Hornbeck Offshore Services, Inc (HOS) saw its loss widen to $19.24 million, or $0.53 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.67 million, or $0.07 a share. Revenue during the quarter plunged 52.80 percent to $41.88 million from $88.72 million in the previous year period. Operating margin for the quarter stood at negative 65.63 percent as compared to a positive 5.05 percent for the previous year period.
Operating loss for the quarter was $27.48 million, compared with an operating income of $4.48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.86 million compared with $35.07 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2793 basis points in the quarter to 11.59 percent from 39.53 percent in the last year period.
Operating cash flow drops significantly
Hornbeck Offshore Services, Inc has generated cash of $53.05 million from operating activities during the year, down 75.42 percent or $162.79 million, when compared with the last year. The company has spent $97.01 million cash to meet investing activities during the year as against cash outgo of $141.35 million in the last year.
Cash flow from financing activities was $0.20 million for the year, down 80.65 percent or $0.82 million, when compared with the last year.
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