This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Flotek Industries, Inc. Announces Select, Preliminary Fourth Quarter, 2013 Results, Current Citrus Market Update

HOUSTON, Jan. 14, 2014  /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company') (NYSE: FTK) today announced preliminary revenue and gross margin results for Fourth Quarter, 2013 and discussed the current status of the Florida citrus market.

While the Company is still completing final year-end accounting processes, Flotek believes that revenues for the three-months ended December 31, 2013 should exceed $100 million. Enterprise-wide gross margins should be approximately 39%. Margins in the Energy Chemical Technologies segment continued to be strong; as expected, margins in the Drilling Technologies segment were seasonally lower due to holidays and basin-specific, weather-related activity moderation.

"For the first time in Flotek's history, revenue in the fourth quarter of 2013 should exceed $100 million, a key milestone for our firm," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "Even with the impact of a slow start in Colorado, an unusual November cold snap in West Texas and the Thanksgiving and Christmas holidays, Flotek's team was focused and delivered our best sales quarter to date, an accomplishment that shows the commitment of my colleagues. And, with margins remaining strong – especially in our Energy Chemical Technologies segment – Flotek exits 2013 with momentum to begin 2014, a year we believe will continue our journey in making a difference for our clients with cutting edge energy technologies."

Flotek plans to file its annual report on Form 10-K with the Securities and Exchange Commission in late February, the exact date expected to be announced in late January.

Citrus Market Update

In recent weeks a plethora of news reports have reported on challenges facing the Florida citrus industry including the recent winter weather, causing colder-than-normal temperatures in central and southern Florida as well as potential damage from Citrus Greening.

"The recent 'polar vortex' that resulted in frigid temperatures into the deep South had no material impact on the Florida orange crop or our business," said Josh Snively, Flotek's Executive Vice President and President of the Company's Florida Chemical subsidiary. "For the crop to be impacted, temperatures need to drop below 28 degrees (Fahrenheit) and hold at those levels for a minimum of four hours. We didn't get close to those levels."

"Even when citrus groves are impacted by freezing temperatures, damaged fruit can still be processed, yielding less juice but still providing oil to meet Florida Chemical's supply needs," added Snively.

1 of 4

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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