Orion Group Holdings, Inc. Reports Second Quarter 2021 Results

 

HOUSTON–(BUSINESS WIRE)–Jul. 28, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported net income of 
$3.5 million (
$0.11 diluted earnings per share) for the second quarter ended 
June 30, 2021.

Second Quarter 2021 Highlights

• Operating income was 
  $5.6 million for the second quarter of 2021 compared to operating income of 
  $4.1 million for the second quarter of 2020.

• Net income was 
  $3.5 million (
  $0.11 diluted earnings per share) for the second quarter of 2021 compared to net income of 
  $2.0 million (
  $0.07 diluted earnings per share) for the second quarter of 2020.

• The second quarter 2021 net income included 
  $3.0 million (
  $0.10 earnings per diluted share) of non-recurring items and 
  $1.1 million (
  $0.04 loss per diluted share) of tax expense associated with the movement of certain valuation allowances. Second quarter 2021 adjusted net income was 
  $1.7 million (
  $0.05 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 
  $7.4 million in the second quarter of 2021, which compares to adjusted EBITDA of 
  $12.6 million for the second 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 second quarter was 
  $394.4 million on a second quarter book-to-bill of 1.20x.

“During the second quarter we closed on the sale of our 
Tampa property further strengthening our balance sheet and enhancing our liquidity,” stated  Mark Stauffer, Orion’s Chief Executive Officer. “The gain on the sale is included in our results for the second quarter, which were also impacted by inordinately wet weather in our key operating geographies, which affected both business segments, but predominantly our concrete business.”

“Our concrete segment’s production was hampered during the quarter by wet weather conditions across 
Texas, and as a result, our labor capacity was underutilized. Our concrete segment’s ability to catch up on work and execute effectively in normal weather conditions will allow us to efficiently complete any delayed projects in subsequent quarters. The wet weather unfortunately resulted in under recovery of indirect costs, including labor and equipment utilization, during the quarter.”

“We remain optimistic about our end markets and future project opportunities. During the second quarter we bid on a significant volume of bids, including several large projects, and we ended the quarter with a substantial amount of quoted work outstanding. We are confident that bidding opportunities will continue to materialize, especially in end-markets that have been adversely impacted by COVID, including the cruise and energy industries, which have begun generating project opportunities again. We also are continuing to track progress on the Federal infrastructure bill, which would provide an additional catalyst for our end markets and drive absorption of industry capacity. The diversity of our end markets and our unique capabilities across both of our business segments make us confident in our ability to capitalize on a wide range of attractive projects as they continue to materialize across our operating footprint.”

“We also continue to enhance our financial flexibility with the strengthening of our balance sheet. On a basis of net debt, this is the strongest balance sheet the Company has had in many years, which not only offers us flexibility to continue to execute on projects in backlog and pursue new awards, but also position us to consider accretive acquisition opportunities, as well as exploring other opportunities to achieve the best return for our shareholders.”

Mr. Stauffer concluded, “Given the reopening of the US economy, the project opportunities we see on the horizon as a result, and our extremely strong balance sheet and financial position, we are confident in our ability to continue to generate growth in our profitability and maximizing shareholder value over the long-term.”

Consolidated Results for Second Quarter 2021 Compared to Second Quarter 2020

• Contract revenues were 
  $145.9 million, down 20.6% as compared to 
  $183.7 million. The decrease was primarily driven by a reduction in project activity compared to the prior year in the marine segment and decreased production volumes in the concrete segment due to weather related impacts.

• Gross profit was 
  $12.3 million, as compared to 
  $20.7 million. Gross profit margin was 8.4%, as compared to 11.3%. The decrease in gross profit dollars and percentage was primarily driven by the decreased activity and volumes, which negatively impacted revenue and contributed to an under recovery of indirect costs primarily related to decreased equipment utilization.

• Selling, General, and Administrative expenses were 
  $13.7 million, as compared to 
  $16.5 million. As a percentage of total contract revenues, SG&A expenses increased 0.4%. The decrease in SG&A dollars was driven primarily by a decrease in bonus expense as compared to the prior year period.

• Operating income was 
  $5.6 million as compared to 
  $4.1 million. The increase in operating income in the second quarter of 2021 reflects the 
  $6.8 million net gain on the 
  Tampa property sale.

• EBITDA was 
  $12.1 million, representing an 8.3% EBITDA margin, as compared to EBITDA of 
  $11.1 million, or a 6.1% EBITDA margin. When adjusted for non-recurring items, adjusted EBITDA for the second quarter of 2021 was 
  $7.4 million, representing a 5.1% 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 
June 30, 2021, was 
$394.4 million, which compares with backlog under contract as of 
June 30, 2020, of 
$528.4 million. The second quarter 2021 ending backlog was comprised of 
$170.2 million for the marine segment, and 
$224.2 million for the concrete segment. At the end of the second quarter 2021, the Company had approximately 
$2.0 billion worth of bids outstanding, including approximately 
$30 million on which it is the apparent low bidder or has been awarded contracts subsequent to the end of the second quarter of 2021, of which approximately 
$12 million pertains to the marine segment and approximately 
$18 million to the concrete segment.

