Parker Drilling Co. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported revenues of $130,503,000 compared to $204,076,000 a year ago. Total operating loss was $23,269,000 compared to operating income of $15,871,000 a year ago. Loss before income taxes was $32,339,000 compared to income of $3,596,000 a year ago. Net loss was $95,835,000 compared to income of $3,778,000 a year ago. Diluted net loss per share was $0.78 compared to net income per share of $0.03 a year ago. EBITDA was $15,037,000 compared to $54,657,000 a year ago. Adjusted EBITDA was $12,605,000 compared to $53,413,000 a year ago. Adjusted net loss attributable to controlling interest was $22,710,000 compared to income of $3,222,000 a year ago. Adjusted loss per diluted share was $0.18 compared to income of $0.03 a year ago. The net loss includes a $73.1 million noncash valuation allowance taken primarily against U.S. domestic deferred tax assets, which primarily consist of U.S. federal net operating losses.

For the year 2016, the company expects effective tax rate to be between negative $5 million and negative 15% due to these reserves. The company expects full year 2016 capital expenditures to range between $40 million and $50 million, down slightly from prior guidance of approximately $50 million as the company continues to focus on cash flow.