Hornbeck Offshore Services, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Maintenance Capital Expenditure and Effective Tax Rate Guidance for the Year 2016 and 2017
For the six months, the company reported revenues of $130,493,000 compared to $271,070,000 a year ago. Operating loss was $22,290,000 compared to operating income of $106,253,000 a year ago. Loss before income taxes was $43,139,000 compared to income before income taxes of $87,599,000 a year ago. Net loss was $28,100,000 or $0.78 per diluted share compared to net income of $55,068,000 or $1.52 per diluted share a year ago. Cash provided by operating activities was $42,246,000 compared to $134,749,000 a year ago. Adjusted EBITDA was $40,071,000 compared to $166,512,000 a year ago. Net cash provided by operating activities was $42,246,000 compared to $134,749,000 a year ago.
The company's annual effective tax rate is expected to be roughly 35.0% for fiscal 2016 and 34.5% for fiscal 2017. The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $10.8 million and $7.7 million for the full fiscal years 2016 and 2017, respectively.