Hornbeck Offshore Services, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Capital Expenditure and Effective Tax Rate Guidance for the Year 2017 and 2018
For the six months, the company reported revenues of $81,505,000 compared to $130,493,000 a year ago. Operating loss was $57,799,000 compared to $22,290,000 a year ago. Loss before income taxes was $68,963,000 compared to $43,139,000 a year ago. Net loss was $47,387,000 or $1.29 per basic and diluted share compared to $28,100,000 or $0.78 per basic and diluted share a year ago. Cash used in operating activities was $24,126,000 compared to cash provided by operating activities of $42,246,000 a year ago. Adjusted EBITDA was $17,635,000 compared to $40,071,000 a year ago. EBITDA was $13,756,000 compared to $35,092,000 a year ago.
The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $8.7 million and $15.3 million for the full fiscal years 2017 and 2018, respectively. The company expects miscellaneous incremental commercial-related vessel improvements and non-vessel capital expenditures to be approximately $1.0 million and $1.0 million, respectively, for the full fiscal years 2017 and 2018, respectively. The company's annual effective tax rate is expected to be between 32.0% and 34.0% for fiscal 2017 and fiscal 2018, respectively.