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Forbes Energy Services Reports 2012 Fourth Quarter And Full-Year Results

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. 

*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, the Company's President and Chief Executive Officer, stated, "2012 was a good year overall as we saw consolidated revenues increase year over year. The fourth quarter was challenging as steadily weakening demand reduced utilization and increased pricing pressure in most of our markets. The same held true for the first few months of 2013. However, we started to see activity pick up in March. 

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