“During the second quarter, we bid on approximately 
$2.0 billion of work and were successful on approximately 
$175 million of these bids,” stated  Robert Tabb, 
Orion Group Holding’s Executive Vice President and Chief Financial Officer. “This resulted in a 1.20 times book-to-bill ratio and a win rate of 8.8%. In the marine segment, we bid on approximately 
$1.0 billion during the second quarter 2021 and were successful on approximately 
$79 million, representing a win rate of 7.6% and a book-to-bill ratio of 1.24 times. In the concrete segment we bid on approximately 
$1.0 billion of work and were awarded approximately 
$96 million, representing a win rate of 10.1% and a book-to-bill ratio of 1.17 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 second quarter 2021 at 
10:00 a.m. Eastern Time/
9:00 a.m. Central Time on 
Thursday, July 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						Six months ended
		June 30,						June 30,
		2021			2020			2021			2020
Contract revenues			145,875			183,713			299,184			350,333
Costs of contract revenues			133,574			162,969			271,428			309,831
Gross profit			12,301			20,744			27,756			40,502
Selling, general and administrative expenses			13,715			16,512			28,345			32,381
Amortization of intangible assets			381			517			761			1,033
Gain on disposal of assets, net			(7,361)			(369)			(8,971)			(1,361)
Operating income			5,566			4,084			7,621			8,449
Other (expense) income:
Other income			72			39			109			136
Interest income			25			54			51			94
Interest expense			(2,943)			(1,169)			(3,983)			(2,571)
Other expense, net			(2,846)			(1,076)			(3,823)			(2,341)
Income before income taxes			2,720			3,008			3,798			6,108
Income tax (benefit) expense			(810)			980			(660)			1,357
Net income		$	3,530		$	2,028		$	4,458		$	4,751
Basic earnings per share		$	0.12		$	0.07		$	0.15		$	0.16
Diluted earnings per share		$	0.11		$	0.07		$	0.15		$	0.16
Shares used to compute income per share:
Basic			30,671,952			30,031,188			30,569,284			29,842,298
Diluted			30,702,151			30,031,188			30,601,669			29,842,298

Orion Group Holdings, Inc. and Subsidiaries Selected Results of Operations (In Thousands, Except Share and Per Share Information) (Unaudited)
		Three months ended June 30,
		2021					2020
		Amount			Percent		Amount			Percent
		(dollar amounts in thousands)
Contract revenues
Marine segment
Public sector		$	44,667		69.9	%	$	59,820		65.2	%
Private sector			19,275		30.1	%		31,899		34.8	%
Marine segment total		$	63,942		100.0	%	$	91,719		100.0	%
Concrete segment
Public sector		$	6,500		7.9	%	$	12,022		13.1	%
Private sector			75,433		92.1	%		79,972		86.9	%
Concrete segment total		$	81,933		100.0	%	$	91,994		100.0	%
Total		$	145,875				$	183,713
Operating income (loss)
Marine segment		$	8,606		13.5	%	$	3,810		4.2	%
Concrete segment			(3,040)		(3.7)	%		274		0.3	%
Total		$	5,566				$	4,084
		Six months ended June 30,
		2021					2020
		Amount			Percent		Amount			Percent
		(dollar amounts in thousands)
Contract revenues
Marine segment
Public sector		$	86,336		63.4	%	$	113,331		63.8	%
Private sector			49,752		36.6	%		64,337		36.2	%
Marine segment total		$	136,088		100.0	%	$	177,668		100.0	%
Concrete segment
Public sector		$	11,279		6.9	%	$	28,074		16.3	%
Private sector			151,817		93.1	%		144,591		83.7	%
Concrete segment total		$	163,096		100.0	%	$	172,665		100.0	%
Total		$	299,184				$	350,333
Operating income
Marine segment		$	11,454		8.4	%	$	9,559		5.4	%
Concrete segment			(3,833)		(2.4)	%		(1,110)		(0.6)	%
Total		$	7,621				$	8,449

Orion Group Holdings, Inc. and Subsidiaries Reconciliation of Adjusted Net Income (Loss) (In thousands except per share information) (Unaudited)
		Three months ended						Six months ended
		June 30,						June 30,
		2021			2020			2021			2020
Net income		$	3,530		$	2,028		$	4,458		$	4,751
One-time charges and the tax effects:
ERP implementation			853			310			1,439			310
ISG initiative			—			—			—			369
Severance			—			38			—			72
Costs related to debt extinguishment			2,062			—			2,062			—
Net gain on  Tampa property sale			(6,767)			—			(6,767)			—
Tax rate of 23% applied to one-time charges (1)			886			(80)			751			(173)
Total one-time charges and the tax effects			(2,966)			268			(2,515)			578
Federal and state tax valuation allowances			1,121			(968)			970			(1,631)
Adjusted net income		$	1,685		$	1,328		$	2,913		$	3,698
Adjusted EPS		$	0.05		$	0.04		$	0.10		$	0.12

