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
TheStreet Open House

Flotek Industries Provides Financial & Operational Update, Provides Details Of Investor Presentation

HOUSTON, June 13, 2012 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) provided select financial and operational data today in conjunction with the Company's presentation at Enercom's London Oil and Gas Conference.

In a presentation this morning (U.S. Time) at Enercom's Oil and Gas Conference and posted on Flotek's website, www.flotekind.com, Flotek provided the following financial information.

As noted in its first quarter financial review conference call, Flotek expects April revenue to be approximately $24 million. April results – as is historically the case for Flotek - are impacted by winter break-up and adverse weather conditions in the U.S. and Canadian Rockies. The decline in April, 2012 was consistent with April declines in revenue over the past three years that have ranged from 16-26% lower than corresponding March levels. As expected, May results were much more favorable. In May, Flotek revenues approximated $27 million, the second best month of 2012 to date.

"Flotek's business recovered meaningfully in May when compared to traditional April moderation, a result of the annual spring break-up in the Rockies," said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. "As we said in early May, we were confident that our fundamental business remains strong and we continue to penetrate new markets with our patented, best-in-class Complex nano-Fluids which continue to demonstrate an ability to optimize performance and reduce finding and development costs for our clients. As important, May provided the second best revenue results of the year without significant recovery in Canada which continued to struggle with sloppy conditions and adverse weather. With Canadian activity bouncing back in late May, the revenue environment should continue to improve in June."

Flotek continues to generate significant cash. As noted, cash at the end of the first quarter was $13.3 million.  As of June 11, 2012, Flotek's cash balance was approximately $24 million.

"We are very pleased with our year-to-date performance and are enthused by our continued ability to gain market share as new clients experience the impact of our cutting edge completion chemistries," added Chisholm. "While we are vigilant in our watch of recently volatile commodity prices, we have not experienced deterioration in business fundamentals. In fact, our pipeline remains robust with interest and orders from new and existing clients."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs