Hornbeck Offshore Services, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018 and Full Year 2018 and 2019
For the six months, the company reported revenues of $100,018,000 compared to $81,505,000 a year ago. Operating loss was $49,426,000 compared to $57,799,000 a year ago. Loss before income taxes was $78,672,000 compared to $68,963,000 a year ago. Net loss was $63,743,000 or $1.70 per basic and diluted share compared to $47,387,000 or $1.29 per basic and diluted share a year ago. Cash used in operating activities was $27,653,000 compared to $24,126,000 a year ago. Adjusted EBITDA was $9,953,000 compared to $2,157,000 a year ago. EBITDA was $4,037,000 compared to $13,756,000 a year ago.
For the third quarter of 2018, the company expects depreciation, amortization, total interest expense, are projected to be $24.8 million, $2.6 million, $13.5 million, respectively.
For the year 2018, the company expects depreciation, amortization, total interest expense, are projected to be $98.8 million, $10.0 million, $56.2 million, respectively. The company's annual effective tax benefit rate is expected to be 18.0% for fiscal year 2018. The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $22.2 million for the full fiscal years 2018.
For the year 2019, the company expects depreciation, amortization, total interest expense, are projected to be $103.0 million, $16.9 million, $67.9 million, respectively. The company's annual effective tax benefit rate is expected to be 20.0% for fiscal year 2019. The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $29.7 million for the full fiscal year 2019.