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Helix Energy Solutions Group Inc (HLX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Helix Energy Solutions Group Inc

CIK: 866829 Ticker: HLX


EXHIBIT 99.1
 
logo.jpg
 
PRESSRELEASE
www.HelixESG.com 

Helix Energy Solutions Group, Inc.  ·  3505 W. Sam Houston Parkway N., Suite 400  ·  Houston, TX 77043  · 281-618-0400  ·  fax: 281-618-0505
 
For Immediate Release
 
 
 18-020
 
 
 
 
Date: October 22, 2018
Contact:
Erik Staffeldt
 
 
 
Senior Vice President & CFO
 
 
 
Helix Reports Third Quarter 2018 Results
 
 
HOUSTON, TX – Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) reported net income of $27.1 million, or $0.18 per diluted share, for the third quarter of 2018 compared to net income of $2.3 million, or $0.02 per diluted share, for the same period in 2017 and net income of $17.8 million, or $0.12 per diluted share, for the second quarter of 2018. Net income for the nine months ended September 30, 2018 was $42.3 million, or $0.29 per diluted share, compared to a net loss of $20.5 million, or $(0.14) per diluted share, for the nine months ended September 30, 2017.
 
Helix reported Adjusted EBITDA1 of $58.6 million for the third quarter of 2018 compared to $30.5 million for the third quarter of 2017 and $52.3 million for the second quarter of 2018. Adjusted EBITDA for the nine months ended September 30, 2018 was $138.5 million compared to $74.8 million for the nine months ended September 30, 2017. The table below summarizes our results of operations:
 
Summary of Results
 
($ in thousands, except per share amounts, unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
9/30/2018
 
9/30/2017
 
6/30/2018
 
9/30/2018
 
9/30/2017
 
 
 
 
 
 
 
 
 
 
Revenues
$
212,575

 
$
163,260

 
$
204,625

 
$
581,462

 
$
418,117

 
 
 
 
 
 
 
 
 
 
Gross Profit
$
51,993

 
$
21,141

 
$
42,897

 
$
107,873

 
$
38,683

 
24
%
 
13
%
 
21
%
 
19
%
 
9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
27,121

 
$
2,290

 
$
17,784

 
$
42,345

 
$
(20,528
)
 
 
 
 
 
 
 
 
 
 
Diluted Earnings (Loss) Per Share
$
0.18

 
$
0.02

 
$
0.12

 
$
0.29

 
$
(0.14
)
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA 1
$
58,636

 
$
30,452

 
$
52,269

 
$
138,471

 
$
74,801

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
325,092

 
$
356,889

 
$
288,490

 
$
325,092

 
$
356,889

 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
63,161

 
$
15,722

 
$
46,620

 
$
150,827

 
$
31,323


 
Owen Kratz, President and Chief Executive Officer of Helix, stated, “The sequential improvement in our financial performance resulted primarily from improvements in our Robotics segment, with increased trenching operations during the quarter and near full utilization of our chartered vessel fleet. Our Well Intervention segment saw continued strong operational performance and high utilization of our intervention vessels, despite lower IRS rental unit utilization and idle time between projects on our Q4000 vessel. In the fourth quarter our operations will be impacted by the normal winter slowdown in the North Sea and expected low activity levels in the Gulf of Mexico. Our market is still weak and challenging, but we remain committed to finishing the year with strong operational execution and cost discipline.”


 
 
 
 
 
1 Adjusted EBITDA is a non-GAAP measure. See reconciliation below.



The following information was filed by Helix Energy Solutions Group Inc (HLX) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Helix Energy Solutions Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation And New Accounting Standards
Basis Of Presentation And New Accounting Standards (Details)
Basis Of Presentation And New Accounting Standards (Policies)
Basis Of Presentation And New Accounting Standards (Tables)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Narrative (Details)
Business Segment Information - Summary Of Financial Data By Reportable Segment (Details)
Business Segment Information - Summary Of Intercompany Segment Revenues (Details)
Business Segment Information - Total Assets By Reportable Segment (Details)
Commitments And Contingencies And Other Matters
Commitments And Contingencies And Other Matters - Narrative (Details)
Company Overview
Company Overview (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Derivative Instruments Designated As Hedging Instruments (Details)
Derivative Instruments And Hedging Activities - Derivative Instruments Not Designated As Hedging Instruments (Details)
Derivative Instruments And Hedging Activities - Gain (Loss) Reclassified From Accumulated Oci Into Earnings (Details)
Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Not Designated As Hedging Instruments On Consolidated Statements Of Operations (Details)
Derivative Instruments And Hedging Activities - Narrative (Details)
Derivative Instruments And Hedging Activities - Unrealized Gain (Loss) Recognized In Oci (Details)
Details Of Certain Accounts
Details Of Certain Accounts (Tables)
Details Of Certain Accounts - Accrued Liabilities (Details)
Details Of Certain Accounts - Other Assets, Net (Details)
Details Of Certain Accounts - Other Current Assets (Details)
Details Of Certain Accounts - Other Non-Current Liabilities (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Computations Of Basic And Diluted Eps (Details)
Earnings Per Share - Excluded Securities On Diluted Shares Calculation (Details)
Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted Eps Calculation (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Share-Based Awards Granted (Details)
Equity Investments
Equity Investments - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Narrative (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Convertible Senior Notes Due 2022 (Details)
Long-Term Debt - Convertible Senior Notes Due 2023 (Details)
Long-Term Debt - Convertible Senior Notes Due 2032 (Details)
Long-Term Debt - Credit Agreement (Details)
Long-Term Debt - Marad Debt (Details)
Long-Term Debt - Maturities Of Long-Term Debt (Details)
Long-Term Debt - Net Interest Expense (Details)
Long-Term Debt - Nordea Credit Agreement (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Narrative (Details)
Revenue From Contracts With Customers - Schedule Of Disaggregated Revenue (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Components Of Accumulated Oci (Details)
Statement Of Cash Flow Information
Statement Of Cash Flow Information (Tables)
Statement Of Cash Flow Information - Narrative (Details)
Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details)

Material Contracts, Statements, Certifications & more

Helix Energy Solutions Group Inc provided additional information to their SEC Filing as exhibits

Ticker: HLX
CIK: 866829
Form Type: 10-Q Quarterly Report
Accession Number: 0000866829-18-000024
Submitted to the SEC: Wed Oct 24 2018 5:20:06 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Oil And Gas Field Services

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