This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CORRECTED: Flotek Industries, Inc. Announces First Quarter 2012 Results, Provides Financial And Operational Update, Reaffirms Conference Call Details

HOUSTON, May 9, 2012 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK) ("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 $0.13 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 $0.25 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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs