Forbes Energy Services Ltd. today announced financial and operating results for the fourth quarter and year ended December 31, 2009.Forbes Energy Services Ltd trades on the “Toronto Stock Exchange” under the stock symbol “FRB”. For More information regarding “FRB”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Forbes Energy Services Ltd. (TSX:FRB) today announced financial and operating results for the fourth quarter and year ended December 31, 2009.
Revenues for the fourth quarter decreased to $52.3 million compared to $96.7 million in the fourth quarter of 2008 as a result of sharp declines in utilization and pricing during the first half of 2009. However, revenues have increased on a sequential basis for two consecutive quarters, and were up 4% in the fourth quarter of 2009 compared to the third quarter of 2009. Net loss for the three months ended December 31, 2009 was $6.1 million, or a loss of $0.10 per share, compared to a net loss of $2.3 million, or $0.04 per share, in the prior year period.
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