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Forbes Energy Services Reports 2012 First Quarter Results

Stocks in this article: FESFRB

Forbes Energy Services Ltd. (NASDAQ: FES) and (TSX: FRB) today announced financial and operating results for the three months ended March 31, 2012. All share and per share amounts have been adjusted to reflect the four-to-one share consolidation completed on August 12, 2011.

Please note: The term “U.S. Operations” refers to continuing operations, which represent the Company’s financial results excluding its discontinued Mexico operations that were sold in January 2012.

Highlights for the quarter ended March 31, 2012:

  • Revenues from U.S. Operations increased 5.6% to $131.5 million in the first quarter of 2012 as compared to $124.5 million in the fourth quarter of 2011, and increased 38.9% from the $94.7 million reported in the first quarter of 2011;
  • Gross profit from U.S. Operations increased to $37.5 million, or 28.6% of revenues, in the first quarter of 2012 compared to $35.0 million, or 28.1% of revenues, in the fourth quarter of 2011, and $22.7 million, or 24.0% of revenues, in the first quarter of 2011;
  • GAAP net income from U.S. Operations attributable to common shares was $5.2 million, or $0.20 per diluted share, for the first quarter of 2012, compared to net income from U.S. Operations attributable to common shares of $4.0 million, or $0.15 per diluted share, for the fourth quarter of 2011, and a net loss from U.S. Operations attributable to common shares of ($0.8) million, or ($0.04) per diluted share, for the first quarter of 2011;
  • Adjusted EBITDA from U.S. Operations * totaled $28.6 million in the first quarter of 2012 compared to $29.7 million in the fourth quarter of 2011, and $17.8 million in the first quarter of 2011. Adjusted EBITDA from U.S. Operations for the three months ended March 31, 2012 includes $1.2 million in discretionary compensation expense related to 2011.

* Adjusted EBITDA from U.S. Operations, a non-GAAP financial measure, is defined by the Company as income (loss) from continuing operations before interest, taxes, depreciation, amortization, gain or loss on early extinguishment of debt and non-cash stock based compensation. For a reconciliation of such measure to net income, please see the disclosures at the end of this release and on the Company’s Website.

Overview

John Crisp, president and CEO of Forbes Energy Services, said, “Strong demand for our services continues to facilitate solid financial performance quarter after quarter. During the first quarter of 2012, we were able to benefit from the quick deployment of additional equipment and from our established infrastructure in the most active oil and liquids-rich areas.

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