Hornbeck Offshore Services, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2018 and 2019
Revenues for the first nine months of 2018 increased 17.2% to $158.5 million compared to $135.2 million for the same period in 2017. Operating loss was $71.8 million for the first nine months of 2018 compared to an operating loss of $74.5 million for the prior-year period. Net loss for the first nine months of 2018 increased $28.6 million to a net loss of $94.9 million, or $2.53 per diluted share, compared to a net loss of $66.3 million, or $1.80 per diluted share, for the first nine months of 2017. EBITDA for the first nine months of 2018 decreased 62.3% to $9.2 million compared to $24.4 million for the first nine months of 2017. Excluding the impact of the previously mentioned $2.2 million of additional G&A expense in the third quarter of 2018, net loss, diluted EPS and EBITDA for the first nine months of 2018 would have been $93.1 million, $2.49 per share and $11.4 million, respectively. Excluding the impact of these reconciling items, net loss, diluted EPS and EBITDA for the first nine months of 2017 would have been $80.7 million, $2.19 per share and $3.3 million, respectively. The year-over-year increase in vessel revenues is attributable to improved market conditions for the Company's MPSVs and OSVs added to the Company's fleet during the second quarter of 2018. Loss before income taxes was $117.080 million against $97.033 million a year ago. Net cash used in operating activities was $25.776 million against $29.203 million a year ago. Adjusted EBITDA was $19.830 million against $15.924 million a year ago.
The company provided earnings guidance for the fourth quarter and full year of 2018 and 2019. Aggregate cash operating expenses are projected to be in the range of $38.0 million to $43.0 million for the fourth quarter of 2018. G&A expense is expected to be in the approximate range of $12.5 million to $14.5 million for the fourth quarter of 2018.
Aggregate cash operating expenses are projected to be in the range of $147.0 million to $152.0 million for the full-year 2018. G&A expense is expected to be in the approximate range of $52.8 million to $54.8 million for the full fiscal year 2018. The Company's annual effective tax benefit rate is expected to be between 18.0% and 20.0% for fiscal years 2018 and 2019. The Company expects that its maintenance capital expenditures for its fleet of vessels will be approximately $24.8 million and $33.9 million for the full fiscal years 2018 and 2019, respectively. The Company expects miscellaneous commercial-related capital expenditures and non-vessel capital expenditures to be approximately $5.9 million and $0.5 million, respectively, for the full fiscal years 2018 and 2019, respectively.