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Forbes Energy Services Reports 2012 First Quarter Results

The Company’s financial statements and management’s discussion and analysis of financial condition and results of operations can be found in the Form 10-Q, which is being submitted for filing today with the Securities and Exchange Commission and posted on the Company’s Website.

This press release also contains references to the non-GAAP financial measure of Adjusted EBITDA from U.S. Operations Excluding Non-recurring Items. For a reconciliation of such measure to net income, please see the table at the end of this release. Management’s opinion regarding the usefulness of Adjusted EBITDA from U.S. Operations Excluding Non-recurring Items to investors and a description of the ways in which management uses such measure can be found on the “Investor Relations” page of the Company’s Website.
 
Forbes Energy Services Ltd.
Selected Statement of Operations Data
(Unaudited)
           
Three Months Ended March 31,
2012 2011
 
Revenues
Well servicing $ 52,239,814 $ 36,414,430
Fluid logistics   79,244,766     58,246,823  
Total revenues   131,484,580     94,661,253  
 
Expenses
Well servicing 39,088,407 29,761,548
Fluid logistics 54,855,782 42,222,577
General and administrative 10,669,751 5,689,703
Depreciation and amortization   11,420,716     9,674,673  
Total expenses   116,034,656     87,348,501  
Operating income 15,449,924 7,312,752
 
Other income (expense)
Interest expense, net (6,872,184 ) (6,928,259 )
Other income, net   -     900  
Income from continuing operations before taxes 8,577,740 385,393
Income tax expense   3,366,751     298,386  
Income from continuing operations 5,210,989 87,007
Income from discontinued operations, net of tax expense $804,498 and $978,660 respectively   1,131,621     1,817,511  
Net income 6,342,610 1,904,518
Preferred shares dividends   (194,139 )   (882,584 )
Net income attributable to common shares $ 6,148,471   $ 1,021,934  
 
Earnings (loss) per share of common stock from continuing operations
Basic $ 0.24 $ (0.04 )
Diluted $ 0.20 $ (0.04 )
Earnings per share of common stock from discontinued operations
Basic $ 0.05 $ 0.09
Diluted $ 0.04 $ 0.09
Earnings per share of common stock
Basic $ 0.29 $ 0.05
Diluted $ 0.24 $ 0.05
Weighted average number of shares outstanding
Basic 20,979,250 20,918,417
Diluted 26,582,337 21,179,809
 
   
Forbes Energy Services Ltd.
Selected Balance Sheet Data
(Unaudited)
 
March 31, December 31,
2012 2011
Cash $ 20,567,400 $ 36,600,091
Accounts receivable, net 127,732,849 132,024,147
Working Capital 77,470,616 86,765,717
Other intangibles, net 30,161,090 30,876,389
Total assets 549,291,768 550,423,053
Total debt 294,753,054 296,150,274
Deferred tax liability 31,461,425 27,491,812
Shareholders' equity 134,071,197 125,780,359
 
 
 
Forbes Energy Services Ltd.
Selected Operating Data
 
Three Months Ended March 31,
2012 2011
Working days 64 64
 
Rig hours 117,633 89,615
 
Truck hours 473,061 313,445
 
 
 
Forbes Energy Services Ltd.
Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA
(Unaudited)
 
Three Months Ended March 31,
2012 2011
Net Income from continuing operations $ 5,210,989 $ 87,007
Depreciation and amortization 11,420,716 9,674,673
Interest expense, net 6,872,184 6,928,259
Income tax expense 3,366,751 298,386
Share-based compensation   1,767,002   777,876
Adjusted EBITDA from U. S. Operations $ 28,637,642 $ 17,766,201

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