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Forbes Energy Services Reports 2013 Fourth Quarter And Full-Year Results

Stocks in this article: FES

ALICE, Texas, March 26, 2014 (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, 2013.

The Company reported consolidated revenues of $419.9 million for the full fiscal year 2013. Gross profit for the year was $95.8 million, or 22.8% of revenues. GAAP net loss attributable to common shares was $13.9 million, or $0.64 per diluted share. Adjusted EBITDA totaled $68.5 million for the full year 2013.

Highlights for the quarter ended December 31, 2013:

  • Revenues increased 4.6% to $109.7 million in the fourth quarter of 2013 as compared to $104.9 million in the third quarter of 2013, and increased 2.5% from the $107.0 million reported in the fourth quarter of 2012.  
  • Gross profit increased to $25.3 million, or 23.1% of revenues, in the fourth quarter of 2013 compared to $19.8 million, or 18.9% of revenues, in the third quarter of 2013, and $21.6 million, or 20.2% of revenues, in the fourth quarter of 2012.  
  • GAAP net loss attributable to common shares was $4.1 million, or $0.19 per diluted share, for the fourth quarter of 2013, compared to net loss attributable to common shares of $5.7 million or $0.27 per diluted share for the third quarter of 2013, and a net loss from U.S. Operations attributable to common shares of $3.6 million or $0.22 per diluted share for the fourth quarter of 2012.  
  • Adjusted EBITDA* totaled $18.0 million in the fourth quarter of 2013 compared to $13.0 million in the third quarter of 2013, and $14.4 million in the fourth quarter of 2012. 
*Adjusted EBITDA, 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.

John Crisp, the Company's President and Chief Executive Officer, stated, "The company ended 2013 on a more balanced platform than anticipated. This better than expected performance was achieved in spite of deflated pricing, weather delays and sporadic work flows from customers. Activity levels peaked in the fourth quarter and certain operational efficiencies and expenses improved, both of which helped us end the quarter in an improved position. Indications of consistent customer activity based on this current quarter lend confidence that 2014 could offer a more dependable stream of business with windows of larger opportunity in certain markets."

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