Forbes Energy Services Ltd. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
March 27, 2015 at 04:00 pm IST
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Forbes Energy Services Ltd. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total revenues of $111,726 compared with $109,659 for the same period a year ago. Operating income was $1,619 compared with $2,743 for the same period a year ago. Loss from continuing operations before taxes was $5,392 compared with $4,339 for the same period a year ago. Loss from continuing operations was $3,991 or $0.19 per basic and diluted share compared with $3,880 or $0.19 per basic and diluted share for the same period a year ago. Net loss attributable to common shareholders was $4,185 or $0.19 per basic and diluted share compared with $4,072 or $0.19 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $16,414 compared with $18,038 for the same period a year ago.
For the year, the company reported total revenues of $449,278 compared with $419,933 for the same period a year ago. Operating income was $16,838 compared with $10,772 for the same period a year ago. Loss from continuing operations before taxes was $11,381 compared with $17,412 for the same period a year ago. Loss from continuing operations was $8,321 or $0.42 per basic and diluted share compared with $12,797 or $0.64 per basic and diluted share for the same period a year ago. Net loss attributable to common shareholders was $9,097 or $0.42 per basic and diluted share compared with $13,866 or $0.65 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $75,061 compared with $68,462 for the same period a year ago.
Forbes Energy Services Ltd. is an independent oilfield services contractor. The Company provides a range of well site services to oil and natural gas drilling and producing companies. It operates through three segments. The well servicing segment utilizes a fleet of well servicing rigs, which is comprised of workover rigs, swabbing rigs, and other related assets and equipment. The coiled tubing segment utilizes its fleet of coiled tubing units to provide a range of services accomplishing a variety of goals including horizontal completions, well bore clean-outs and maintenance, nitrogen services, thru-tubing services, formation stimulation using acid and other chemicals, and other pre- and post-hydraulic fracturing well preparation services. The fluid logistics segment utilizes a fleet of fluid transport trucks and related assets, including specialized vacuum, high-pressure pump and tank trucks, frac tanks, water wells, salt-water disposal wells and facilities, and related equipment.