Hornbeck Offshore Services, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Financial Guidance for the Year 2017 and 2018 and for the Fourth Quarter of 2017
For the nine months, the company reported revenues of $135,171,000 compared to $182,420,000 a year ago. Operating loss was $74,466,000 compared to $36,735,000 a year ago. Loss before income taxes was $97,033,000 compared to $68,411,000 a year ago. Net loss was $66,337,000 or $1.80 per basic and diluted share compared to $44,603,000 or $1.23 per basic and diluted share a year ago. Cash used in operating activities was $29,203,000 compared to cash provided by operating activities of $56,711,000 a year ago. Adjusted EBITDA was $31,402,000 compared to $58,007,000 a year ago. EBITDA was $24,350,000 compared to $50,286,000 a year ago. Growth capital expenditures were $5,505,000 compared to $61,352,000 a year ago.
For the fourth quarter of 2017, the company expects income tax rate of 35.0% and maintenance capital expenditures of $2.6 million.
The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $10.5 million for the full fiscal year 2017. The company expects miscellaneous incremental commercial-related vessel improvements and non-vessel capital expenditures to be approximately $3.3 million for the full fiscal year 2017. The company's annual effective tax rate is expected to be between 32.0% for fiscal 2017.
The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $16.1 million for the full fiscal year 2018. The company expects miscellaneous incremental commercial-related vessel improvements and non-vessel capital expenditures to be approximately $1.2 million for the full fiscal years 2018. The company's annual effective tax rate is expected to be between 34.0% for fiscal 2018.