HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") today announced that it has terminated the Share Lending Agreement (the "Agreement") between the Company and J.P. Morgan Markets Limited ("J.P. Morgan," formerly known as Bear, Stearns International Limited). The Agreement, entered into in February, 2008, was entered into in conjunction with the offering of $115 million in Convertible Notes by the Company.
As a result, J.P. Morgan has returned an additional 2,439,558 shares of common stock to the Flotek treasury which have been removed from the public float. In total, since the Company began reducing the amount of convertible notes outstanding in 2010, J.P. Morgan has returned all 3.8 million shares lent under the Agreement. All shares will remain in Flotek's treasury and will be removed from the shares outstanding. Due to the nature of the lending agreement, the shares were not used in the calculation of Flotek's earnings per share.
The return of the borrowed shares is the result of Flotek's repurchase of approximately $50.3 million of its Convertible Notes previously announced on December 31, 2012.
"The termination of the Share Lending Agreement is another step in our journey to create straightforward, more transparent financial statements for Flotek," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "Along with simplicity comes a better understanding of Flotek's financial picture which creates more confidence in our ability to generate value for all of our stakeholders."About Flotek Industries, Inc. Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV