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Forbes Energy Services Reports 2014 Second Quarter Financial Results

Stocks in this article: FES

ALICE, Texas, Aug. 14, 2014 (GLOBE NEWSWIRE) -- Forbes Energy Services Ltd. (Nasdaq:FES) today announced financial and operating results for the three months ended June 30, 2014.

The Company reported consolidated revenues of $113.2 million for the second quarter of 2014, compared to $109.9 million for the first quarter of 2014.

Selected financial information for the quarter ended June 30, 2014:

  • Gross profit increased to $27.5 million, or 24.3% of revenues, in the second quarter of 2014, compared to $27.1 million, or 24.7%, in the first quarter of 2014.
  • GAAP net loss attributable to common shares was $1.7 million, or $0.08 per diluted share, for the second quarter of 2014, compared to net loss attributable to common shares of $1.5 million, or $0.07 per diluted share for the first quarter of 2014.
  • Adjusted EBITDA totaled $19.6 million in the second quarter of 2014, as compared to $19.5 million in the first quarter of 2014.

* 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, and non-cash stock based compensation. 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.

Overview

"The company's second quarter results were consistent with the market's activity levels as customers pressed on at a steady pace," stated John Crisp, president and chief executive officer of Forbes Energy Services.

"We had a slight increase in revenue quarter over quarter in both our business segments, which we attribute to higher utilization from both existing assets and additions made in the quarter.

"Margin performance in our well servicing segment was the normal occurrence of pre-deployment expenses of new equipment, and in our fluid logistics segment, the result of our management's continued focus on operations and utilization. We look for the industry pace to be steady as we go into the second half of the year."

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