Hornbeck Offshore Services, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. The company recorded a net loss for the first quarter of 2016 of $7.5 million, or $0.21 per diluted share, compared to net income of $35.9 million, or $0.99 per diluted share, for the year-ago quarter. Excluding the impact of such gain on sale of assets, net income and diluted EPS for the first quarter of 2015 would have been $15.2 million, and $0.42 per share, respectively. EBITDA for the first quarter of 2016 was $28.2 million compared to $94.8 million in the first quarter of 2015 and $32.2 million in the fourth quarter of 2015. Excluding the impact of the first quarter 2015 gain on sale of assets, EBITDA for such quarter would have been $61.7 million. Revenues were $76.8 million for the first quarter of 2016, a decrease of $57.8 million, or 42.9%, from $134.6 million for the first quarter of 2015. The year-over-year decrease in revenue was primarily due to soft market conditions worldwide, which led to the company's decision to stack 32 incremental OSVs on various dates since December 2014. Loss before income taxes was $10,963,000 against income of $57,290,000 a year ago. Cash provided by operating activities was $39,253,000 against $61,438,000 a year ago. Operating loss was $780,000 against income of $66,898,000 a year ago. Net debt position as of March 31, 2016 at $818 million, up from $810 million sequentially.

Quarterly depreciation, amortization, net interest expense, cash income taxes, cash interest expense, weighted-average basic shares outstanding and weighted-average diluted shares outstanding for the second quarter of 2016 are projected to be $22.8 million, $5.8 million, $11.7 million, $0.5 million, $11.3 million, 36.2 million and 37.0 million, respectively.

The company's annual effective tax rate is expected to be roughly 31.5% for fiscal 2016 and 33.0% for fiscal 2017. The company projects cash OpEx for fiscal 2016 to decrease from prior-year levels primarily due to an average of over 42 vessels expected to be stacked during 2016.