Nov. 4, 2013
Flotek Industries, Inc
. ("Flotek" or the "Company") (FTK) will host a conference call on
Thursday, November 7, 2013
7:30 a.m. Central Standard Time
to discuss its operating results for the quarter ended
September 30, 2013
. Flotek intends to provide dial-in information through a press release on
November 6, 2013
Flotek plans to file its 10-Q after the market close on
Wednesday, November 6, 2013
. In addition, the Company will provide additional details regarding operating results in a press release after the market close on
November 6, 2013
Colorado Severe Flooding Update
As reported by Flotek in October, the severe rains and associated flooding in
in September had a meaningful impact on the Company's chemical sales in the Denver-Julesburg Basin ("D-J Basin") during the second-half of the month. After a complete review of all business, delayed orders and anticipated commercial activity, weather impacted the Company's commercial sales by more than
, a large part of which would have been comprised of CnF® sales.
In addition, while commercial activity has now stabilized to levels slightly above pre-storm levels, decreased activity continued into the first two weeks of October. While no business was permanently lost, entire drilling and completion programs in the region were notably delayed.
"As confirmed in recent statements by our colleagues at major service companies in the D-J Basin, the impact of the
floods on operations and infrastructure was both prolonged and pervasive," said
, Flotek Chairman, President and Chief Executive Officer. "While our concerns remain with the long-term recovery of the region and the people who were displaced as a result of flooding, we are pleased that our business has recovered after a somewhat prolonged period of recovery, largely a result of the challenges related to infrastructure availability and relocation. Moreover, our business has accelerated in recent weeks to near-record levels in the region."
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
, 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
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.