Hornbeck Offshore Services Inc (HOS) saw its loss widen to $27.90 million, or $0.76 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.51 million, or $0.21 a share. Revenue during the quarter plunged 42.62 percent to $44.08 million from $76.82 million in the previous year period. Operating margin for the quarter stood at negative 60.08 percent as compared to a negative 1.02 percent for the previous year period.
Operating loss for the quarter was $26.48 million, compared with an operating loss of $0.78 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.04 million compared with $29.72 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2953 basis points in the quarter to 9.17 percent from 38.69 percent in the last year period.
Operating cash flow turns negative
Hornbeck Offshore Services Inc has spent $3.62 million cash to meet operating activities during the quarter as against cash inflow of $39.70 million in the last year period. The company has spent $3.55 million cash to meet investing activities during the quarter as against cash outgo of $43.85 million in the last year period.
The company has spent $0.57 million cash to carry out financing activities during the quarter as against cash outgo of $0.45 million in the last year period.
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