See feature articles below: (NASDAQ: HERO)
About Broad Street Alerts:
Big opportunities in Small Cap’s
Broad Street Alerts recent profiles and track record, 433% in verifiable potential gains for our members on the last 2 small cap alerts alone!
May 11th, 2016- (NASDAQ: STEM) opened $2.92/share hit a high of $3.90/share within a few hours our member potential gains- 33%
May 9th, 2016-(NYSE-MKT: MGT) opened at .64/share and hit 3.26/share within one week for gains of 400% for our members.
Report for: (NASDAQ: HERO)
HOUSTON, May 5, 2016 /PRNewswire/ — Hercules Offshore, Inc. (HERO) today reported a net loss of $26.9 million, or $1.35 per diluted share, on revenue of $50.9 million for the first quarter 2016, compared to Predecessor net loss of $57.1 million, or $0.35 per diluted share, on revenue of $122.6 million for the first quarter 2015. Diluted weighted average shares outstanding for the Successor was 20.0 million shares for the first quarter 2016, while the Predecessor’s was 161.1 million shares for the first quarter 2015.
Upon emergence from Chapter 11 bankruptcy on November 6, 2015, Hercules adopted fresh start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Predecessor” refer to the financial position of Hercules as of and prior to November 6, 2015 and the results of operations through November 6, 2015. References to “Successor” relate to the financial position of the reorganized Hercules as of and subsequent to November 6, 2015 and the results of operations and statement of cash flows for the corresponding periods presented, which were subsequent to November 6, 2015. As a result of the application of fresh start accounting and the effects of the implementation of the Plan of Reorganization, the financial statements on or after November 6, 2015 are not comparable with the financial statements prior to that date.
John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, “First quarter results reflect continued weakness in the operating conditions across our drilling and liftboat markets. The rebound in oil prices over the past few months, while encouraging, have yet to translate to a material improvement in business prospects, as customers remain extremely cautious. Further cost reduction measures have been implemented in response to the weak environment.
“As previously disclosed, the Company has entered into a Forbearance Agreement with certain of our lenders. During the forbearance period, the Company and our advisors have been actively working with various parties to negotiate an agreement with respect to a potential recapitalization, business combination or other alternative strategic transaction, including a potential divestiture of the Hercules Highlander and restructuring of the Company’s term loan.”
Domestic Offshore
Revenue generated from Domestic Offshore by the Successor for the first quarter 2016 was $12.4 million, while Predecessor first quarter 2015 revenue was $52.9 million. The 77% decrease in revenue was driven largely by lower dayrates and utilization on a reduced rig fleet. Operating expense reported by the Successor for the first quarter 2016 was $11.7 million, while Predecessor first quarter 2015 operating expense was $36.0 million. The 68% decline in operating expense is largely attributable to a reduction in the number of marketed rigs in operation. Domestic Offshore reported an operating loss of $2.0 million by the Successor for the first quarter 2016, while the Predecessor reported operating income of $3.8 million for the first quarter 2015.
International Offshore
Revenue generated from International Offshore by the Successor for the first quarter 2016 was $27.5 million, while Predecessor first quarter 2015 revenue was $51.6 million. The 47% decrease in revenue was primarily due to lower contracted dayrates for the rigs working for Saudi Aramco and idle time on the Hercules 208 and Hercules 267, partially offset by full utilization on the Hercules 260. Operating expense reported by the Successor for the first quarter 2016 was $23.4 million, while Predecessor first quarter 2015 operating expense was $50.2 million. The 53% decline in operating expense was primarily driven by cost reduction measures on the idle rigs as well as higher first quarter 2015 expense related to the demobilization cost of the Hercules 208 and contract preparation costs on the Hercules 260. International Offshore reported an operating loss of $0.2 million by the Successor for the first quarter 2016, while the Predecessor reported an operating loss of $20.9 million for the first quarter 2015.
