Parker Drilling Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's revenues were $98,271,000 against $130,503,000 a year ago. Total operating loss was $27,137,000 against $23,269,000 a year ago. Loss before income taxes was $37,467,000 against $32,339,000 a year ago. Net loss available to common stockholders was $39,809,000 against $95,835,000 a year ago. Basic and diluted loss per share was $0.31 against $0.78 a year ago. EBITDA was $5,605,000 against $15,037,000 a year ago. Adjusted EBITDA was $5,417,000 against $12,605,000 a year ago. Adjusted net loss available to common shareholders was $39,809,000 against $22,710,000 a year ago. Adjusted diluted loss per share was $0.31 against $0.18 a year ago. Capital expenditures in the first quarter were $14.5 million. Net debt position was $435 million or 54% of net capitalization.

For the second quarter of 2017, the company expects CapEx to range between $15 million and $20 million.

The company expects 2017 CapEx will be at the high end of previous guidance, which was between $40 million and $50 million. For the remainder of 2017, the company expects effective tax rate to range between negative 5% and negative 15%.