Forbes Energy Services LTD (FLSS) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
3000 SOUTH BUSINESS HIGHWAY 281 ALICE, TX 78332 |
| State of Incorp. | |
| Fiscal Year End | December 31 |
| Industry (SIC) | 1389 - Oil and Gas Field Services, Not Elsewhere Classified (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 3/31/2020 MRQ | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 5,224 | 8,083 | 5,465 | 20,437 | 74,611 | 34,918 | |||
| Cash and cash equivalent | 5,224 | 8,083 | 5,465 | 20,437 | 74,611 | 34,918 | |||
| Restricted cash and investments | 73 | 73 | 30,015 | 27,563 | |||||
| Receivables | 24,789 | 45,950 | 24,341 | 16,962 | 26,486 | 84,441 | |||
| Prepaid expense | 7,957 | 8,386 | 9,357 | ||||||
| Other current assets | 821 | 1,100 | 1,180 | ||||||
| Other undisclosed current assets | 15,205 | 16,919 | 11,708 | 290 | 1,216 | ||||
| Total current assets: | 45,291 | 71,025 | 71,529 | 74,030 | 111,799 | 129,896 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 14,467 | ✕ | ✕ | ✕ | ✕ | ✕ | |||
| Operating lease, right-of-use asset | 6,235 | ✕ | ✕ | ✕ | ✕ | ✕ | |||
| Property, plant and equipment | 148,608 | 117,191 | 233,362 | 277,029 | 322,663 | ||||
| Intangible assets, net (including goodwill) | 12,339 | 33,680 | 11,852 | 3,220 | 19,431 | 22,292 | |||
| Goodwill | 19,700 | ||||||||
| Intangible assets, net (excluding goodwill) | 12,339 | 13,980 | 11,852 | 3,220 | 19,431 | 22,292 | |||
| Restricted cash and investments | 51 | 1,381 | |||||||
| Deferred costs | 3,598 | 5,053 | |||||||
| Other noncurrent assets | 991 | 3,072 | 1,185 | 2,269 | 519 | 2,328 | |||
| Other undisclosed noncurrent assets | 110,942 | ||||||||
| Total noncurrent assets: | 144,974 | 185,360 | 130,228 | 238,851 | 300,628 | 353,717 | |||
| TOTAL ASSETS: | 190,265 | 256,385 | 201,757 | 312,881 | 412,427 | 483,613 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 25,134 | 34,182 | 19,579 | 39,823 | 21,183 | 37,967 | |||
| Interest and dividends payable | 3,034 | 1,993 | 998 | 26,578 | 1,462 | ||||
| Accounts payable | 9,366 | 17,841 | 7,497 | 4,505 | 8,995 | 19,119 | |||
| Accrued liabilities | 12,734 | 14,348 | 11,084 | 8,740 | 10,726 | 18,848 | |||
| Debt | 72,059 | 59,321 | 7,566 | 298,932 | 25,243 | 11,204 | |||
| Due to related parties | 11 | 18 | 8 | ||||||
| Other undisclosed current liabilities | 1,476 | 1,611 | |||||||
| Total current liabilities: | 98,669 | 93,503 | 27,156 | 338,773 | 46,434 | 50,782 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation, including: | 62,636 | 71,095 | 51,288 | 240 | 283,071 | 286,687 | |||
| Long-term debt, excluding current maturities | 62,636 | 71,095 | 51,288 | 240 | 283,071 | 286,687 | |||
| Finance lease, liability | 5,130 | ✕ | ✕ | ✕ | ✕ | ✕ | |||
| Other undisclosed long-term debt and lease obligation | (9,889) | ||||||||
| Liabilities, other than long-term debt | 245 | 1,096 | 899 | 17,653 | |||||
| Deferred tax liabilities, net | ✕ | ✕ | 1,096 | 899 | 17,653 | ||||
| Deferred income tax liabilities | 245 | ✕ | ✕ | ✕ | ✕ | ✕ | |||
| Operating lease, liability | 4,759 | ✕ | ✕ | ✕ | ✕ | ✕ | |||
| Other undisclosed noncurrent liabilities | 4,759 | 357 | 379 | ||||||
| Total noncurrent liabilities: | 67,640 | 71,452 | 51,667 | 1,336 | 283,970 | 304,340 | |||
| Total liabilities: | 166,309 | 164,955 | 78,823 | 340,109 | 330,404 | 355,122 | |||
| Temporary equity, including noncontrolling interest | 15,298 | 14,644 | 14,602 | ||||||
| Equity | |||||||||
| Equity, attributable to parent | 23,956 | 91,430 | 122,934 | (42,526) | 67,379 | 113,889 | |||
| Common stock | 55 | 54 | 53 | 889 | 889 | 874 | |||
| Additional paid in capital | 150,892 | 149,968 | 148,866 | 193,477 | 194,253 | 194,704 | |||
| Accumulated deficit | (126,991) | (58,592) | (25,985) | (236,892) | (127,763) | (81,689) | |||
| Total equity: | 23,956 | 91,430 | 122,934 | (42,526) | 67,379 | 113,889 | |||
| TOTAL LIABILITIES AND EQUITY: | 190,265 | 256,385 | 201,757 | 312,881 | 412,427 | 483,613 | |||
Income Statement (P&L) ($ in thousands)
| 3/31/2020 TTM | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 188,422 | 180,898 | 116,205 | 244,108 | 449,541 | |||
| Revenue, net | ✕ | ✕ | 180,898 | 116,205 | 244,108 | 449,541 | ||
| Cost of revenue | (208,223) | (67,889) | (104,023) | (117,514) | (213,278) | |||
| Cost of product and service sold | (159,597) | (67,889) | (104,023) | (117,514) | (213,278) | |||
| Gross profit: | (19,801) | 113,009 | 12,182 | 126,594 | 236,263 | |||
| Operating expenses | (24,065) | (202,758) | (197,314) | (279,044) | (432,440) | |||
| Other undisclosed operating income | 67,889 | 104,023 | 117,513 | 213,015 | ||||
| Operating income (loss): | (43,866) | (21,860) | (81,109) | (34,937) | 16,838 | |||
| Nonoperating income (Investment Income, Nonoperating) | 49 | 8 | 31 | 211 | 9 | |||
| Interest and debt expense | (24,726) | (11,158) | (27,879) | (27,962) | (28,228) | |||
| Loss from continuing operations before income taxes: | (68,543) | (33,010) | (108,957) | (62,688) | (11,381) | |||
| Income tax expense (benefit) | 144 | 403 | (172) | 16,614 | 3,060 | |||
| Loss from continuing operations: | (68,399) | (32,607) | (109,129) | (46,074) | (8,321) | |||
| Loss before gain (loss) on sale of properties: | (68,399) | (32,607) | (109,129) | (46,074) | (8,321) | |||
| Net loss attributable to parent: | (68,399) | (32,607) | (109,129) | (46,074) | (8,321) | |||
| Preferred stock dividends and other adjustments | (776) | (776) | (776) | |||||
| Net loss available to common stockholders, diluted: | (68,399) | (32,607) | (109,905) | (46,850) | (9,097) | |||
Comprehensive Income ($ in thousands)
| 3/31/2020 TTM | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | ||
|---|---|---|---|---|---|---|---|---|
| Net loss: | (68,399) | (32,607) | (109,129) | (46,074) | (8,321) | |||
| Comprehensive loss, net of tax, attributable to parent: | (68,399) | (32,607) | (109,129) | (46,074) | (8,321) | |||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.