Market Overview

Forbes Energy Services Guides Q4 Revs from US $120-126M

Forbes Energy Services Ltd. (NASDAQ: FES) today announced preliminary unaudited performance data for the three months ended Dec. 31, 2011. The company intends to report 2011 fourth quarter and full year financial results after the close of market on Friday, March 30, 2012. Forbes management will host a teleconference to discuss results at 10 a.m. CDT on Monday, April 2, 2012. Call details will be forthcoming.

Preliminary fourth quarter financial data for Forbes' U.S. operations are highlighted below. U.S. operations refer to continuing operations, which represent the company's financial results excluding its discontinued Mexico operations that were sold in January 2012.

For the three months ended Dec. 31, 2011:

Revenues from U.S. operations are expected to range between $120 million and $126 million;

Gross margin from U.S. operations is expected to range between $33 million and $36 million;

Adjusted EBITDA(1) from U.S. operations is expected to range between $28 million and $31 million;

The U.S. well servicing segment revenues are expected to range between $49 million and $52 million and gross margin is expected to range between $12 million and $13 million;

The company's U.S. well servicing fleet had 159 rigs;

The U.S. fluid logistics and other segment revenues are expected to range between $71 million and $74 million and gross margin is expected to range between $21 million and $23 million;

The company's U.S. fluid logistics fleet had 496 heavy-duty trucks and 1,879 frac tanks.

Posted-In: News Guidance Commodities Markets

 

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