Hornbeck Offshore Services, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company announced revenues were $44,079,000 compared to $76,820,000 for the same period a year ago. Operating loss was $26,481,000 compared to $780,000 for the same period a year ago. Loss before income taxes was $40,212,000 compared to $10,963,000 for the same period a year ago. Net loss was $27,898,000 compared to $7,514,000 for the same period a year ago. Diluted loss per common share was $0.76 compared to $0.21 for the same period a year ago. Cash used in operating activities was $3,619,000 compared to cash generated from operating activities of $39,703,000 for the same period a year ago. EBITDA was $1,597,000 compared to $28,176,000 for the same period a year ago. Adjusted EBITDA was $4,040,000 compared to $29,725,000 for the same period a year ago. Maintenance and other capital expenditures were $3,420,000 compared to $11,821,000 for the same period a year ago. The year-over-year decrease in Revenue was primarily due to weak market conditions worldwide, which led to the company's decision to stack 18 incremental vessels on various dates since December 31, 2015.

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 2017 are projected to be $24.7 million, $3.6 million, $13.8 million, $0.3 million, $11.3 million, 36.8 million and 37.6 million, respectively.

The company's annual effective tax rate is expected to be between 34.0% and 35.0% for fiscal 2017 and between 36.0% and 38.0% for fiscal 2018.