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.|
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