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Forbes Energy Services Reports 2013 Third Quarter Financial Results

ALICE, Texas, Nov. 8, 2013 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) today announced financial and operating results for the three months ended September 30, 2013.

The Company reported consolidated revenues of $104.9 million for the third quarter of 2013, compared to $103.7 million for the second quarter of 2013.

Selected financial information from continuing operations for the quarter ended September 30, 2013:

  • Gross profit decreased to $19.8 million, or 18.9% of revenues, in the third quarter of 2013, compared to $26.7 million, or 25.8%, in the second quarter of 2013.
  • GAAP net loss attributable to common shares was $5.7 million, or $0.27 per diluted share, for the third quarter of 2013, compared to net loss attributable to common shares of $0.7 million, or $0.04 per diluted share for the second quarter of 2013.
  • Adjusted EBITDA from U.S. Operations* totaled $13.0 million in the third quarter of 2013 as compared to $20.0 million in the second 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, and non-cash stock based compensation. 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

Forbes' president and chief executive officer, John Crisp, commented, "Our third quarter results reflect the highly competitive market in which we are operating. Our previous comments regarding the second half of the year were supported by anticipated activity levels of our customers. However, the intensely competitive and oversupplied market adversely impacted pricing and subsequently utilization of our trucking and rental services.

"Our Well Servicing segment results improved over the previous quarter, and we believe that if the market remains healthy, utilization for this business should continue to trend upward."

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