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Orion Marine Group Inc. has a market cap of $318.4 million; its shares were traded at around $11.85 with a P/E ratio of 14.2 and P/S ratio of 1. ORN is in the portfolios of Ron Baron of Baron Funds, Chuck Royce of Royce& Associates.
Highlight of Business Operations:Contract Revenues. Revenues for the three months ended June 30, 2010 increased approximately 23.1% as compared with the same period last year, and was attributable, in part, to the integration of the TWLD assets and personnel into the Company. Contract revenue generated from public agencies, including federal, state and local municipalities, represented 58% of total revenues in the second quarter of 2010, with the private sector generating 42%, as compared with the second quarter of 2009, when the mix of customers included 60% from the public agencies and 40% from the private sector. Revenues generated from projects in the Caribbean Basin represented 7% of total revenue, as compared with 9% in the second quarter of 2009.
Gross Profit. Gross profit increased approximately $700,000, or 3.7%, in the second quarter of 2010 as compared with the corresponding period last year. The improvement in gross profit was due primarily to the increase in revenues. Gross margin, as a percentage of revenue, was 22.5% for the second quarter of 2010, a decrease compared with 26.7% in the prior year period. In the three months ended June 30, 2010, our self-performance was approximately 85.4% of total cost of revenue, as compared with a self-performance rate of 90% in the second quarter of 2009, resulting from the scope of work in the mix of contracts between periods.
Income Tax Expense Our effective rate for the three months ended June 30, 2010 and 2009 was 36.3% and 37.1%, respectively, and differed from the Company s statutory rate of 35% primarily due to state income taxes and the non-deductibility of certain permanent tax items, such as incentive stock compensation expense, offset in part by the benefit of the domestic production activities deduction on our federal tax return, which net effect increased our overall effective tax rate.
Contract Revenues. Revenues for the six months ended June 30, 2010 increased approximately $21.9 million, or 15.5% as compared with the same period last year, and was attributable, in part, to the integration of the TWLD assets and personnel into the Company. Contract revenue generated from public agencies, including federal, state and local municipalities, represented 61% of total revenues in the first six months of 2010, with the private sector generating 39%, as compared with the prior year period, when the mix of customers included 56% from the public agencies and 44% from the private sector.
Gross Profit. Gross profit increased approximately $2.0 million, or 6.1%, in the first half of 2010 as compared with the corresponding period last year. The improvement in gross profit was due primarily to the increase in revenues. Gross margin for the six months ended June 30, 2010 was 21.5%, as compared with 23.5% in the prior year period. The decrease in margins was due primarily to the use of outside subcontractors resulting from the scope of work in the mix of contracts between periods.
Income Tax Expense Our effective rate for the six months ended June 30, 2010 and 2009 was 36.6% and 37.4%, respectively, and differed from the Company s statutory rate of 35% primarily due to state income taxes and the non-deductibility of certain permanent tax items, such as incentive stock compensation expense, offset in part by the benefit of the domestic production activities deduction on our federal tax return, which net effect increased our overall effective tax rate.
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