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Financial Performance & Scoring -- © 2004 Gaskins IPO Desktop/IPOdesktop |
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Updated MONDAY, 3-22 at 2:00 pm NYtime |
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Update includes Hornbeck Offshore (HOS) |
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. Opening Premium Star Ratings: |
for DekstopPass subscribers |
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. Business Model Rating Criteria |
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A = high growth market, potential leader; B = more competitive market; C='public venture capital' |
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. Calculations |
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. IPO Price to annualized Sales Ratio -- (Price / Sales) |
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Numerator |
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Denominator |
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IPO market capitalization… |
Annualized Sales (last quarter's revenues times 4) |
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(post-IPO # of shares times mid-point of IPO price range) |
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. IPO Price to annualized Earnings (loss) -- (Price / Earnings) |
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Numerator |
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Denominator |
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IPO market cap |
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Annualized Earnings (loss) from the last quarter |
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========================= |
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Hornbeck Offshore |
HOS, 2-stars, C+ |
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(Owns and operates deepwater-capable offshore supply vessels,plus tugs and tank barges) |
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Mandeville, LA |
2001 |
2002 |
2003 |
DecQtr Est |
IPO Mkt |
Price / |
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Revenue (mm) |
60.8 |
92.5 |
110.8 |
29.2 |
Cap (mm) |
Sales |
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Operating Expense % |
54% |
53% |
58% |
57.2% |
$287 |
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Net Income |
7 |
11.6 |
11.2 |
2.1 |
@$15 |
2.5 |
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Net income % |
12% |
13% |
10% |
7% |
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EBITDA |
37 |
47.3 |
54.1 |
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EBITDA % |
61% |
51% |
49% |
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(Earnings Before Interest, Taxes, Depreciation, and Amortication) |
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Last 4 quarters |
March |
June |
Sept |
Dec |
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Revenues (mm) |
27 |
26 |
28 |
29.2 |
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Operating Expense % |
51.6% |
56.2% |
60.3% |
57.2% |
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Net Income |
4.3 |
2.6 |
2.1 |
2.1 |
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Net Income % |
16% |
10% |
7.4% |
7% |
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Observatons |
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. For the last three years, Exp % is increasing, EBITDA % is decreasing |
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. For the last four quarters Net Income% is decreasing |
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VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
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Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
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HornbeckOffshr (HOS) |
287 |
2.5 |
34 |
1.5 |
1.5 |
29% |
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SCORECARD |
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Mgt |
Market |
Market Do- |
Proprie- |
Total |
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1-5, 5 is high |
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Growth |
mination |
tary |
rating |
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20 is perfect |
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2 |
2 |
2 |
1 |
7 |
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Business |
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Offshore supply vessels OSVs) plus tugs and tank barges |
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Revenue contributn |
2001 |
2002 |
2003 |
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. OSVs |
49% |
50% |
56% |
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. Tugs & tank barges |
51% |
50% |
44% |
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(The contribution % from OSVs is increasing) |
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Current fleet size |
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. Fleet of 23 OSVs is among the youngest in the industry with an average age |
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of approximately three years. |
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. Tug and tank barge fleet consists of 12 ocean-going tugs, 16 ocean-going |
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tank barges and one coastwise tanker. |
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Operating Expenses by segment |
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. OSVs |
35% |
44% |
50% |
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. Tugs & tank barges |
60% |
61% |
67% |
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(The operating expense % is increasing) |
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Utilization rates |
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. OSVs |
99% |
95% |
89% |
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. Tugs & tank barges |
84% |
78% |
74% |
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(Daily utilization rates are declining) |
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Daily rental rates |
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. OSVs |
11,872 |
12,176 |
10,940 |
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. Tugs & tank barges |
8,944 |
9,499 |
10,971 |
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Competition |
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. Certain of competitors have announced plans to construct 21 new |
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U.S.-flagged OSVs and seven foreign-flagged OSVs |
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Use of $77 mm in IPO Proceeds |
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. Fund a portion of the cost of the construction of ocean-going, |
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double-hulled tank barges |
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. Retrofit of certain existing vessels |
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. General corporate purposes. |
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Compare & Contrast |
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. There are no direct SIC category comparisons. |
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. TODCO and K-Sea Transportation are in the same approximate space. |
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Ratio comparison summary -- based on annualizing last reported quarter's results |
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NAME/symbol |
Mrkt |
Price / |
Price / |
Price / |
Price / |
Price |
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Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
3-17-04 |
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TODCO (THE) |
917 |
4 |
-29 |
1.8 |
1.8 |
15.29 |
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(contract oil and gas drilling services) |
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K-Sea Trans (KSP) |
247 |
2.9 |
301 |
1.9 |
4.0 |
29.05 |
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(barges, boats & tugboats for oil transportation) |
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HornbeckOffshr (HOS) |
287 |
2.5 |
34 |
1.5 |
1.5 |
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Note: HOS's price-to-book value and P/E ratio is less than THE or KSP |
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