This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Forbes Energy Services Reports 2014 First Quarter Financial Results

ALICE, Texas, May 14, 2014 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) today announced financial and operating results for the three months ended March 31, 2014.

The Company reported consolidated revenues of $109.9 million for the first quarter of 2014, compared to $109.7 million for the fourth quarter of 2013.

Selected financial information for the quarter ended March 31, 2014:
  • Gross profit increased to $27.1 million, or 24.7% of revenues, in the first quarter of 2014, compared to $25.3 million, or 23.1%, in the fourth quarter of 2013.
  • GAAP net loss attributable to common shares was $1.5 million, or $0.07 per diluted share, for the first quarter of 2014, compared to net loss attributable to common shares of $4.1 million, or $0.19 per diluted share for the fourth quarter of 2013.
  • Adjusted EBITDA totaled $19.5 million in the first quarter of 2014 as compared to $18.0 million in the fourth quarter of 2013.

* Adjusted EBITDA 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, "On the whole, the company's first quarter results were relatively stable with slight margin improvement compared to the preceding quarter. This margin improvement was a direct effect of management's endeavors to control costs in our fluid logistics segment and customers' greater demand for well completions and maintenance, which resulted in higher utilization and revenues in our well servicing segment.

"We are encouraged by the progressive forward motion we experienced through the first quarter, and expect the associated activity level to continue at a similar pace in the second quarter and into the third quarter. We intend to continue focusing on improving our cost structure and gaining additional utilization with existing assets."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs