm and the timing and mix of projects in the marine segment in the prior period.
  • Gross profit was $15.5 million, as compared to $19.8 million. Gross profit margin was 10.1%, as compared to 11.9%. The decrease in gross profit dollars and percentage was primarily driven by winter weather related decreases in utilization.
  • Selling, General, and Administrative expenses were $14.6 million, as compared to $15.9 million. As a percentage of total contract revenues, SG&A expenses remained flat. The decrease in SG&A dollars was driven in part by reduced business development, based on timing of project pursuits, and travel costs in the current year period.
  • Operating income was $2.1 million as compared to $4.4 million. The decrease in operating income in the first quarter of 2021 reflects the aforementioned factors above.
  • EBITDA was $8.6 million, representing a 5.6% EBITDA margin, as compared to EBITDA of $11.4 million, or a 6.8% EBITDA margin. When adjusted for non-recurring items, adjusted EBITDA for the first quarter of 2021 was $9.5 million, representing a 6.2% EBITDA margin. (Please see page 10 of this release for an explanation of EBITDA, Adjusted EBITDA and a reconciliation to the nearest GAAP measure).

Backlog

Backlog of work under contract as of March 31, 2021, was $364.8 million, which compares with backlog under contract as of March 31, 2020, of $591.9 million. The first quarter 2021 ending backlog was comprised of $154.8 million for the marine segment, and $210.0 million for the concrete segment. At the end of the first quarter 2021, the Company had approximately $1.9 billion worth of bids outstanding, including approximately $134 million on which it is the apparent low bidder or has been awarded contracts subsequent to the end of the first quarter of 2021, the highest reported level in over four quarters, of which approximately $78 million pertains to the marine segment and approximately $56 million to the concrete segment.

“During the first quarter, we bid on approximately $1.1 billion of work and were successful on approximately $79 million of these bids,” stated Robert Tabb, Orion Group Holding's Executive Vice President and Chief Financial Officer. “This resulted in a 0.51 times book-to-bill ratio and a win rate of 7.4%. In the marine segment, we bid on approximately $372 million during the first quarter 2021 and were successful on approximately $24 million, representing a win rate of 6.5% and a book-to-bill ratio of 0.34 times. In the concrete segment we bid on approximately $683 million of work and were awarded approximately $54 million, representing a win rate of 7.9% and a book-to-bill ratio of 0.67 times."

Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress and not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings. Backlog can fluctuate from period to period due to the timing and execution of contracts. Given the typical duration of the Company's projects, which generally range from three to nine months, the Company's backlog at any point in time usually represents only a portion of the revenue it expects to realize during a twelve-month period.

Conference Call Details

Orion Group Holdings will host a conference call to discuss results for the first quarter 2021 at 10:00 a.m. Eastern Time/9:00 a.m. Central Time on Thursday, April 29, 2021. To listen to a live webcast of the conference call, or access the replay, visit the Calendar of Events page of the Investor Relations section of the website at www.oriongroupholdingsinc.com. To participate in the call, please dial (201) 493-6739 and ask for the Orion Group Holdings Conference Call.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Non-GAAP Financial Measures

This press release includes the financial measures “adjusted net income,” “adjusted earnings per share,” “EBITDA,” "Adjusted EBITDA" and “Adjusted EBITDA margin." These measurements are “non-GAAP financial measures” under rules of the Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.

Adjusted net income and adjusted earnings per share are not an alternative to net income or earnings per share. Adjusted net income and adjusted earnings per share exclude certain items that management believes impairs a meaningful comparison of operating results. The company believes these adjusted financial measures are a useful adjunct to earnings calculated in accordance with GAAP because management uses adjusted net income available to common stockholders to evaluate the company's operational trends and performance relative to other companies. Generally, items excluded, are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

Orion Group Holdings defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes impairs a meaningful comparison of operating results. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company's ability to meet future debt service and working capital requirements while providing an overall evaluation of the Company's financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with generally accepted accounting principles in the United States, or as a measure of the Company's profitability or liquidity.