______________________________
(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						Six months ended
		June 30,						June 30,
		2021			2020			2021			2020
Net income		$	3,530		$	2,028		$	4,458		$	4,751
Income tax (benefit) expense			(810)			980			(660)			1,357
Interest expense, net			2,918			1,115			3,932			2,477
Depreciation and amortization			6,429			7,004			12,915			13,896
EBITDA (1)			12,067			11,127			20,645			22,481
Stock-based compensation			1,245			1,167			1,628			1,629
ERP implementation			853			310			1,439			310
ISG initiative			—			—			—			369
Severance			—			38			—			72
Net gain on  Tampa property sale			(6,767)			—			(6,767)			—
Adjusted EBITDA(2)		$	7,398		$	12,642		$	16,945		$	24,861
Operating income margin			3.8	%		2.2	%		2.5	%		2.4	%
Impact of other income (expense), net			—	%		—	%		—	%		—	%
Impact of depreciation and amortization			4.4	%		3.9	%		4.5	%		4.0	%
Impact of stock-based compensation			0.9	%		0.6	%		0.5	%		0.5	%
Impact of ERP implementation			0.6	%		0.2	%		0.5	%		0.1	%
Impact of ISG initiative			—	%		—	%		—	%		0.1	%
Impact of severance			—	%		—	%		—	%		—	%
Impact of net gain on  Tampa property sale			(4.6)	%		—	%		(2.3)	%		—	%
Adjusted EBITDA margin(2)			5.1	%		6.9	%		5.7	%		7.1	%

_____________________________
(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, severance and the net gain on the  Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA 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
		June 30,						June 30,
		2021			2020			2021			2020
Operating income (loss) (1)			8,606			3,810			(3,040)			274
Other income (expense), net			72			39			—			—
Depreciation and amortization			4,322			4,744			2,107			2,260
EBITDA (2)			13,000			8,593			(933)			2,534
Stock-based compensation			1,219			1,128			26			39
ERP implementation			379			155			474			155
ISG initiative			—			—			—			—
Severance			—			14			—			24
Net gain on  Tampa property sale			(6,767)			—			—			—
Adjusted EBITDA(3)		$	7,831		$	9,890		$	(433)		$	2,752
Operating income margin			13.4	%		4.2	%		(3.7)	%		0.3	%
Impact of other income (expense), net			0.1	%		—	%		—	%		—	%
Impact of depreciation and amortization			6.8	%		5.2	%		2.6	%		2.5	%
Impact of stock-based compensation			1.9	%		1.2	%		—	%		—	%
Impact of ERP implementation			0.6	%		0.2	%		0.6	%		0.2	%
Impact of ISG initiative			—	%		—	%		—	%		—	%
Impact of severance			—	%		—	%		—	%		—	%
Impact of net gain on  Tampa property sale			(10.6)	%		—	%		—	%		—	%
Adjusted EBITDA margin (3)			12.2	%		10.8	%		(0.5)	%		3.0	%
		Marine						Concrete
		Six months ended						Six months ended
		June 30,						June 30,
		2021			2020			2021			2020
Operating income (loss) (1)			11,454			9,559			(3,833)			(1,110)
Other income (expense), net			109			134			—			2
Depreciation and amortization			8,680			9,520			4,235			4,376
EBITDA (2)			20,243			19,213			402			3,268
Stock-based compensation			1,570			1,540			58			89
ERP implementation			655			155			784			155
ISG initiative			—			190			—			179
Severance			—			26			—			46
Net gain on  Tampa property sale			(6,767)			—			—			—
Adjusted EBITDA(3)		$	15,701		$	21,124		$	1,244		$	3,737
Operating income margin			8.3	%		5.4	%		(2.3)	%		(0.5)	%
Impact of other income (expense), net			0.1	%		0.1	%		—	%		—	%
Impact of depreciation and amortization			6.4	%		5.4	%		2.6	%		2.5	%
Impact of stock-based compensation			1.2	%		0.9	%		—	%		0.1	%
Impact of ERP implementation			0.5	%		—	%		0.5	%		—	%
Impact of ISG initiative			—	%		0.1	%		—	%		0.1	%
Impact of severance			—	%		—	%		—	%		—	%
Impact of net gain on  Tampa property sale			(5.0)	%		—	%		—	%		—	%
Adjusted EBITDA margin (3)			11.5	%		11.9	%		0.8	%		2.2	%

_____________________________
(1)		In connection with the preparation of the financial statements for the quarter ended  June 30, 2021, the Company has identified and corrected certain immaterial errors in segment reporting for all periods presented. Specifically, certain corporate overhead costs previously recorded to the marine segment as part of operating income (loss) and allocated from the marine segment to the concrete segment below operating income in the other income (expense) line have been allocated from the marine segment to the concrete segment as part of the determination of operating income for each segment.
(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, severance and the net gain on the  Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries Condensed Statements of Cash Flows Summarized (In Thousands) (Unaudited)
		Three months ended						Six months ended
		June 30,						June 30,
		2021			2020			2021			2020
Net income		$	3,530		$	2,028		$	4,458		$	4,751
Adjustments to remove non-cash and non-operating items			2,609			9,246			9,504			17,828
Cash flow from net income after adjusting for non-cash and non-operating items			6,139			11,274			13,962			22,579
Change in operating assets and liabilities (working capital)			(3,982)			6,347			(2,687)			10,495
Cash flows provided by operating activities		$	2,157		$	17,621		$	11,275		$	33,074
Cash flows provided by (used in) investing activities		$	19,690		$	(1,719)		$	20,462		$	(2,044)
Cash flows used in financing activities		$	(24,079)		$	(19,081)		$	(30,916)		$	(21,773)
Capital expenditures (included in investing activities above)		$	(3,097)		$	(2,283)		$	(4,715)		$	(5,036)

