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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."