Hornbeck Offshore Services, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenues of $53,666,000 compared to $51,927,000 a year ago. Operating loss was $16,667,000 compared to $14,445,000 a year ago. Loss before income taxes was $28,070,000 compared to $25,272,000 a year ago. Net loss was $18,950,000 or $0.51 per basic and diluted share compared to $16,503,000 or $0.45 per basic and diluted share a year ago. Adjusted EBITDA was $13,767,000 compared to $17,936 000 a year ago. Net cash used in operating activities was $5,077,000 compared to cash provided by operating activities of $14,465,000 a year ago. EBITDA was $10,594,000 compared to $15,194,000 a year ago. Growth capital expenditures were $2,585,000 compared to $6,818,000 a year ago. The year-over-year increase in Revenue was primarily due to improved market conditions for the company's MPSVs, partially offset by weak market conditions worldwide and the repricing or stacking of four OSVs, which concluded long-term contracts that were working at day rates above current market levels.

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.