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."