Orion Group Holdings, Inc. and Subsidiaries Condensed Statements of Cash Flows (In Thousands) (Unaudited)
		Six months ended June 30,
		2021			2020
Cash flows from operating activities
Net income		$	4,458		$	4,751
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization			11,313			12,311
Amortization of ROU operating leases			2,794			3,066
Amortization of ROU finance leases			1,602			1,585
Write-off of debt issuance costs upon debt extinguishment			790			—
Amortization of deferred debt issuance costs			429			286
Deferred income taxes			(81)			(99)
Stock-based compensation			1,628			1,629
Gain on disposal of assets, net			(8,971)			(1,361)
Allowance for credit losses			—			411
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable			5,147			23,645
Income tax receivable			(682)			(97)
Inventory			277			(172)
Prepaid expenses and other			337			900
Contract assets			9,159			5,050
Accounts payable			(3,754)			(23,680)
Accrued liabilities			(5,290)			2,818
Operating lease liabilities			(2,571)			(2,721)
Income tax payable			(538)			(296)
Contract liabilities			(4,772)			5,048
Net cash provided by operating activities			11,275			33,074
Cash flows from investing activities:
Proceeds from sale of property and equipment			24,737			1,749
Purchase of property and equipment			(4,715)			(5,036)
Contributions to CSV life insurance			—			(99)
Insurance claim proceeds related to property and equipment			440			1,342
Net cash provided by (used in) investing activities			20,462			(2,044)
Cash flows from financing activities:
Borrowings from Credit Facility			20,000			5,000
Payments made on borrowings from Credit Facility			(49,086)			(24,500)
Payments of finance lease liabilities			(1,675)			(1,858)
Payments related to tax withholding for stock-based compensation			(241)			(24)
Exercise of stock options			86			—
Net cash used in financing activities			(30,916)			(21,773)
Net change in cash, cash equivalents and restricted cash			821			9,257
Cash, cash equivalents and restricted cash at beginning of period			1,589			1,086
Cash, cash equivalents and restricted cash at end of period		$	2,410		$	10,343

Orion Group Holdings, Inc. and Subsidiaries Condensed Balance Sheets (In Thousands, Except Share and Per Share Information)
		June 30,			December 31,
		2021			2020
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	2,410			1,589
Accounts receivable:
Trade, net of allowance for credit losses of  $323 and  $411, respectively			89,671			96,369
Retainage			38,388			36,485
Income taxes receivable			1,101			419
Other current			66,967			59,492
Inventory			2,102			1,548
Contract assets			23,112			32,271
Prepaid expenses and other			6,973			7,229
Total current assets			230,724			235,402
Property and equipment, net of depreciation			104,917			125,497
Operating lease right-of-use assets, net of amortization			16,204			18,874
Financing lease right-of-use assets, net of amortization			12,289			12,858
Inventory, non-current			4,839			6,455
Intangible assets, net of amortization			9,316			10,077
Deferred income tax asset			41			70
Other non-current			4,875			4,956
Total assets		$	383,205		$	414,189
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current debt, net of issuance costs		$	6,139		$	4,344
Accounts payable:
Trade			44,189			48,252
Retainage			984			716
Accrued liabilities			83,638			84,637
Income taxes payable			101			639
Contract liabilities			28,363			33,135
Current portion of operating lease liabilities			4,395			4,989
Current portion of financing lease liabilities			2,085			3,901
Total current liabilities			169,894			180,613
Long-term debt, net of debt issuance costs			294			29,523
Operating lease liabilities			12,687			14,537
Financing lease liabilities			9,890			8,376
Other long-term liabilities			23,316			19,837
Deferred income tax liability			97			207
Interest rate swap liability			—			1,602
Total liabilities			216,178			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, 31,617,998 and 31,171,804 issued; 30,906,767 and 30,460,573 outstanding at  June 30, 2021 and  December 31, 2020, respectively			316			312
Treasury stock, 711,231 shares, at cost, as of  June 30, 2021 and  December 31, 2020, respectively			(6,540)			(6,540)
Accumulated other comprehensive loss			—			(1,602)
Additional paid-in capital			185,793			184,324
Retained loss			(12,542)			(17,000)
Total stockholders’ equity			167,027			159,494
Total liabilities and stockholders’ equity		$	383,205		$	414,189

 

Orion Group Holdings Inc.
Francis Okoniewski, VP Investor Relations
(346) 616-4138
www.oriongroupholdingsinc.com

-OR-

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.
Fred Buonocore, CFA (212) 836-9607
Mike Gaudreau (212) 836-9620

Source: 
Orion Group Holdings, Inc.

