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News Breaks
February 6, 2013
07:07 EDTFTKFlotek announces termination of share lending agreement with JP Morgan
Flotek announced that it has terminated the Share Lending Agreement between the company and J.P. Morgan Markets Limited. The Agreement, entered into in February, 2008, was entered into in conjunction with the offering of $115M in Convertible Notes by the company. As a result, J.P. Morgan has returned an additional 2,439,558 shares of common stock to the Flotek treasury which have been removed from the public float. In total, since the company began reducing the amount of convertible notes outstanding in 2010, J.P. Morgan has returned all 3.8M shares lent under the Agreement.
News For FTK From The Last 14 Days
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April 22, 2015
16:28 EDTFTKFlotek reports Q1 EPS (3c), consensus 14c
Reports Q1 revenue $82.4M, consensus $103.33M. The company said, "The decrease in revenue was driven by the steep decline in oilfield activity as indicated by the 25.5% decline in the average North American rig count." It added, "While we are disappointed in our first quarter results and are laser-focused on identifying best practices that will further improve our business, the rapid deterioration in oilfield activity was the primary contributor to both the decline in overall activity and resulting pricing pressures. That said, regardless of the cyclical pressures, leadership is about finding opportunities in all market environments and that is what Flotek intends to do as we continue our quest to be the premier oilfield technology company in North America and create best-in-class value for our stakeholders."
April 21, 2015
09:22 EDTFTKOn The Fly: Pre-market Movers
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07:39 EDTFTKFlotek: Rapid deceleration in commodity had a marked impact in Q1 results
Flotek cited the rapid deceleration in commodity prices and the resulting evisceration in oilfield activity has having a marked impact in Q1 results. Expects 1H15 to be "sloppy." The company added, "The decline in revenue approximated the decline in overall oilfield activity which was much more pronounced than nearly anyone would have expected. That said, we have been through industry cycles before and are well positioned to weather the tumult of the trough and emerge as a leader in oilfield technology, with a solid balance sheet and financial position to take advantage of opportunities as the industry emerges from the depths of the current cycle... "On the chemistry front, we continue to see new validation opportunities and are working with over 40 companies in various stages of validation projects in North America. While activity and pricing has moderated for all products, we have been pleased by the continued strength in chemistry inquiries and validation projects."
07:37 EDTFTKFlotek sees Q1 enterprise-wide gross margins should exceed 32%.
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07:37 EDTFTKFlotek sees Q1 EPS (3c), consensus 14c
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