Forbes Energy Services Ltd. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's total revenues were $41,407,000 compared with $111,726,000 a year ago. The decline was as a result of the continued decline in energy services activity, including drilling and completions, and well maintenance. Operating loss was $17,217,000 compared with operating income of $1,619,000 a year ago. Loss from continuing operations before taxes was $24,294,000 compared with $5,392,000 a year ago. Net loss attributable to common shareholders was $19,576,000 or $0.88 per basic and diluted share compared with $4,185,000 or $0.19 per basic and diluted share a year ago. Adjusted EBITDA loss was $4,163,000 compared with adjusted EBITDA of $16,414,000 a year ago. Net cash used in operating activities totaled $9.6 million for the three months ended December 31, 2015, compared to net cash provided of $15.4 million in the previous quarter. The change in cash flows from operating activities was primarily due to a higher net loss in the fourth quarter than in the third quarter, as well as decreases in accounts payable and accrued liabilities from the prior quarter. Capital expenditures during the three months ended December 31, 2015 amounted to $431 thousand, which was comprised of expenditures in the company's Fluid Logistics segment of approximately $267,000 and $164,000 for the Well Servicing segment.

For the year, the company's total revenues were $244,107,000 compared with $449,278,000 a year ago. Operating loss was $34,937,000 compared with operating income of $16,838,000 a year ago. Loss from continuing operations before taxes was $62,688,000 compared with $11,381,000 a year ago. Net loss attributable to common shareholders was $46,850,000 or $2.12 per basic and diluted share compared with $9,097,000 or $0.42 per basic and diluted share a year ago. Adjusted EBITDA was $20,539,000 compared with adjusted EBITDA of $75,061,000 a year ago.