Forbes Energy Services Ltd. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2016. For the quarter, total revenues were $28,411,000 against $62,810,000 for the same period of last year. Operating loss was $31,790,000 against $6,858,000 for the same period of last year. Pre-tax loss was $38,695,000 against $13,629,000 for the same period of last year. Net loss attributable to common shareholders was $38,880,000 against $8,942,000 for the same period of last year. Loss per basic and diluted share was $1.75 against $0.41 for the same period of last year. GAAP net loss attributable to common shares includes a $14.5 million impairment of assets in the Impairment section. Net loss attributable to common shares, excluding the impairment of assets, was $24.4 million, or $1.09 per diluted share. Adjusted EBITDA was $3,551,000 against $7,411,000 for the same period of last year. Net cash used in operating activities totaled $5.3 million for the three months ended June 30, 2016, compared to net cash provided by operating activities of $7.5 million in the previous quarter. The decrease in cash provided by operating activities was primarily a combination of a larger net loss in the second quarter of 2016, compared to the first quarter of 2016, coupled with a reduction in cash provided by the change in accounts receivable. This was largely offset by the company's election not to make its $12.6 million semi-annual interest payment due on the 9% Senior Notes on June 15, 2016. Capital expenditures during the three months ended June 30, 2016, amounted to $3.2 million, which was comprised of expenditures in the company's Fluid Logistics segment of approximately $2.4 million and $720,000 for the Well Servicing segment.

For the six months, total revenues were $60,342,000 against $147,143,000 for the same period of last year. Operating loss was $49,285,000 against $6,502,000 for the same period of last year. Pre-tax loss was $63,114,000 against $20,138,000 for the same period of last year. Net loss attributable to common shareholders was $8,942,000 against $63,542,000 for the same period of last year. Loss per basic and diluted share was $2.86 against $0.62 for the same period of last year. Adjusted EBITDA was $7,487,000 against EBITDA of $22,049,000 for the same period of last year.

For the quarter, impairment of assets was $14,512,000.