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, the effects of the ongoing COVID-19 pandemic, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company's Annual Report on Form 10-K, filed on March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

 

2021

 

2020

Contract revenues

 

 

153,309

 

 

166,620

Costs of contract revenues

 

 

137,854

 

 

146,862

Gross profit

 

 

15,455

 

 

19,758

Selling, general and administrative expenses

 

 

14,630

 

 

15,869

Amortization of intangible assets

 

 

380

 

 

516

Gain on disposal of assets, net

 

 

(1,610)

 

 

(992)

Operating income

 

 

2,055

 

 

4,365

Other (expense) income:

 

 

 

 

 

 

Other income

 

 

37

 

 

97

Interest income

 

 

26

 

 

40

Interest expense

 

 

(1,040)

 

 

(1,402)

Other expense, net

 

 

(977)

 

 

(1,265)

Income before income taxes

 

 

1,078

 

 

3,100

Income tax expense

 

 

150

 

 

377

Net income

 

$

928

 

$

2,723

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.03

 

$

0.09

Diluted earnings per share

 

$

0.03

 

$

0.09

Shares used to compute income per share:

 

 

 

 

 

 

Basic

 

 

30,465,475

 

 

29,653,409

Diluted

 

 

30,499,978

 

 

29,655,557

Orion Group Holdings, Inc. and Subsidiaries

Selected Results of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2021

 

2020

 

 

 

Amount

 

Percent

 

Amount

 

Percent

 

 

 

(dollar amounts in thousands)

 

Contract revenues

 

 

 

 

 

 

 

 

 

 

 

Marine segment

 

 

 

 

 

 

 

 

 

 

 

Public sector

 

$

41,669

 

57.8

%

$

53,511

 

62.3

%

Private sector

 

 

30,477

 

42.2

%

 

32,438

 

37.7

%

Marine segment total

 

$

72,146

 

100.0

%

$

85,949

 

100.0

%

Concrete segment

 

 

 

 

 

 

 

 

 

 

 

Public sector

 

$

4,779

 

5.9

%

$

16,052

 

19.9

%

Private sector

 

 

76,384

 

94.1

%

 

64,619

 

80.1

%

Concrete segment total

 

$

81,163

 

100.0

%

$

80,671

 

100.0

%

Total

 

$

153,309

 

 

 

$

166,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

Marine segment

 

$

(9)

 

(0.0)

%

$

2,855

 

3.3

%

Concrete segment

 

 

2,064

 

2.5

%

 

1,510

 

1.9

%

Total

 

$

2,055

 

 

 

$

4,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net Income (Loss)

(In thousands except per share information)

(Unaudited)

 

 

Three months ended

 

 

March 31,

 

 

2021

 

2020

Net income

 

$

928

 

$

2,723

One-time charges and the tax effects:

 

 

 

 

 

 

ERP implementation

 

 

586

 

 

ISG initiative

 

 

 

 

369

Severance

 

 

 

 

34

Tax rate of 23% applied to one-time charges (1)

 

 

(135)

 

 

(93)

Total one-time charges and the tax effects

 

 

451

 

 

310

Federal and state tax valuation allowances

 

 

(151)

 

 

(663)

Adjusted net income

 

$

1,228

 

$

2,370

Adjusted EPS

 

$

0.04

 

$

0.08

——————————————————————————————

(1)

 Items are taxed discretely using the Company's blended tax rate.

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(In Thousands, Except Margin Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2021

 

2020

 

Net income (loss)

 

$

928

 

$

2,723

 

Income tax expense

 

 

150

 

 

377

 

Interest expense, net

 

 

1,014

 

 

1,362

 

Depreciation and amortization

 

 

6,485

 

 

6,892

 

EBITDA (1)

 

 

8,577

 

 

11,354

 

Stock-based compensation

 

 

383

 

 

462

 

ERP implementation

 

 

586

 

 

 

ISG initiative

 

 

 

 

369

 

Severance

 

 

 

 

34

 

Adjusted EBITDA(2)

 

$

9,546

 

$

12,219

 

Operating income margin (3)

 

 

1.4

%

 

2.7

%

Impact of depreciation and amortization

 

 

4.2

%

 

4.1

%

Impact of stock-based compensation

 

 

0.2

%

 

0.3

%

Impact of ERP implementation

 

 

0.4

%

 

%

Impact of ISG initiative

 

 

%

 

0.2

%

Impact of severance

 

 

%

 

%

Adjusted EBITDA margin(2)

 

 

6.2

%

 

7.3

%

—————————————————————————————

(1)

 

EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.

