Hercules Offshore, Inc. Presents at UBS Global Oil and Gas Conference, May-21-2013 01:05 PM. Venue: Four Seasons Hotel, 98 San Jacinto Blvd., Austin, Texas, United States. Speakers: Son P. Vann, Vice President of Investor Relations & Planning.

Hercules Offshore, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported revenue of $205,327,000 against $143,319,000 a year ago. Operating income was $14,094,000 against loss of $28,570,000 a year ago. Loss before income taxes was $4,198,000 against $47,230,000 a year ago. Net income was $35,162,000 or $0.22 per basic and diluted share against loss of $38,342,000 or $0.28 per basic and diluted share a year ago. Net cash provided by operating activities was $48,679,000 against net cash used in operating activities of $1,896,000 a year ago. Acquisition of assets was $97,000,000 against $40,000,000 a year ago. Additions of property and equipment were $41,890,000 against $16,573,000 a year ago. Deferred drydocking expenditures were $3,083,000 against $3,213,000 a year ago. Non-GAAP operating income was $14,094,000. Non-GAAP benefit for income taxes was $1,631,000. Non-GAAP net loss was $2,567,000 or $0.02 per diluted share. As for capital and drydocking expenditures, the company spent $142 million during the first quarter. However, the company would only characterize $16 million of this as maintenance CapEx with the remainder being for growth initiatives. The company anticipates revenues to increase in the second quarter and throughout the year with the new capacity the company have entering service, namely the Hercules 266. The company expects second quarter operating expenses to approximate $10 million. The company expects second quarter D&A to increase to approximately $45 million, increasing slightly further in the third quarter as we'll have incremental depreciation from the Hercules 266 and 209, along with 2 recent acquisitions, the 267 and White Shark. The expected interest expense will move back up to the $20 million range in the second quarter. For the remainder of 2013, the company currently estimates a tax rate in the low- to mid-40% range. For the remainder of 2013, the company estimates total capital and drydocking expenditures will range between $90 million and $100 million.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore, Inc. (NasdaqGS:HERO), at the announcement of first quarter results of 2013 stated, "We continue to look for acquisition opportunities to enhance our international footprint and high-grade our asset base."