ALICE, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) today announced financial and operating results for the three months and full fiscal year ended December 31, 2012.
Consolidated revenues for the full year 2012 increased to $472.6 million, compared to $445.8 million for the full year 2011. The 6% increase was primarily driven by a slight increase in overall activity on an annual basis.
Highlights for the quarter ended December 31, 2012:
- Revenues from U.S. Operations decreased 6.4% to $107.0 million in the fourth quarter of 2012, compared to $114.3 million in the third quarter of 2012, and decreased 14.1% from the $124.5 million reported in the fourth quarter of 2011.
- Gross profit from U.S. Operations decreased to $21.6 million, or 20.2% of revenues, in the fourth quarter of 2012 compared to $25.8 million, or 22.5% of revenues, in the third quarter of 2012, and $35.0 million, or 28.1% of revenues, in the fourth quarter of 2011.
- GAAP net loss from U.S. Operations attributable to common shares was $4.6 million, or $0.22 per diluted share, for the fourth quarter of 2012, compared to net loss from U.S. Operations attributable to common shares of $1.5 million or $0.07 per diluted share for the third quarter of 2012, and a net income from U.S. Operations attributable to common shares of $5.2 million, or $0.20 per diluted share, for the fourth quarter of 2011.
- Adjusted EBITDA from U.S. Operations* totaled $14.4 million in the fourth quarter of 2012, compared to $19.2 million in the third quarter of 2012, and $29.7 million in the fourth quarter of 2011.
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