Hornbeck Offshore Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenues of $88,719,000 compared to $160,219,000 a year ago. The year-over-year decrease in Revenue was primarily due to soft market conditions in the Gulf of Mexico, or GoM, which led to the Company's decision to stack 28 OSVs on various dates between October 1, 2014 and December 31, 2015. Operating income was $4,482,000 compared to $37,402,000 a year ago. Loss before income taxes was $4,593,000 compared to income of $29,417,000 a year ago. Loss from continuing operations was $2,671,000 or $0.07 per basic and diluted share compared to income of $18,769,000 or $0.52 per basic and diluted share a year ago. Net loss was $2,671,000 or $0.07 per basic and diluted share compared to income of $19,171,000 or $0.54 per diluted share a year ago. EBITDA was $32,194,000 compared to $67,424,000 a year ago. Adjusted EBITDA was $35,067,000 compared to $69,537,000 a year ago. Net cash provided by operating activities was $31,375,000 compared to $43,405,000 a year ago. Maintenance capital expenditures were $8,796,000 compared to $7,287,000 a year ago.

For the year, the company reported revenues of $476,070,000 compared to $634,793,000 a year ago. The decrease in revenue was partially offset by $54.0 million in revenue earned from the full or partial-period contribution of 14 vessels that were placed in-service under the company's fifth OSV new build program since December 2013. Operating income was $143,544,000 compared to $169,420,000 a year ago. Income before income taxes was $106,578,000 compared to $140,274,000 a year ago. Income from continuing operations was $66,821,000 or $1.84 per diluted share compared to $87,907,000 or $2.40 per diluted share a year ago. Net income was $66,821,000 or $1.84 per diluted share compared to $88,525,000 or $2.41 per diluted share a year ago. EBITDA was $253,578,000 compared to $285,371,000 a year ago. Adjusted EBITDA was $265,396,000 compared to $296,781,000 a year ago. Net cash provided by operating activities was $215,843,000 compared to $163,106,000 a year ago. Maintenance capital expenditures were $27,964,000 compared to $67,266,000 a year ago. Total cash and cash equivalents at quarter end were roughly $260 million, which put the net debt position as of year-end 2015 at $810 million, up from $778 million sequentially.

The company's projected depreciation, amortization, total net interest expense, income tax rate, maintenance capital expenditures and other capital expenditures for the first quarter of 2016 are $22.4 million, $6.4 million, $11.7 million, 30.0%, $6.1 million and $17.5 million respectively.

The company's projected depreciation, amortization, total net interest expense, income tax rate, maintenance capital expenditures and other capital expenditures for the second quarter of 2016 are $22.8 million, $6.0 million, $11.6 million, 30.0%, $4.1 million and $5.0 million respectively.

The company's projected depreciation, amortization, total net interest expense and income tax rate, maintenance capital expenditures and other capital expenditures for the third quarter of 2016 are $23.6 million, $5.0 million, $12.6 million, 30.0%, $6.0 million and $7.4 million respectively.

The company's projected depreciation, amortization, total net interest expense and income tax rate, maintenance capital expenditures and other capital expenditures for the fourth quarter of 2016 are $24.2 million, $4.9 million, $13.5 million, 30.0%, $5.3 million and $5.6 million respectively.

The company's projected depreciation, amortization, total net interest expense and income tax rate, maintenance capital expenditures and other capital expenditures for 2016 are $93.0 million, $22.3 million, $49.4 million, 30.0%, $21.5 million and $35.5 million respectively.

The company's projected depreciation, amortization, total net interest expense and income tax rate, maintenance capital expenditures and other capital expenditures for 2017 are $98.9 million, $19.37 million, $57.3 million, 37.0%, $24.9 million and $36.9 million respectively.