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Forbes Energy Services Reports 2012 Second Quarter Results

Stocks in this article: FES FRB

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:

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