Tuesday, May 09, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Results are In. Orion had contract revenues of $159.2 million, a 9% decrease from the prior year’s $174.9 million. We had revenue of $175 million. Gross profit was at $5.8 million or 3.7% of revenue, down from $12.8 million or 7.3% of revenue in the first quarter of 2022. The Company had a net loss of $12.6 million, or $0.07 per share, compared to a loss of $4.9 million, or $0.16 per share. Adjusted EBITDA was a negative $4.1 million, or (2.6)% margin compared to $5.2 million or 3.0% last year.
Credit Facility and Property Sale. The Company had reached an agreement with a private lender and expects to have a new ABL credit facility completed shortly. The facility consists of a $38 million term loan and revolving credit facility of $65 million and will be used to retire Orion’s existing credit facility and for general corporate purposes. As reported previously, Orion has a contract for the East West Jones properties in Texas, with the purchase price being $36 million. It is expected to close in the third quarter of 2023.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.