This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Second Quarter Results

As of June 30, 2012 the Company had 162 well service rigs, nine tubular testing systems and four pump-down units.

Fluid Logistics and Other Segment

In the second quarter of 2012, Fluid Logistics and Other segment revenues decreased $10.8 million, or 13.6%, to $68.5 million compared to $79.2 million in the first quarter of 2012, and $68.8 million in the second quarter of 2011. Gross operating profit for the Fluid Logistics and Other segment totaled $19.1 million, or 27.9% of revenues, in the second quarter of 2012 compared to $24.4 million, or 30.8% of revenues, in the first quarter of 2012, and $18.1 million, or 26.3% of revenues, in the prior year quarter. 

The Company recorded 422,248 truck hours during the second quarter of 2012 compared to 473,061 hours in the first quarter of 2012, and 367,397 hours for the second quarter of 2011. The Company's fluid transport segment heavy truck fleet totaled 580 at June 30, 2012. Capital expenditures for the Fluid Logistics and Other segment were approximately $30.1 million for the quarter ended June 30, 2012 comprised of $14.5 million for frac tanks, $14.5 million for salt water disposal wells, and the balance for other related equipment.

As of June 30, the Company utilized 475 vacuum trucks, 105 other heavy trucks, 3,114 frac tanks, and 23 salt water disposal wells.

Liquidity and Capital Resources

As of June 30, 2012, the Company had $9.8 million in unrestricted cash and $16.5 million of restricted cash. Also the Company had outstanding $280 million of 9.0% Senior Notes and $17.3 million of other notes.  As of August 14, 2012, the Company had $7.4 million in unrestricted cash and the $75.0 million secured credit facility remained undrawn, except for the letters of credit in the amount of $1.7 million. New equipment to be added for the remainder of 2012 will primarily consist of four new coiled tubing spreads. The majority of this new equipment will be either financed or leased.  

Conference Call

Company management will host a conference call to discuss its second quarter 2012 financial results starting at 10 a.m. EDT (9 a.m. CDT) on Wednesday, August 15, 2012. Investors can participate in the call by phone, or listen to the call via audio webcast, as follows:

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

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