This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs