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Forbes Energy Services Reports 2012 Second Quarter Results

ALICE, Texas, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) and (TSX:FRB) today announced financial and operating results for the three months ended June 30, 2012. All share and per share amounts prior to August 12, 2011 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 June 30, 2012:  

  • Revenues from U.S. Operations decreased 8.9% to $119.8 million in the second quarter of 2012 as compared to $131.5 million in the first quarter of 2012, and increased 8.1% from the $110.8 million reported in the second quarter of 2011;  
  • Gross profit from U.S. Operations decreased to $33.0 million, or 27.5% of revenues, in the second quarter of 2012 compared to $37.5 million, or 28.6% of revenues, in the first quarter of 2012, and $25.7 million, or 23.2% of revenues, in the second quarter of 2011;  
  • GAAP net income from U.S. Operations attributable to common shares was $2.6 million, or $0.10 per diluted share, for the second quarter of 2012, compared to net income from U.S. Operations attributable to common shares of $5.2 million or $0.20 per diluted share for the first quarter of 2012, and a net loss from U.S. Operations attributable to common shares of $26.6 million or $1.22 per diluted share for the second quarter of 2011;  
  • Adjusted EBITDA from U.S. Operations* totaled $26.8 million in the second quarter of 2012 compared to $28.6 million in the first quarter of 2012, and $20.1 million in the second quarter of 2011. Second quarter Adjusted EBITDA from U.S. Operations includes startup costs in the new coiled tubing division of $1.2 million.

* 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, non-cash stock based compensation, and litigation settlement. 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, stated, "While the company's well servicing segment performed within expectations, our fluid logistics segment's performance was challenged by uncontrollable market conditions, primarily an influx in competition.

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