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Hornbeck Offshore Announces Record Second Quarter 2006 ResultsCOVINGTON, La., Aug. 3 /PRNewswire-FirstCall/ -- Hornbeck Offshore Services, Inc. (NYSE: HOS - News) announced today record results for the second quarter ended June 30, 2006. Following are highlights for the second quarter and the Company's future outlook:
Second quarter revenues increased 72.0% to $70.7 million compared to $41.1 million for the second quarter of 2005. Operating income was $32.4 million, or 45.8% of revenues, for the second quarter of 2006 compared to $13.8 million, or 33.6% of revenues, for the prior-year quarter. These results were driven by record dayrates in each of the Company's business segments and a 45.3% increase in the average barrel-carrying capacity of the Hornbeck Offshore tug and tank barge (TTB) fleet. Operating income, as reported, for the second quarter of 2006 includes a $1.4 million charge for stock-based compensation expense related to the impact of FAS 123R, which became effective January 1, 2006.
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