Thursday, July 29, 2021

Orion Group Holdings (ORN)
2Q2021 Results Lower than Expected Due to Wet Weather

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Weather challenges prevailed. 2Q2021 Adjusted EBITDA of $7.4 million was ~$2.1 million below our estimate of $9.5 million and EBITDA margin of 5.1% was also 70 bps light. While we had recently lowered our estimate based on wet weather in Texas, the main market for the Concrete business, we underestimated the impact on the Marine business. Total revenue of $145.9 million and gross margin of $12.3 million (8.4%) were down sequentially and well below 2Q2020 levels. Excluding the $6.8 million gain on the Tampa yard sale, Marine EBITDA was $7.8 million, but Concrete EBITDA turned negative again at -$0.4 million due to lower fixed cost absorption.


Call today at 10am EST — Number is 201-493-6739 and code is Orion Group Holdings.  On the call, we will look for details on: 1) Impact of weather in 2Q2021 and any lingering impact due to a wet July; 2) 2H2021 bidding activity for both Marine and Concrete; 3) Prospects for a rebound in Concrete profitability; 4) Timing of closing of the Port Lavaca sale; 5) Interest in the East West Jones property …

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. 

TherapeuticsMD to Report Second Quarter 2021 Results on August 4, 2021

 

-Executive Management to Host Conference Call on 
August 4, 2021 at 
8:30 a.m. ET–

BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 26, 2021– 
TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today announced that it will report its second quarter 2021 financial results on 
Wednesday, August 4, 2021, before the opening of the 
U.S. financial markets. Following the announcement, executive management will host a conference call and webcast at 
8:30 a.m. ET to discuss the Company’s financial results and provide a business update.

Conference Call & Audio Webcast Details

Date	Wednesday, August 4, 2021
Time	8:30 a.m. ET
Telephone Access:  U.S. and  Canada	866-665-9531
Telephone Access: International	724-987-6977
Access Code For All Callers	7736027
Live Audio Webcast	www.therapeuticsmd.com See Home Page or “Investors & Media” Section

A live webcast and audio archive for the event may be accessed on the home page or from the “Investors & Media” section of the 
TherapeuticsMD website at www.therapeuticsmd.com. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A replay of the webcast will be archived on the website for at least 30 days. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call’s completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 7736027.

About TherapeuticsMD

TherapeuticsMD, Inc. is an innovative, leading healthcare company, focused on developing and commercializing novel products exclusively for women. Our products are designed to address the unique changes and challenges women experience through the various stages of their lives with a therapeutic focus in family planning, reproductive health, and menopause management. The company is committed to advancing the health of women and championing awareness of their healthcare issues. To learn more about 
TherapeuticsMD, please visit therapeuticsmd.com or follow us on Twitter: @TherapeuticsMD and on Facebook: 
TherapeuticsMD.

Forward Looking Statements

This press release by 
TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the 
Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, and BIJUVA® and obtain additional financing necessary therefor; whether the company will be able to comply with the covenants and conditions under its term loan facility; whether the company will be able to successfully divest its vitaCare business and the proceeds that may be generated by such divestiture; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the lower dose of BIJUVA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.

Investor Contact

In-Site Communications, Inc.
Lisa M. Wilson
212-452-2793
lwilson@insitecony.com

Media Contact
Kristen Landon
Vice President, 
Marketing and Corporate Communications
561-961-1900
Klandon@therapeuticsmd.com

Source: 
TherapeuticsMD, Inc.

TherapeuticsMD to Report Second Quarter 2021 Results on August 4, 2021

 

-Executive Management to Host Conference Call on 
August 4, 2021 at 
8:30 a.m. ET–

BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 26, 2021– 
TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today announced that it will report its second quarter 2021 financial results on 
Wednesday, August 4, 2021, before the opening of the 
U.S. financial markets. Following the announcement, executive management will host a conference call and webcast at 
8:30 a.m. ET to discuss the Company’s financial results and provide a business update.

Conference Call & Audio Webcast Details

Date	Wednesday, August 4, 2021
Time	8:30 a.m. ET
Telephone Access:  U.S. and  Canada	866-665-9531
Telephone Access: International	724-987-6977
Access Code For All Callers	7736027
Live Audio Webcast	www.therapeuticsmd.com See Home Page or “Investors & Media” Section

A live webcast and audio archive for the event may be accessed on the home page or from the “Investors & Media” section of the 
TherapeuticsMD website at www.therapeuticsmd.com. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A replay of the webcast will be archived on the website for at least 30 days. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call’s completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 7736027.

About TherapeuticsMD

TherapeuticsMD, Inc. is an innovative, leading healthcare company, focused on developing and commercializing novel products exclusively for women. Our products are designed to address the unique changes and challenges women experience through the various stages of their lives with a therapeutic focus in family planning, reproductive health, and menopause management. The company is committed to advancing the health of women and championing awareness of their healthcare issues. To learn more about 
TherapeuticsMD, please visit therapeuticsmd.com or follow us on Twitter: @TherapeuticsMD and on Facebook: 
TherapeuticsMD.

