On Monday, Shares of Gulfmark Offshore, Inc. (NYSE:GLF) lost -0.17% to $5.85. The share price is trading in a range of 5.73 - 6.33 (Price in Dollars). The stock exchanged hands with 461,656 shares contrast to its average daily volume of 426,695 shares. GulfMark Offshore, declared its results of operations for the three-month period ended March 31, 2016. Quarterly highlights include:
- Continued to Generate Positive Cash from Operations Despite Ongoing Downturn
- Achieved Average Marketed Vessel Utilization of 81.0%
- Negotiated Right to Forego $26.0 Million of Required Capital Expenditures
- Reduced Overall Indebtedness by $4.50 Million and Net Debt by $2.20 Million
- Reduced Direct Operating Expenses Before Special Items by 22.0% vs. Previous Quarter
- Lowered General and Administrative Expenses Before Special Items by 8.0% vs. Previous Quarter
- Repurchased $20.0 Million Face Value of Company Bonds for About $10.0 Million Cash
- Recorded Non-Cash, Pre-Tax Asset Impairments of $116.70 Million
- Maintained Strong Liquidity Position of About $175.0 Million at Quarter End.
For the first quarter ended March 31, 2016, revenue was $38.80 million, and net loss was $91.20 million, or $3.66 per diluted share. Included in the results are after-tax special items described below that totaled $78.60 million or $3.16 per diluted share. Quarterly loss before these special items was $12.50 million or $0.50 per diluted share.
Second Quarter 2016 Guidance
GulfMark anticipates direct operating expenses to be between $19.0 million and $21.0 million apart from special items. The Company anticipates general and administrative expense to be between $8.0 million and $9.0 million apart from special items. In addition, the Company anticipates to incur about $0.10 million in drydock expense during the period.
During the most recent trading day, the stock’s price shifted up 134.00 percent from its 52-week-low while 64.39 percent lower from its 52-week high. The stock’s price moved down its 200 day moving average of $5.16. The stock is presently trading up its SMA 50 of $5.94. GulfMark will conduct a conference call to discuss earnings with analysts, shareholders and other interested parties at 9:00 a.m. Eastern Time on Tuesday, April 26, 2016.
