Orion Marine Group, Inc (NYSE:ORN) Q4 2015 Earnings Conference Call - Final Transcript

Mar 10, 2016 • 10:00 am ET

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Orion Marine Group, Inc (NYSE:ORN) Q4 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, ladies and gentlemen and welcome to the Orion Marine Group Incorporated Fourth Quarter 2015 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to your host for today's conference, Mr. Andrew Swerdlow, Investor Relations Manager. Sir, you may begin.

Executive
Andrew Swerdlow

Good morning and welcome to the Orion Marine Group's fourth quarter and full year 2015 earnings conference call. Joining me today are Mark Stauffer, Orion Marine Group's President and Chief Executive Officer; Dwayne Breaux, our Executive Vice President and Chief Operating Officer; and Chris DeAlmeida, our Vice President and Chief Financial Officer.

Regarding the format of the call, we have allocated about 15 minutes for prepared remarks in which Mark and Chris will highlight our results and update our market outlook. We will then open the call for sell-side analyst questions for the remainder of the time. [Operator Instructions]

During the course of this conference call, we will make projections and other forward-looking statements regarding, among other things, our end markets, revenues, gross profit, gross margin, EBITDA, EBITDA margin, backlog, projects in negotiation and pending award as well as our estimates and assumptions regarding our future growth, EBITDA, EBITDA margin, gross margins, administrative expenses and capital expenditures. These statements are predictions that are subject to risks and uncertainties, including those described in our 10-K for 2014 that may cause actual results to differ materially from those statements. Moreover, past performance is not necessarily an indicator of future results. By providing this information, we undertake no obligation to update or revise any projections or forward-looking statements whether as a result of new developments or otherwise.

Also, please note that EBITDA and EBITDA margin are non-GAAP financial measures under rules of the Securities and Exchange Commission, including Regulation G. Please refer to the reconciliation accompanying this earnings call available on our website at www.orionmarinegroup.com for comments on use of non-GAAP financial measures as well as applicable reconciliations to the most comparable GAAP measures. Also, please refer to the press release issued this morning, March 10, 2016, and our quarterly and annual filings with the SEC, which are available on our website, for additional discussion of the risk factors that could cause actual results to differ materially from our current expectations.

With that, I will turn the call over to Mark Stauffer, President and Chief Executive Officer. Mark?

Executive
Mark Stauffer

Thank you, Drew and thanks for joining us this morning. I would like to begin by thanking our 2,400 coworkers for all their hard work and dedication. As I said on our earnings release this morning, 2015 was the year filled with accomplishments as well as challenges.

During 2015, weather delays, project delays and project execution issues in our Heavy Civil Marine Construction segment were disappointing developments during the year. However, I am pleased with the market we see ahead of us in this segment and look forward to an improved 2016. I have made the necessary changes to correct the operational issues impacting our Heavy Civil Marine Construction segment