(2)

 

Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, the ISG initiative and severance. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

(3)

 

Operating income margin is calculated by dividing operating income plus other income (expense), net by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine

 

Concrete

 

 

 

Three months ended

 

Three months ended

 

 

 

March 31,

 

March 31,

 

 

 

2021

 

2020

 

2021

 

2020

 

Operating income

 

 

(9)

 

 

2,855

 

 

2,064

 

 

1,510

 

Other income (expense), net (1)

 

 

2,894

 

 

2,989

 

 

(2,857)

 

 

(2,892)

 

Depreciation and amortization

 

 

4,358

 

 

4,776

 

 

2,127

 

 

2,116

 

EBITDA (2)

 

 

7,243

 

 

10,620

 

 

1,334

 

 

734

 

Stock-based compensation

 

 

351

 

 

412

 

 

32

 

 

50

 

ERP implementation

 

 

276

 

 

 

 

310

 

 

 

ISG initiative

 

 

 

 

190

 

 

 

 

179

 

Severance

 

 

 

 

12

 

 

 

 

22

 

Adjusted EBITDA(3)

 

$

7,870

 

$

11,234

 

$

1,676

 

$

985

 

Operating income margin (4)

 

 

4.0

%

 

6.8

%

 

(0.9)

%

 

(1.7)

%

Impact of depreciation and amortization

 

 

6.0

%

 

5.6

%

 

2.6

%

 

2.6

%

Impact of stock-based compensation

 

 

0.5

%

 

0.5

%

 

%

 

0.1

%

Impact of ERP implementation

 

 

0.4

%

 

%

 

0.4

%

 

%

Impact of ISG initiative

 

 

%

 

0.2

%

 

%

 

0.2

%

Impact of severance

 

 

%

 

%

 

%

 

%

Adjusted EBITDA margin (3)

 

 

10.9

%

 

13.1

%

 

2.1

%

 

1.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

——————————————————————————————

(1)

 

Primarily consists of corporate overhead costs recorded to the marine segment as part of operating income(loss) and allocated from the marine segment to the concrete segment in other income (expense) line. Allocated amounts net to zero on a consolidated basis.

(2)

 

EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.

(3)

 

Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, the ISG initiative and severance. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

(4)

 

Operating income margin is calculated by dividing operating income plus other income (expense), net by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows Summarized

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

 

2021

 

2020

Net income

 

$

928

 

$

2,723

Adjustments to remove non-cash and non-operating items

 

 

6,895

 

 

8,582

Cash flow from net income after adjusting for non-cash and non-operating items

 

 

7,823

 

 

11,305

Change in operating assets and liabilities (working capital)

 

 

1,295

 

 

4,148

Cash flows provided by operating activities

 

$

9,118

 

$

15,453

Cash flows provided by (used in) investing activities

 

$

772

 

$

(325)

Cash flows used in financing activities

 

$

(6,837)

 

$

(2,692)

 

 

 

 

 

 

 

Capital expenditures (included in investing activities above)

 

$

(1,618)

 

$

(2,753)

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

928

 

$

2,723

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

5,704

 

 

6,192

Amortization of ROU operating leases

 

 

1,348

 

 

1,673

Amortization of ROU finance leases

 

 

781

 

 

700

Amortization of deferred debt issuance costs

 

 

239

 

 

123

Deferred income taxes

 

 

50

 

 

13

Stock-based compensation

 

 

383

 

 

462

Gain on disposal of assets, net

 

 

(1,610)

 

 

(992)

Allowance for credit losses

 

 

 

 

411

Change in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

3,837

 

 

13,511

Income tax receivable

 

 

 

 

(192)

Inventory

 

 

74

 

 

(218)

Prepaid expenses and other

 

 

60

 

 

1,540

Contract assets

 

 

10,474

 

 

9,956

Accounts payable

 

 

(9,735)

 

 

(22,911)

Accrued liabilities

 

 

(2,371)

 

 

(543)

Operating lease liabilities

 

 

(1,196)

 

 

(1,348)

Income tax payable

 

 

137

 

 

(278)

Contract liabilities

 

 

15

 

 

4,631

Net cash provided by operating activities

 

 

9,118

 

 

15,453

Cash flows from investing activities:

 

 

 

 

 

 

Proceeds from sale of property and equipment

 

 

1,950

 

 

1,302

Purchase of property and equipment

 

 

(1,618)

 

 

(2,753)

Contributions to CSV life insurance

 

 

 

 

(38)

Insurance claim proceeds related to property and equipment

 

 

440

 

 

1,164

Net cash provided by (used in) investing activities

 

 

772

 

 

(325)

Cash flows from financing activities:

 

 

 

 

 

 

