Hornbeck Offshore Services, Inc. (HOS) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $16.50 million, or $ 0.45 a share in the quarter, against a net profit of $14.42 million, or $0.40 a share in the last year period.
Revenue during the quarter plunged 55.34 percent to $51.93 million from $116.28 million in the previous year period. Operating margin for the quarter stood at negative 27.82 percent as compared to a positive 28.22 percent for the previous year period.
Operating loss for the quarter was $14.44 million, compared with an operating income of $32.81 million in the previous year period.
Operating cash flow drops significantly
Hornbeck Offshore Services, Inc. has generated cash of $56.71 million from operating activities during the nine month period, down 69.26 percent or $127.76 million, when compared with the last year period.
The company has spent $91.81 million cash to meet investing activities during the nine month period as against cash outgo of $63.73 million in the last year period.
The company has spent $0.37 million cash to carry out financing activities during the nine month period as against cash outgo of $0.12 million in the last year period.
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