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GulfMark Offshore 1Q16 Earnings Highlights

|Includes: GulfMark Offshore, Inc. (GLF)

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:

  1. Cash flow from operations was essentially breakeven at $100,000
  2. Accelerated repurchases of $20 million in long-term debt at 50% discount.
  3. Less than $4 million in capital commitments remain to be paid in 2016.

The bad news:

  1. Vessel utilization and day rates continue to decline across all business segments.
  2. 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.