International Liftboats
Revenue generated from International Liftboats by the Successor for the first quarter 2016 was $11.0 million, while Predecessor first quarter 2015 revenue was $18.1 million. The 39% decrease in revenue was driven primarily by lower dayrates and operating days. Operating expense reported by the Successor for the first quarter 2016 was $11.4 million, while Predecessor first quarter 2015 operating expense was $13.5 million. The 16% decline in operating expense was primarily driven by lower activity levels. International Liftboats reported an operating loss of $3.9 million by the Successor for the first quarter 2016, while the Predecessor reported an operating loss of $0.4 million for the first quarter 2015.
About Hercules Offshore, Inc.
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 27 jackup rigs, including one rig under construction, and 19 liftboats. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. For more information, please visit our website at http://www.herculesoffshore.com.
Source – Company press release
DISCLAIMER
Broadstreetalerts.com is a wholly owned subsidiary of Small Cap Specialists LLC, herein referred to as SCS LLC.
Our reports/releases are a commercial advertisement and are for general information purposes ONLY. We are engaged in the business of marketing and advertising companies for monetary compensation. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. The disclaimer is to be read and fully understood before using our services, joining our site or our email/blog list as well as any social networking platforms we may use.
PLEASE NOTE WELL: SCS LLC and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever.
Release of Liability: Through use of this website viewing or using you agree to hold SCS LLC, its operators owners and employees harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. SCS LLC encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SCS LLC makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any such company or other financial decisions should not be made based upon the information provide herein. Instead SCS LLC strongly urges you conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Readers are advised to review SEC periodic reports: Forms 10-Q, 10K, Form 8-K, insider reports, Forms 3, 4, 5 Schedule 13D. SCS LLC is compliant with the Can Spam Act of 2003. SCS LLC does not offer such advice or analysis, and SCS LLC further urges you to consult your own independent tax, business, financial and investment advisors. SCS LLC has been compensated twenty thousand dollars cash via bank wire by star media llc for a two day investor relations campaign of STEM. SCS LLC does not hold any positions in STEM. SCS LLC has previously been compensated twenty thousand dollars cash via bank wire by DF Media for the mention of MGT. We do not hold any positions in MGT. Investing in micro-cap and growth securities is highly speculative and carries and extremely high degree of risk. It is possible that an investor’s investment may be lost or impaired due to the speculative nature of the companies profiled. We have not been compensated nor do we own positions in the company/companies that are in the featured article.
The Private Securities Litigation Reform Act of 1995 provides investors a ‘safe harbor’ in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be “forward looking statements”. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as “projects”, “foresee”, “expects”, “will”, “anticipates”, “estimates”, “believes”, “understands”, or that by statements indicating certain actions & quote; “may”, “could”, or “might” occur. Understand there is no guarantee past performance will be indicative of future results.
In preparing this publication, SCS LLC has relied upon information supplied by its customers, publicly available information and press releases which it believes to be reliable; however, such reliability cannot be guaranteed. Investors should not rely on the information contained in this website. Rather, investors should use the information contained in this website as a starting point for doing additional independent research on the featured companies. The advertisements in this website are believed to be reliable, however, SCS LLC and its owners, affiliates, subsidiaries, officers, directors, representatives and agents disclaim any liability as to the completeness or accuracy of the information contained in any advertisement and for any omissions of materials facts from such advertisement. SCS LLC is not responsible for any claims made by the companies advertised herein, nor is SCS LLC responsible for any other promotional firm, its program or its structure.
Please Note: We do NOT accept free trading or restricted securities as payment for our services.
SCS LLC is not affiliated with any exchange, electronic quotation system, the Securities Exchange Commission or FINRA. SCS LLC is not a Broker/Dealer and does not engage in high frequency trading.
Stock market
Hot small cap stocks
small cap stock picks
Biotech stocks
FDA approval stocks
FDA calendar
Trade stocks
Become a day trader
Day trade stocks for a living
PDUFA date set
micro cap stocks
Best stocks 2016
Hottest small cap stocks
Best stock picks
Who to follow for stock picks
Apple news stock picks
Stock picks on apple news