Hornbeck Offshore Services, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenues of $37,426,000 compared to $53,673,000 a year ago. Operating loss was $31,318,000 compared to $21,510,000 a year ago. Loss before income taxes was $28,751,000 compared to $32,176,000 a year ago. Net loss was $19,489,000 or $0.53 per basic and diluted share compared to $20,586,000 or $0.57 per basic and diluted share a year ago. Adjusted EBITDA was $13,595,000 compared to $10,346,000 a year ago. Net cash used in operating activities was $20,507,000 compared to net cash provided by operating activities of $2,993,000 a year ago. The year-over-year decrease in revenue was primarily due to weak market conditions worldwide and the repricing of four OSVs, which concluded long-term contracts that were working at dayrates above current market levels. EBITDA was $12,159,000 compared to $6,916,000 a year ago.

For the six months, the company reported revenues of $81,505,000 compared to $130,493,000 a year ago. Operating loss was $57,799,000 compared to $22,290,000 a year ago. Loss before income taxes was $68,963,000 compared to $43,139,000 a year ago. Net loss was $47,387,000 or $1.29 per basic and diluted share compared to $28,100,000 or $0.78 per basic and diluted share a year ago. Cash used in operating activities was $24,126,000 compared to cash provided by operating activities of $42,246,000 a year ago. Adjusted EBITDA was $17,635,000 compared to $40,071,000 a year ago. EBITDA was $13,756,000 compared to $35,092,000 a year ago.

The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $8.7 million and $15.3 million for the full fiscal years 2017 and 2018, respectively. The company expects miscellaneous incremental commercial-related vessel improvements and non-vessel capital expenditures to be approximately $1.0 million and $1.0 million, respectively, for the full fiscal years 2017 and 2018, respectively.  The company's annual effective tax rate is expected to be between 32.0% and 34.0% for fiscal 2017 and fiscal 2018, respectively.