Orion Marine Group Inc. (ORN, Financial) filed Quarterly Report for the period ended 2010-11-04.
Orion Marine Group Inc. has a market cap of $367.9 million; its shares were traded at around $13.64 with a P/E ratio of 16.9 and P/S ratio of 1.2. ORN is in the portfolios of Ron Baron of Baron Funds, Chuck Royce of Royce& Associates.
Gross Profit. Gross profit increased approximately $2.4 million, or 15.2%, in the third 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 18.4% for the third quarter of 2010, a decrease compared with 19.6% in the prior year period, due to a self-performance rate in the three months ended September 30, 2010, of approximately 79.0% of total cost of revenue, as compared with a self-performance rate of 83.3% in the third quarter of 2009, resulting from the mix of contracts between periods.
Income Tax Expense Our effective rate for the three months ended September 30, 2010 was 37.8%, 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. In the three month period ended September 30, 2009, tax benefits related to option exercises reduced the overall effective rate to 34.9%.
Contract Revenues. Revenues for the nine months ended September 30, 2010 increased approximately $40.5 million, or 18.2% 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 and the progress schedules of the mix of contracts between periods. Contract revenue generated from public agencies, including federal, state and local municipalities, represented 60% of total revenues in the first nine months of 2010, with the private sector generating 40%, as compared with the prior year period, when the mix of customers included 55% from the public agencies and 45% from the private sector.
Gross Profit. Gross profit increased approximately $4.5 million, or 9.1%, in the first nine months 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 nine months ended September 30, 2010 was 20.4%, as compared with 22.1% in the prior year period. The decrease in margins was due primarily to the use of outside subcontractors resulting from the mix of contracts between periods.
Income Tax Expense Our effective rate for the nine months ended September 30, 2010 and 2009 was 37.1% and 36.6%, 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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Orion Marine Group Inc. has a market cap of $367.9 million; its shares were traded at around $13.64 with a P/E ratio of 16.9 and P/S ratio of 1.2. 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 September 30, 2010 increased approximately 22.8% as compared with the same period last year, and was attributable, to the integration of the TWLD assets and personnel into the Company as well as the mix of contracts in the year. Contract revenue generated from public agencies, including federal, state and local municipalities, represented 60% of total revenues in the third quarter of 2010, with the private sector generating 40%, as compared with the third quarter of 2009, when the mix of customers included 49% from the public agencies and 51% from the private sector. Revenues generated from projects in the Caribbean Basin represented 5% of total revenue, as compared with 18.5% in the third quarter of 2009.Gross Profit. Gross profit increased approximately $2.4 million, or 15.2%, in the third 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 18.4% for the third quarter of 2010, a decrease compared with 19.6% in the prior year period, due to a self-performance rate in the three months ended September 30, 2010, of approximately 79.0% of total cost of revenue, as compared with a self-performance rate of 83.3% in the third quarter of 2009, resulting from the mix of contracts between periods.
Income Tax Expense Our effective rate for the three months ended September 30, 2010 was 37.8%, 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. In the three month period ended September 30, 2009, tax benefits related to option exercises reduced the overall effective rate to 34.9%.
Contract Revenues. Revenues for the nine months ended September 30, 2010 increased approximately $40.5 million, or 18.2% 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 and the progress schedules of the mix of contracts between periods. Contract revenue generated from public agencies, including federal, state and local municipalities, represented 60% of total revenues in the first nine months of 2010, with the private sector generating 40%, as compared with the prior year period, when the mix of customers included 55% from the public agencies and 45% from the private sector.
Gross Profit. Gross profit increased approximately $4.5 million, or 9.1%, in the first nine months 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 nine months ended September 30, 2010 was 20.4%, as compared with 22.1% in the prior year period. The decrease in margins was due primarily to the use of outside subcontractors resulting from the mix of contracts between periods.
Income Tax Expense Our effective rate for the nine months ended September 30, 2010 and 2009 was 37.1% and 36.6%, 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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