April 2012 Snapshot
As noted in the past, first and second quarter results from Flotek are often volatile, a result of weather and the timing and duration of spring break-up, especially in the North American Rockies.
Revenue in April 2012 should be approximately $24 million, above February levels but below the March run rate. Spring break-up impacted chemical sales and tool rentals in both the Canadian and U.S. Rockies accounting for a majority of the reduction. The Company also experienced weakness in Artificial Lift activity in the Powder River Basin. This revenue pattern is consistent with seasonal fluctuations in the past two years.
"While the reduction in April sales is worth noting, it is neither unusual nor does it give us pause," added Chisholm. "Year-over-year April sales increased over 50%. Moreover, sales in April, 2011 were 26% below March, 2011 sales. We are already seeing signs of break-up recovery and expect May and June to follow growth patterns similar to those over the last two years."Conference Call Details Flotek will host a conference call on Thursday, May 10, 2012 at 7:30 a.m. Central Daylight Time to discuss its operating results for the three months ended March 31, 2012. To participate in the call, participants should dial 1-800-407-3269 approximately 5 minutes prior to the start of the call. The call can also be accessed from Flotek's website at www.flotekind.com. About Flotek Industries, Inc. Flotek is a global developer and distributor of innovative specialty chemicals and down-hole drilling and production equipment. Flotek manages automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit Flotek's web site at www.flotekind.com. Forward-Looking Statements: Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
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