Forward Looking Statements

This press release by 
TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the 
Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, and BIJUVA® and obtain additional financing necessary therefor; whether the company will be able to comply with the covenants and conditions under its term loan facility; whether the company will be able to successfully divest its vitaCare business and the proceeds that may be generated by such divestiture; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the lower dose of BIJUVA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.

Investor Contact

In-Site Communications, Inc.
Lisa M. Wilson
212-452-2793
lwilson@insitecony.com

Media Contact
Kristen Landon
Vice President, 
Marketing and Corporate Communications
561-961-1900
Klandon@therapeuticsmd.com

Source: 
TherapeuticsMD, Inc.

With Ford’s Electric F-150 Pickup, the EV Transition Shifts into High Gear

 

When President Joe Biden took Ford’s electric F-150 Lightning pickup for a test drive in Dearborn, Michigan, in May 2021, the event was more than a White House photo op. It marked a new phase in an accelerating shift from gas-powered cars and trucks to electric vehicles, or EVs.

In recent months, global auto manufacturers have released plans to electrify their vehicle fleets by 2030 or 2035, setting up a race to see who can most quickly shift entirely away from producing vehicles powered by gasoline.

Like Biden, former President Donald Trump promised to create jobs in the auto industry. But Trump sought to do it by perpetuating a fossil-fueled system that is the largest source of U.S. greenhouse gas emissions. Automakers benefited from some Trump policies in the short term, including the rollback of fuel economy standards. Now, however, they seem to be embracing the challenge of competing globally in a climate-constrained future.

As an environmental historian, I see this moment as pivotal because unlike EVs from manufacturers like Toyota or Tesla, the electric F-150 does not entirely rely on green consumer choice. It places the electric vehicle transition squarely in the hands of mass-market consumers who don’t choose cars based on environmental considerations, and who are buying far more light trucks – pickups, sport utility vehicles and minivans – than cars today.

 

 

The Century of Gasoline

America’s 20th-century affair with gas-powered cars was not inevitable. From 1890 through about 1915, vehicles powered by horses, coal, electric batteries and gasoline jockeyed for position on U.S. streets. And electric-powered vehicles had some clear advantages. Many consumers feared that gas-powered cars were prone to explode, and there was no nationwide fueling infrastructure.

But World War I combined with a moment of technological convergence that favored the internal combustion engine. Massive new petroleum discoveries in Texas, and later in the Middle East, produced a glut of oil, just as electric lighting replaced kerosene lamps.

In 1919, Capt. Dwight D. Eisenhower joined a small convoy that crossed the U.S. in gas-powered military vehicles to test Army mobility. It took them 62 days – clear evidence that modern vehicles required better roads.

By World War II, gasoline-powered personal transportation and road-building to support it had become planks of American economic growth. In the 1950s, President Eisenhower furthered that commitment with the construction of the most extensive system of highways the world had ever seen.

 

Car Culture and the Pickup Truck

Americans’ particular contribution to 20th-century transportation patterns was making automobiles part of a competitive consumer marketplace. Starting in the 1950s, a complex economy of easy financing and advertising drove consumers to buy new and buy often. Every aspect of a car was a potential marketing point, from chrome styling to hemi-powered hot rod engines and more modern options like remote starting and rear-seat theaters.

Another uniquely American marketing achievement was framing trucks – utilitarian vehicles designed for work – as rides that could also serve consumers. Advertisers used themes of grit and power to sell trucks, depicted in the muddy expanses of western landscapes, to suburban drivers.

Federal fuel efficiency standards enacted in 1978 unintentionally reinforced the idea of trucks as a consumer product. These Corporate Average Fuel Economy standards classified pickups as “light trucks,” along with sport utility vehicles and minivans, and set separate fuel efficiency standards for them.

By the year 2000, pickup trucks were U.S. automakers’ most profitable models, and manufacturers were looking for ways to make these vehicles more powerful and luxurious. Ford’s F-150 became the best-selling vehicle in the nation in 1982 and held that spot for the next four decades.

 

Virtual Road Show Series – Thursday, Jun 17, @ 1pm EDT Join Chakana Copper CEO David Kelley for this exclusive corporate presentation, followed by a Q & A session moderated by Mark Reichman, Noble’s senior research analyst, featuring questions taken from the audience. Registration is free and open to all investors, at any level. Register Now  |  View All Upcoming Road Shows

 

Lightning in a Bottle?

Modern hybrid and electric vehicles emerged in the 1990s, driven by Japanese manufacturers’ innovations. Early versions – the Honda Insight and Toyota Prius, and later the Nissan Leaf – allowed consumers to choose automobiles that burned much less gasoline, or none in the case of the Leaf. Options like these had been unavailable during the gas crises of the 1970s.

While the Prius, which was the first mass-produced hybrid electric vehicle, will likely be remembered as transformational in the electric transition, Tesla was the first manufacturer to take the possibility of an alternative vehicle and combine it with style and prestige. Tesla brought bling and sex appeal to early EVs, many of which had functioned more like their golf-cart cousins.

