Key Energy Services Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $116.280 million, operating loss of $16.074 million, income before income taxes of $22.791 million, net loss of $22.327 million or $1.11 basic and diluted per share. EBITDA was $6.375 million and adjusted EBITDA was $1.790 million. Cash flow used in operations was $2.7 million for the fourth quarter as compared to $21.4 million used in the third quarter. Capital expenditures for the fourth quarter were $6.5 million and $16.1 million for full year 2017.

For the year, the company reported revenues of $436.165 million, operating loss of $96.180 million, income before income taxes of $122.291 million, net loss of $120.589 million or $6.00 basic and diluted per share. LBITDA was $6.663 million and adjusted LBITDA was $9.230 million.

For the year 2018, the company expects to spend capital expenditure between $30 million and $35 million and also expects to generate about $15 million of cash for obsolete asset sales and other non operating sources. The company expects its cash balance to fall with the timing of payrolls and CapEx but do not expect the significant reduction in overall liquidity for 2018.