Forbes Energy Services LTD (FLSS) financial statements (2022 and earlier)

Company profile

Business Address 3000 SOUTH BUSINESS HIGHWAY 281
ALICE, TX 78332
State of Incorp.
Fiscal Year End December 31
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)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments5,2248,0835,46520,43774,61134,91826,409
Cash and cash equivalents5,2248,0835,46520,43774,61134,91826,409
Restricted cash and investments737330,01527,563   
Receivables24,78945,95024,34116,96226,48684,44182,986
Prepaid expense   7,9578,3869,35712,378
Other current assets   8211,1001,1801,626
Other undisclosed current assets15,20516,91911,7082901,216  
Total current assets:45,29171,02571,52974,030111,799129,896123,399
Noncurrent Assets
Finance lease, right-of-use asset14,467
Operating lease, right-of-use asset6,235
Property, plant and equipment 148,608117,191233,362277,029322,663341,869
Intangible assets, net (including goodwill)12,33933,68011,8523,22019,43122,29225,154
Goodwill 19,700     
Intangible assets, net (excluding goodwill)12,33913,98011,8523,22019,43122,29225,154
Restricted cash and investments    511,3811,380
Deferred costs    3,5985,0536,860
Other noncurrent assets9913,0721,1852,2695192,3281,896
Other undisclosed noncurrent assets110,942      
Total noncurrent assets:144,974185,360130,228238,851300,628353,717377,159
TOTAL ASSETS:190,265256,385201,757312,881412,427483,613500,558
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities25,13434,18219,57939,82321,18337,96742,127
Accounts payable9,36617,8417,4974,5058,99519,11927,016
Accrued liabilities12,73414,34811,0848,74010,72618,84814,727
Taxes payable      384
Interest and dividends payable3,0341,99399826,5781,462  
Debt72,05959,3217,566298,93225,24311,2049,374
Due to related parties  11188  
Other undisclosed current liabilities1,476    1,6111,603
Total current liabilities:98,66993,50327,156338,77346,43450,78253,104
Noncurrent Liabilities
Long-term debt and lease obligation, including:62,63671,09551,288240283,071286,687290,266
Long-term debt, excluding current maturities62,63671,09551,288240283,071286,687290,266
Finance lease, liability5,130
Operating lease, liability4,759
Other undisclosed long-term debt and lease obligation(9,889)      
Liabilities, other than long-term debt245  1,09689917,65321,610
Deferred tax liabilities, net  1,09689917,65321,610
Deferred income tax liabilities245
Other undisclosed noncurrent liabilities4,759357379    
Total noncurrent liabilities:67,64071,45251,6671,336283,970304,340311,876
Total liabilities:166,309164,95578,823340,109330,404355,122364,980
Temporary equity, carrying amount   15,29814,64414,60214,560
Stockholders' equity
Stockholders' equity attributable to parent23,95691,430122,934(42,526)67,379113,889121,018
Common stock555453889889874859
Additional paid in capital150,892149,968148,866193,477194,253194,704193,527
Accumulated deficit(126,991)(58,592)(25,985)(236,892)(127,763)(81,689)(73,368)
Total stockholders' equity:23,95691,430122,934(42,526)67,379113,889121,018
TOTAL LIABILITIES AND EQUITY:190,265256,385201,757312,881412,427483,613500,558

Income statement (P&L) ($ in thousands)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Revenues188,422180,898 116,205244,108449,541420,190
Revenue, net180,898 116,205244,108449,541420,190
Cost of revenue(208,223)(67,889) (104,023)(117,514)(213,278)(182,180)
Cost of goods and services sold(159,597)(67,889) (104,023)(117,514)(213,278)(182,180)
Gross profit:(19,801)113,009 12,182126,594236,263238,010
Operating expenses(24,065)(202,758) (197,314)(279,044)(432,440)(409,161)
Other undisclosed operating income 67,889 104,023117,513213,015181,923
Operating income (loss):(43,866)(21,860) (81,109)(34,937)16,83810,772
Nonoperating income
(Investment Income, Nonoperating)
498 31211927
Interest and debt expense(24,726)(11,158) (27,879)(27,962)(28,228)(28,211)
Loss from continuing operations before income taxes:(68,543)(33,010) (108,957)(62,688)(11,381)(17,412)
Income tax expense (benefit)144403 (172)16,6143,0604,615
Loss from continuing operations:(68,399)(32,607) (109,129)(46,074)(8,321)(12,797)
Loss from discontinued operations      (293)
Net loss attributable to parent:(68,399)(32,607) (109,129)(46,074)(8,321)(13,090)
Preferred stock dividends and other adjustments   (776)(776)(776)(776)
Net loss available to common stockholders, diluted:(68,399)(32,607) (109,905)(46,850)(9,097)(13,866)

Comprehensive Income ($ in thousands)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Net loss:(68,399)(32,607) (109,129)(46,074)(8,321)(13,090)
Comprehensive loss, net of tax, attributable to parent:(68,399)(32,607) (109,129)(46,074)(8,321)(13,090)

Statements sources

The financial statements are based on the company's filings with the 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.

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