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ALICE, Texas, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) today announced financial and operating results for the three months ended June 30, 2013.
Consolidated revenues for the second quarter of 2013 were approximately $103.7 million, compared to $101.7 million for the first quarter of 2013.
Highlights for the quarter ended June 30, 2013:
Gross profit increased to $26.7 million, or 25.8% of revenues, in the second quarter of 2013, compared to $24.0 million, or 23.6%, in the first quarter of 2013.
GAAP net loss attributable to common shares was $0.9 million, or $0.04 per diluted share, for the second quarter of 2013, compared to net loss attributable to common shares of $2.8 million, or $0.13 per diluted share for the first quarter of 2013.
Adjusted EBITDA from U.S. Operations* totaled $20.0 million in the second quarter of 2013, a 15% increase as compared to $17.4 million in the first quarter of 2013.
* 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, 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.
Forbes' president and chief executive officer, John Crisp, stated, "Our second quarter ended with a positive force as the momentum we experienced in the latter part of the first quarter continued.
"Gross profit increased in our well servicing business relative to the first quarter, while our fluid management business yielded a slight increase in gross profit for the second consecutive quarter. We believe these operating results are admirable considering the competitive pressures in the market, particularly in the transportation-related arena.