Flotek Industries Inc: Q3 2015 financial and operating results

As reported on Form 10-Q filed with the U.S. Securities and Exchange Commission, Flotek reported that revenue for the three months ended September 30, 2015, was US$87.9 million compared to US$116.8 million for the three months ended September 30, 2014, and US$87.0 million for the second quarter of 2015. Third quarter, 2015 revenue increased 1.0% sequentially but decreased 24.7% when compared to the same period in 2014. The decrease in year-over-year revenue was driven by the steep decline in oilfield activity; however, the increase in sequential revenue was driven almost entirely by increased sales of Flotek’s Complex nano-Fluid® completion chemistries, a direct result of the growing interest in the Company’s precision, customized completion chemistries generated through a review of FracMax® data and validation results.

For the three months ended September 30, 2015, the Company reported net income from continuing operations of US$2.0 million, or US$0.04 per common share (fully diluted), compared to net income of US$14.3 million, or US$0.26 per common share (fully diluted) for the same period in 2014 and net income of US$1.1 million or US$0.02 per common share (fully diluted), excluding non-recurring, non-cash charges, in the second quarter of this year.

“In arguably the most challenging operating environment in my career, Flotek’s ability to post sequential earnings growth and record CnF® chemistry volumes is a testament to the effort of the hardest working women and men in the oilfield technology business,” said John Chisholm, Chairman, President and Chief Executive Officer of Flotek.

“Our third quarter results – especially the resilience of our proprietary, patented Complex nano-Fluid® suite of precision, customised completion chemistries – validate our belief that technology – in this case Flotek’s advanced completion chemistry – does make a meaningful, positive difference in well performance and economics and has become even more compelling in this challenging environment as companies look for ways to maximise economic return at the nadir of the commodity price cycle.”

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/22102015/flotek-industries-inc-q3-2015-financial-and-operating-results/