Forbes Energy Services (
) shares are down 17% at around $2 and earlier touched a 52-week
low of $1.80. Late Monday the company reported net income of
$486,000, or $0.28 per diluted share, on revenue of $2.81 million
for the second quarter of fiscal 2013, ended September 30, 2012.
This compares to net income of $728,000, or $0.43 per diluted
share, on revenue of $2.55 million for the quarter ended September
30, 2011.Analysts had forecast the company would earn $0.10 per
share on revenues of $120.48 million.
Revenues from U.S. Operations decreased 4.6% to $114.3 million
in the third quarter of 2012 as compared to $119.8 million in the
second quarter of 2012, and decreased 1.2% from the $115.8 million
reported in third quarter of 2011.
Analysts had expected $0.10 per share and $120 million in
In addition, the company announced that it would voluntarily
delist from the Toronto Stock Exchange and focus on its NASDAQ
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.