Today’s hybrids and EVs aren’t just little sedans. Manufacturers including Honda, Toyota and Ford offer popular hybrid SUVs, and all-electric versions are entering the market. And now the electric F-150 breaks new ground. It’s targeted at small businesses and corporate customers, particularly construction and mining companies, which purchase many trucks. These buyers are the auto industry’s bread and butter.

To satisfy their needs, the Lightning has a battery large enough to travel more than 200 miles per charge (320 kilometers), and paying a bit more gets customers over 300 miles (480 kilometers). An electric motor on each axle provides faster acceleration than gas-powered models and enough torque to tow 10,000 pounds (4,535 kilograms).

In a unique feature, the truck’s battery pack can be configured to produce 9.6 kilowatts of power – enough to run an average home for three days during an outage. The Lightning also has 11 outlets that enable it to double as a worksite power station for charging tools and gear.

The base model has a sticker price just under US$40,000, and the Lightning qualifies for a $7,500 federal tax break for electric vehicle purchases that the Trump administration tried unsuccessfully to end. Combined, those factors can make it cheaper to buy than its gas-powered sibling.

Ford’s 1908 Model T may look like ancient history by comparison, but experts chose it as the car of the 20th century because it put gas-powered cars within reach for mass consumers. Judging from early consumer buzz, the electric F-150 could play a similar role for EVs today. Ford received 100,000 preorders in three weeks for the new model, which is scheduled to start rolling off the assembly line in spring 2022.

As one analyst put it, “If this truck is successful, it means you can sell an electric version of any vehicle. It could be the domino that tumbles over the rest of the market for EVs.”

 

This article was republished with permission from The
Conversation, a news
site dedicated to sharing ideas from academic experts.  It was written by
and represents the research-based opinions of Brian C. Black Distinguished Professor of History and Environmental Studies, Penn State

Suggested Reading:

Ford’s Announcement is Another Reason for Copper Investors to Smile	Are Small-cap Stocks Smart Investments

Raw Materials and the Scalability of Tesla’s Vision	Supply and Demand Fundamentals of Platinum and Palladium

 

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Orion Group Holdings, Inc. Announces Sale of Tampa Property

 

HOUSTON–(BUSINESS WIRE)–Jun. 8, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”) a leading specialty construction company, today announced the sale of its 
Tampa property located on 
West Tyson Avenue.

Under its previously announced efforts to monetize certain real estate assets, Orion has completed the sale of its 
Tampa property on 
West Tyson Avenue and has received net proceeds of approximately 
$22 million. The Company will record a gain on the sale.

“The sale of the 
Tampa property further strengthens our balance sheet and enhances our liquidity as we are currently investing in our new ERP system, along with rebuilding and upgrading one of our dredges,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “As we have previously stated, we will continue to evaluate all potential options for capital allocation as we execute our strategic plan.”

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.

Forward-Looking Statements

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, profit, EBITDA, 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 and any potential contract options which may or may not be awarded in the future, and are 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.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

 

Orion Group Holdings, Inc. Announces Sale of Tampa Property

 

HOUSTON–(BUSINESS WIRE)–Jun. 8, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”) a leading specialty construction company, today announced the sale of its 
Tampa property located on 
West Tyson Avenue.

Under its previously announced efforts to monetize certain real estate assets, Orion has completed the sale of its 
Tampa property on 
West Tyson Avenue and has received net proceeds of approximately 
$22 million. The Company will record a gain on the sale.

“The sale of the 
Tampa property further strengthens our balance sheet and enhances our liquidity as we are currently investing in our new ERP system, along with rebuilding and upgrading one of our dredges,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “As we have previously stated, we will continue to evaluate all potential options for capital allocation as we execute our strategic plan.”

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.

Forward-Looking Statements

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, profit, EBITDA, 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 and any potential contract options which may or may not be awarded in the future, and are 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.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Wednesday, June 09, 2021

Orion Group Holdings (ORN)
No Appeal on Rezoning Approval and Tampa Yard Sale Closed

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Tampa yard sale closing is a positive step forward. There was no appeal of the May 6th second reading and approval by a 4-1-2 vote of REZ-20-92 to rezone the West Tyson property to PD (planned development, etc) so the sale of the Tampa yard closed. The sale generated net proceeds of $22 million and a unquantified gain will be recognized.


Financial flexibility increases.  Pro forma cash should approach $30 million in 2Q2021 and other asset sales of ~$5 million should close in 3Q2021. While the ERP program is under way, there is a strong preference for growth-oriented investments, like the renovation of an existing barge. Absent an acquisition, a dividend and/or a stock buyback seem possible since the one-year credit facility recently …

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. 

Great Lakes Announces Participation in the Noble Capital Markets Virtual Road Show

 

HOUSTON, May 26, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ: GLDD), the largest provider of dredging services in the United States announced their participation in Noble Capital Markets Virtual Road Show Series, presented by Channelchek, scheduled for June 2, 2021.

