Drilling revenue for the three months ended March 31, 2012 totaled $29.0 million, an increase of $6.3 million, or 28.0%, compared to $22.6 million for the three months ended March 31, 2011. The favorable variance resulted from domestic and international market share growth and penetration with both new and existing customers, changes in customers' product mix demands, increased rig count, increased lost in hole revenue, favorable crude oil commodity prices, new product development, specialized customer demand for existing product adaptation, continued cross segment sales marketing efforts, sales force revitalization, and competitive pricing relief.Drilling gross margin for the three months ended March 31, 2012 increased by $2.6 million or 28.7% to $11.5 million from $8.9 million for the same comparable period over period while gross margin as a percentage of revenue remained relatively flat increasing 0.2% to 39.7% from 39.5%, respectively. Drilling income from operations for the three months ended March 31, 2012 increased by $0.9 million or 18.1% to $5.5 million from $4.7 million for the same comparable period in 2011.
Flotek Industries, Inc. Announces First Quarter 2012 Results, Provides Financial And Operational Update, Reaffirms Conference Call Details
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