Flotek Posts 2Q Loss As Sales Drop By Half

HOUSTON (AP) — Oilfield services company Flotek Industries Inc. said Thursday it posted a second-quarter loss, as a tough economy cut its sales by more than half and the company recorded a charge.

Flotek posted a loss of $19.8 million, or $1.01 per share, compared with a profit of $4.5 million, or 23 cents per share, in the year-earlier period.

Excluding a pretax impairment charge of $18.5 million at its Teledrift reporting unit, Flotek posted an adjusted loss of $7.5 million, or 38 cents per share.

Revenue fell 59 percent to $23.5 million from $56.8 million.

Analysts polled by Thomson Reuters expected a loss of 8 cents per share on $37.2 million in revenue.

"The second quarter of 2009 was a challenging quarter for the oilfield service sector and Flotek was no exception," Jerry Dumas, Flotek's chairman and CEO, said in a statement.

"Declines in product demand accelerated in the quarter which exacerbated pricing pressure experienced in the first quarter. That said, while it is too early to call a cyclical bottom, we are beginning to see signs of stabilization in both demand and price."

Flotek shares fell 6 cents, or 3 percent, to $1.81 in midday trading.