The virtual road show will feature a corporate presentation from Great Lakes Dredge & Dock Corporation’s President and Chief Executive Officer Lasse Petterson and Chief Financial Officer Mark Marinko, followed by a Q&A session proctored by Noble Senior Research Analyst Poe Fratt, featuring questions submitted by the audience.

The live broadcast of the virtual road show is scheduled for Wednesday, June 2, 2021, at 1 PM EDT. Registration is free and open to all investors, at any level. Register Here. Noble’s research, as well as news and advanced market data on Great Lakes is available on Channelchek.

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Noble Capital Markets

Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 36 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports.
www.noblecapitalmarkets.com email: contact@noblecapitalmarkets.com

Channelchek

Channelchek (.com) is a comprehensive investor-centric portal – featuring more than 6,000 emerging growth companies – that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC/FINRA registered broker-dealer since 1984.
www.channelchek.com email: contact@channelchek.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Great Lakes Announces Participation in the Noble Capital Markets Virtual Road Show

 

HOUSTON, May 26, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ: GLDD), the largest provider of dredging services in the United States announced their participation in Noble Capital Markets Virtual Road Show Series, presented by Channelchek, scheduled for June 2, 2021.

The virtual road show will feature a corporate presentation from Great Lakes Dredge & Dock Corporation’s President and Chief Executive Officer Lasse Petterson and Chief Financial Officer Mark Marinko, followed by a Q&A session proctored by Noble Senior Research Analyst Poe Fratt, featuring questions submitted by the audience.

The live broadcast of the virtual road show is scheduled for Wednesday, June 2, 2021, at 1 PM EDT. Registration is free and open to all investors, at any level. Register Here. Noble’s research, as well as news and advanced market data on Great Lakes is available on Channelchek.

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Noble Capital Markets

Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 36 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports.
www.noblecapitalmarkets.com email: contact@noblecapitalmarkets.com

Channelchek

Channelchek (.com) is a comprehensive investor-centric portal – featuring more than 6,000 emerging growth companies – that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC/FINRA registered broker-dealer since 1984.
channelchek.vercel.app email: contact@channelchek.vercel.app

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Monday, May 24, 2021

Orion Group Holdings (ORN)
Awards Building – New Concrete Awards of $17 million

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New awards for $17 million in Concrete announced late last week. The Galveston work highlights the collaboration potential of the Concrete and Marine divisions working together. First award is $5.5 million from Hensel Phelps for concrete services for the new Royal Caribbean Cruise Terminal in the Port of Galveston. Paving and tilt-wall construction work should start shortly with completion this year. Second award is $6.5 million for construction of four tilt-wall buildings and associated paving in San Antonio that will begin in 3Q2021 with completion this year. Third award is $5.1 million for construction of multiple tilt-wall buildings and site paving for a new business park NW of the DFW area. The work should begin in 3Q2021 and run into 2Q2022.


Maintain 2021E EBITDA of $47.0 million, including asset sales of $1.6 million.  Tough comps are ahead, but Marine results should pick up and Concrete has upside potential. 1Q2021 backlog of $365 million dropped for both Marine and Concrete, but low bids pending award of $134 million increased $38 million so potential backlog remains high at $499 million. Recent awards appear to be incremental to …

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. 

Monday, May 24, 2021

Orion Group Holdings (ORN)
Awards Building – New Concrete Awards of $17 million

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New awards for $17 million in Concrete announced late last week. The Galveston work highlights the collaboration potential of the Concrete and Marine divisions working together. First award is $5.5 million from Hensel Phelps for concrete services for the new Royal Caribbean Cruise Terminal in the Port of Galveston. Paving and tilt-wall construction work should start shortly with completion this year. Second award is $6.5 million for construction of four tilt-wall buildings and associated paving in San Antonio that will begin in 3Q2021 with completion this year. Third award is $5.1 million for construction of multiple tilt-wall buildings and site paving for a new business park NW of the DFW area. The work should begin in 3Q2021 and run into 2Q2022.


Maintain 2021E EBITDA of $47.0 million, including asset sales of $1.6 million.  Tough comps are ahead, but Marine results should pick up and Concrete has upside potential. 1Q2021 backlog of $365 million dropped for both Marine and Concrete, but low bids pending award of $134 million increased $38 million so potential backlog remains high at $499 million. Recent awards appear to be incremental to …

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. 

Thursday, May 20, 2021

Orion Group Holdings (ORN)
New Awards and Progress on Tampa Yard Sale

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Two awards for ~$38 million. An award of $28.5 million was announced to demo and construct a habitat for salmon in Washington. Work should run into 2Q2023. Another smaller award of ~$9 million was announced for design work and construction of a private marine facility near Tampa. Work should run into mid-2022.


Maintaining 2021 EBITDA estimate of $47.0 million, including asset sales of $1.6 million.  There are tough comps ahead, but Marine results should pick up over rest of year and Concrete represents upside potential. 1Q2021 backlog of $365 million dropped due to lower Marine and Concrete backlogs, but low bids pending award of $134 million increased $38 million so potential backlog remains high at …

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.