Hornbeck Offshore Services, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenues of $53,673,000 compared to $136,446,000 a year ago. Operating loss was $21,510,000 compared to operating income of $39,355,000 a year ago. Loss before income taxes was $32,176,000 compared to income before income taxes of $30,309,000 a year ago. Net loss was $20,586,000 or $0.57 per diluted share compared to net income of $19,215,000 or $0.53 per diluted share a year ago. Adjusted EBITDA was $10,346,000 compared to $69,518,000 a year ago. Net cash provided by operating activities was $2,993,000 compared to $73,311,000 a year ago. The year-over-year decrease in Revenue was primarily due to soft market conditions worldwide, which led to the company's decision to stack 31 incremental OSVs on various dates since March 2015.

For the six months, the company reported revenues of $130,493,000 compared to $271,070,000 a year ago. Operating loss was $22,290,000 compared to operating income of $106,253,000 a year ago. Loss before income taxes was $43,139,000 compared to income before income taxes of $87,599,000 a year ago. Net loss was $28,100,000 or $0.78 per diluted share compared to net income of $55,068,000 or $1.52 per diluted share a year ago. Cash provided by operating activities was $42,246,000 compared to $134,749,000 a year ago. Adjusted EBITDA was $40,071,000 compared to $166,512,000 a year ago. Net cash provided by operating activities was $42,246,000 compared to $134,749,000 a year ago.

The company's annual effective tax rate is expected to be roughly 35.0% for fiscal 2016 and 34.5% for fiscal 2017. The company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $10.8 million and $7.7 million for the full fiscal years 2016 and 2017, respectively.