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.
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