Borrowings from Credit Facility

 

 

5,000

 

 

5,000

Payments made on borrowings from Credit Facility

 

 

(11,155)

 

 

(6,750)

Payments of finance lease liabilities

 

 

(732)

 

 

(942)

Payments related to tax withholding for stock-based compensation

 

 

(36)

 

 

Exercise of stock options

 

 

86

 

 

Net cash used in financing activities

 

 

(6,837)

 

 

(2,692)

Net change in cash, cash equivalents and restricted cash

 

 

3,053

 

 

12,436

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,589

 

 

1,086

Cash, cash equivalents and restricted cash at end of period

 

$

4,642

 

$

13,522

Orion Group Holdings, Inc. and Subsidiaries

Condensed Balance Sheets

(In Thousands, Except Share and Per Share Information)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2021

 

2020

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,642

 

 

1,589

Accounts receivable:

 

 

 

 

 

 

Trade, net of allowance for credit losses of $323 and $411, respectively

 

 

92,553

 

 

96,369

Retainage

 

 

38,043

 

 

36,485

Income taxes receivable

 

 

419

 

 

419

Other current

 

 

57,153

 

 

59,492

Inventory

 

 

1,680

 

 

1,548

Contract assets

 

 

21,797

 

 

32,271

Prepaid expenses and other

 

 

7,254

 

 

7,229

Total current assets

 

 

223,541

 

 

235,402

Property and equipment, net of depreciation

 

 

120,879

 

 

125,497

Operating lease right-of-use assets, net of amortization

 

 

17,480

 

 

18,874

Financing lease right-of-use assets, net of amortization

 

 

12,097

 

 

12,858

Inventory, non-current

 

 

6,249

 

 

6,455

Intangible assets, net of amortization

 

 

9,697

 

 

10,077

Deferred income tax asset

 

 

41

 

 

70

Other non-current

 

 

4,871

 

 

4,956

Total assets

 

$

394,855

 

$

414,189

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current debt, net of issuance costs

 

$

4,348

 

$

4,344

Accounts payable:

 

 

 

 

 

 

Trade

 

 

38,242

 

 

48,252

Retainage

 

 

990

 

 

716

Accrued liabilities

 

 

77,701

 

 

84,637

Income taxes payable

 

 

776

 

 

639

Contract liabilities

 

 

33,150

 

 

33,135

Current portion of operating lease liabilities

 

 

4,777

 

 

4,989

Current portion of financing lease liabilities

 

 

2,878

 

 

3,901

Total current liabilities

 

 

162,862

 

 

180,613

Long-term debt, net of debt issuance costs

 

 

23,603

 

 

29,523

Operating lease liabilities

 

 

13,512

 

 

14,537

Financing lease liabilities

 

 

8,680

 

 

8,376

Other long-term liabilities

 

 

23,513

 

 

19,837

Deferred income tax liability

 

 

228

 

 

207

Interest rate swap liability

 

 

1,372

 

 

1,602

Total liabilities

 

 

233,770

 

 

254,695

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued

 

 

 

 

Common stock -- $0.01 par value, 50,000,000 authorized, 31,188,886 and 31,171,804 issued;
30,477,655 and 30,460,573 outstanding at March 31, 2021 and December 31, 2020, respectively

 

 

312

 

 

312

Treasury stock, 711,231 shares, at cost, as of March 31, 2021 and December 31, 2020, respectively

 

 

(6,540)

 

 

(6,540)

Accumulated other comprehensive loss

 

 

(1,372)

 

 

(1,602)

Additional paid-in capital

 

 

184,757

 

 

184,324

Retained loss

 

 

(16,072)

 

 

(17,000)

Total stockholders’ equity

 

 

161,085

 

 

159,494

Total liabilities and stockholders’ equity

 

$

394,855

 

$

414,189

 

CONTACT: Orion Group Holdings Inc.

Francis Okoniewski, VP Investor Relations

(346) 616-4138

-OR-

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.

Fred Buonocore, CFA (212) 836-9607

Mike Gaudreau (212) 836-9620

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: ENGINEERING OTHER CONSTRUCTION & PROPERTY MANUFACTURING COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY BUILDING SYSTEMS URBAN PLANNING

SOURCE: Orion Group Holdings, Inc.

Copyright Business Wire 2021.

PUB: 04/28/2021 04:05 PM/DISC: 04/28/2021 04:05 PM

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Copyright Business Wire 2021.