Hercules Offshore Inc. (NASDAQ: HERO) shares gained nearly 5% on the day though shares slumped in after-hours trading. The company earlier this week posted its fourth quarter and full fiscal year results, reporting a net loss from continuing operations at $(84.6 million) or $(0.74) per share as compared to a net loss of $(26.9 million), or $(0.03 )per share, during the corresponding quarter of the last year. The company was expected to report its loss at $0.11 per share. Hercules Offshore said that its net loss figure includes non-cash writedown on property and equipment.
Hercules Offshore reported its revenue for the quarter at $172.3 million, down from $176.4 million it had earned a year ago. The company�s annual revenue stood at $657.5 million. Its annual revenue for the preceding fiscal year was at $742.9 million. Hercules Offshore announced that its loss from continuing operations for the fiscal year stood at $(134.6 million). The company had incurred a loss of $(90.1 million) during the preceding financial year. The company also reported 18% decline in its operating costs during the quarter.
At December 31, 2010, the company had unrestricted cash and cash equivalents totaling $136.7 million and unused capacity of approximately $163.5 million under its revolving credit facility. As of December 31, 2010, Hero�s balance sheet reflects total debt of $858.1 million.
Hercules Offshore is engaged in the business of shallow water drilling. It also provides marine services to the oil and natural gas exploration industry. The company is operational in the United States and overseas. The company serves a wide range of clients such as natural gas operators, independent oil producers and integrated energy companies. As on February 24, 2010, the company owns 30 jackup rigs, 17 barge rigs and 60 lifeboat vessels. The company was formed in 2004 and is based out of Texas.
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