Flotek (FTK) Sees Q1 Revs Ahead of Views
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Price: $23.70 -0.92%
Financial Fact:
Basic earnings (loss) per common share: -0.05
Today's EPS Names:
SQZB, ARDS, MDRX, More
Financial Fact:
Basic earnings (loss) per common share: -0.05
Today's EPS Names:
SQZB, ARDS, MDRX, More
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Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) provided select financial and operational data today in conjunction with the Company's presentation at the Independent Petroleum Association of America's ("IPAA") New York Oil & Gas Investment Symposium.
Financial and Operational Update
In a presentation this morning at the IPAA New York Oil & Gas Symposium and posted on Flotek's website, www.flotekind.com, Flotek provided the following financial information.
While Flotek has not completed its final review of first quarter, 2012 results, the Company believes that revenue for the quarter ending March 31, 2012 should exceed $78 million. Strong performance in Chemical and Logistics and Drilling Tools segments led the growth in revenue. In comparison, revenue in the first quarter of 2011 was $52.9 million.
The Street sees revs of $73 million.
Flotek also announced that as of March 31, 2012, the Company had a cash balance of approximately $13.3 million. During the quarter the Company made its regular semi-annual interest payment on its convertible debt of approximately $1.85 million. In addition, as announced in January, the Company repurchased $36 million of its 5.25% Senior Secured Convertible Notes due in 2028. The Company was also a cash taxpayer in the first quarter, making payments of approximately $4.0 million for federal and state income taxes.
Company margins remain solid. First quarter, 2012 enterprise-wide gross margins are expected to exceed 42%, compared to gross margins of 40.9% for the year ending December 31, 2011. Gross margins in the Chemicals and Logistics segment remain solid with segment gross margins expected to exceed 43% in the first quarter of 2012, compared to 40% for the fourth quarter and approximately 41% for the full-year, 2011.
Preliminary results suggest that first quarter, 2012 operating income will exceed $16 million, compared to $9.3 million in the first quarter of 2011 and $15.6 million in the fourth quarter, 2011.
Financial and Operational Update
In a presentation this morning at the IPAA New York Oil & Gas Symposium and posted on Flotek's website, www.flotekind.com, Flotek provided the following financial information.
While Flotek has not completed its final review of first quarter, 2012 results, the Company believes that revenue for the quarter ending March 31, 2012 should exceed $78 million. Strong performance in Chemical and Logistics and Drilling Tools segments led the growth in revenue. In comparison, revenue in the first quarter of 2011 was $52.9 million.
The Street sees revs of $73 million.
Flotek also announced that as of March 31, 2012, the Company had a cash balance of approximately $13.3 million. During the quarter the Company made its regular semi-annual interest payment on its convertible debt of approximately $1.85 million. In addition, as announced in January, the Company repurchased $36 million of its 5.25% Senior Secured Convertible Notes due in 2028. The Company was also a cash taxpayer in the first quarter, making payments of approximately $4.0 million for federal and state income taxes.
Company margins remain solid. First quarter, 2012 enterprise-wide gross margins are expected to exceed 42%, compared to gross margins of 40.9% for the year ending December 31, 2011. Gross margins in the Chemicals and Logistics segment remain solid with segment gross margins expected to exceed 43% in the first quarter of 2012, compared to 40% for the fourth quarter and approximately 41% for the full-year, 2011.
Preliminary results suggest that first quarter, 2012 operating income will exceed $16 million, compared to $9.3 million in the first quarter of 2011 and $15.6 million in the fourth quarter, 2011.
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