Forbes Energy Services Ltd. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for 2015
May 15, 2015 at 01:02 am IST
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Forbes Energy Services Ltd. reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $84.333 million compared to $109.911 million a year ago. Operating income was $0.356 million compared to $5.421 million a year ago. Net loss from continuing operations was $4.434 million compared to $1.293 million a year ago. Net loss attributable to common shareholders was of $4.628 million or $0.21 per basic and diluted share compared to $1.487 million or $0.07 per basic and diluted share a year ago. Adjusted EBITDA was $14.638 million compared to $19.513 million a year ago. Net cash provided by operating activities totaled $21.4 million for the three months ended March 31, 2015, compared to $18.7 million for the three months ended December 31, 2014. The increase in cash provided by operating activities was primarily due to various changes in working capital in the normal course of business, primarily related to accounts receivable and accounts payable. Capital expenditures for equipment received during the three months ended March 31, 2015 amounted to $4.0 million comprised of additions to the Company's fluid logistics segment of approximately $700 thousand and additions to its well servicing segment of approximately $3.3 million. As stated above, cash paid by the Company for the $4.0 million of capital expenditures for equipment received during the three months ended March 31, 2015 was $2.0 million.
Planned capital expenditures for the balance of 2015, include two swabbing rigs for approximately $350,000 each, ordered prior to 2015, and equipment purchases related to operating lease maturities estimated at approximately $4.1 million.
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.
Forbes Energy Services Ltd. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for 2015