GulfMark Offshore (NYSEMKT:GLF) released earnings after the market close today. Here are the highlights and lowlights. A more comprehensive article will be completed after the earnings call on Tuesday morning.
The good news:
- Cash flow from operations was essentially breakeven at $100,000
- Accelerated repurchases of $20 million in long-term debt at 50% discount.
- Less than $4 million in capital commitments remain to be paid in 2016.
The bad news:
- Vessel utilization and day rates continue to decline across all business segments.
- This resulted in the stacking of 2 vessels in the Americas business segment during 1Q16.
More information should be obtained during the earnings call on Tuesday morning.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.