* Q2 loss/shr $0.03 vs loss $0.15/shr year ago.
* Q2 rev up 61 pct
* Says it did not express going concern worries
Aug 16 (Reuters) - Oilfield services contractor Forbes Energy Services Ltd posted a narrower quarterly loss beating its prior outlook, helped mainly by higher utilization and pricing in its key divisions, which it expects to continue for the rest of the year.
The company, which had doubted its ability to meet its financial obligations in the previous quarter, said it did not express its 'going concern' worries to the regulators at the end of the second quarter.
For the second quarter ended June 30, the company reported a net loss of $2.2 million, or 3 cents a share, compared with a loss of $9 million, or 15 cents a share, a year ago.
Forbes energy had previously forecast a loss of $4.5 million..
Revenue rose 61 percent to $80 million.
Revenue from well servicing segment rose 56 percent to $39.7 million and fluid logistics revenue rose 67 percent to $40.4 million.
Shares of the company, which touched a year low of 40 Canadian cents on July 16, closed up 10 percent at 65 Canadian cents Monday on the Toronto Stock Exchange.
(Reporting by NR Sethuraman in Bangalore; Editing by Prem Udayabhanu) Keywords: FORBESENERGY/ (nallur.sethuraman@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: nallur.sethuraman@thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q2 rev up 61 pct
* Says it did not express going concern worries
Aug 16 (Reuters) - Oilfield services contractor Forbes Energy Services Ltd posted a narrower quarterly loss beating its prior outlook, helped mainly by higher utilization and pricing in its key divisions, which it expects to continue for the rest of the year.
The company, which had doubted its ability to meet its financial obligations in the previous quarter, said it did not express its 'going concern' worries to the regulators at the end of the second quarter.
For the second quarter ended June 30, the company reported a net loss of $2.2 million, or 3 cents a share, compared with a loss of $9 million, or 15 cents a share, a year ago.
Forbes energy had previously forecast a loss of $4.5 million..
Revenue rose 61 percent to $80 million.
Revenue from well servicing segment rose 56 percent to $39.7 million and fluid logistics revenue rose 67 percent to $40.4 million.
Shares of the company, which touched a year low of 40 Canadian cents on July 16, closed up 10 percent at 65 Canadian cents Monday on the Toronto Stock Exchange.
(Reporting by NR Sethuraman in Bangalore; Editing by Prem Udayabhanu) Keywords: FORBESENERGY/ (nallur.sethuraman@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: nallur.sethuraman@thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.