HOUSTON, May 9, 2012 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK - News) ("Flotek" or the "Company") today announced results for the three months ending March 31, 2012.
As reported on Form 10-Q filed with the U.S. Securities and Exchange Commission, Flotek reported that revenue for the three months ended March 31, 2012 was $79.2 million, an increase of $26.3 million, or 49.7%, compared to $52.9 million for the same period in 2011. Revenue increased in the Company's Chemicals and Drilling segments due to steady pricing and drilling activity, increased market share and continued industry demand for specialty oilfield technologies.
For the three months ended March 31, 2012, the Company reported net income attributable to common stockholders of $3.6 million, or $0.07 per common share (fully diluted), compared to a net income of $10.4 million, or $0.15 per common share fully diluted for the same period in 2011.
Included in the first quarter 2012 results was $9.3 million of non-cash expense related to the change in the fair value of the warrant liability associated with the warrants issued in the August 2009 preferred stock offering ( $3.9 million) and loss related to the early retirement of certain of the Company's convertible notes ( $5.4 million). In the same quarter of 2011 the Company recorded non-cash income related to the fair value of the warrant liability of $7.6 million.Excluding non-cash items, the Company earned $0.26 per common share on a fully diluted basis. "Flotek's solid performance in the first quarter 2012 provides a firm base from which to grow for the balance of the year," said John Chisholm, Flotek Chairman, President and Chief Executive Officer. "We continue to focus on expanding our reach with our industry-leading specialty chemistries as well as our best-in-class Teledrift measurement while drilling technology and performance-leading Cavo drilling motors. We continue to see tremendous opportunities for future growth that motivate the entire Flotek team to continually accelerate innovation – from leadership in our world class Houston chemical laboratories to finding new and better ways to support our customers in the field with new products, timely deliveries and unprecedented service." A complete review and discussion of the Company's year-end financial position can be found in the Company's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission today.
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