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Forbes Energy Services Reports 2013 First Quarter Financial Results

ALICE, Texas, May 15, 2013 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) today announced financial and operating results for the three months ended March 31, 2013.

Consolidated revenues for the first quarter of 2013 were approximately $102 million, compared to $107 million for the fourth quarter of 2012.

Selected information for the quarter ended March 31, 2013:

  • Gross profit from U.S. Operations increased to $24.0 million, or 23.6% of revenues in the first quarter of 2013, compared to $21.6 million, or 20.2% in the fourth quarter of 2012.
  • GAAP net loss from U.S. Operations attributable to common shares was $2.8 million, or $0.13 per diluted share, for the first quarter of 2013, compared to net loss from U.S. Operations attributable to common shares of $4.6 million, or $0.22 per diluted share for the fourth quarter of 2012.
  • Adjusted EBITDA from U.S. Operations* totaled $17.4 million in the first quarter of 2013, compared to $14.4 million in the fourth quarter of 2012.

*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, "Overall, the first quarter of this year ended on a positive note. The beginning was somewhat slow, but towards the second half, we experienced a modest increase in activity.

We were pleased to see revenue and gross profit stabilize in our well servicing segment relative to the fourth quarter of 2012. Activity levels for our coiled tubing units were similar to our conventional rig utilization. With the addition of the fifth spread, which arrived at the end of April, we have ample room to grow this service.

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