Hornbeck Offshore Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter of 2016, Second Quarter of 2016, Third Quarter of 2016, Fourth Quarter of 2016, Full Year 2016 and 2017
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.