Flotek Reports Strong Third Quarter 2007 Earnings
Flotek Industries, Inc. (AMEX:FTK) announced the Company earned net income of $5.0 million, or $0.26 per fully diluted share for the third quarter of 2007 compared to $3.5 million, or $0.19 per fully diluted share for the third quarter of 2006. Net income and fully diluted earnings per share increased 44% and 37%, respectively, in the third quarter of 2007 versus the third quarter of 2006. Sequentially, third quarter revenue was 10% higher and net income was 4% higher than the second quarter of 2007.
Flotek effected a 2-for-1 split of its common stock for stockholders of record as of the close of business on July 3, 2007. Flotek stock began trading at the split-adjusted price on July 12, 2007. All earnings per share calculations reflect the new split-adjusted share count.
Flotek's revenues for the third quarter of 2007 rose 43% to $41.7 million, compared to $29.2 million for the third quarter of 2006. Revenue increased in our Chemical and Logistics and Drilling Products segments due to increased acceptance of our products, the acquisition of Triumph Drilling Tools, Inc. in January 2007, the acquisition of Sooner Energy Services, Inc. in August 2007, and expansion of our rental tool fleet. Approximately 65% of the overall revenue growth related to organic growth of our existing businesses.
Jerry D. Dumas, Sr., Chairman, President and Chief Executive Officer of Flotek, remarked, "The drop in Rocky Mountain wellhead gas prices and associated drop in gas drilling and production delayed sales in our chemical, drilling and artificial lift divisions. Despite this, we are on track and performing at or above plan and making progress on several strategic initiatives. Based on our performance we reiterate our guidance of $1.00 per share on a fully diluted basis for 2007. "
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