HOUSTON, Jan. 27, 2015 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (FTK) today
announced results for the three- and twelve-months ended
December 31, 2014.
As reported on Form 10-K filed with the U.S. Securities and
Exchange Commission, Flotek reported revenue for the year ended
December 31, 2014 of $449.2 million, an increase of $78.1 million, or 21.0%, compared to the year
ended December 31, 2013. The
acceleration in revenue was primarily due to increased sales of the
Company's Complex nano-Fluid® suite of completion
chemistries as well as strength in downhole technology sales,
especially the introduction of the Stemulator® which
assists clients with increasing the rate of penetration during
horizontal drilling.
Income from Operations for the year ended December 31, 2014 was $80.9 million, an increase of 37.7%, compared to
$58.7 million in the same period of
2013.
The company recorded an income tax provision of $25.3 million, yielding an effective tax rate of
32.0% for the year ended December 31,
2014 compared to an income tax provision of $20.8 million yielding an effective tax rate of
36.5% in the prior corresponding period.
For the year ended December 31,
2014, the Company reported net income of $53.6 million or $0.97 per share (fully diluted) an increase of
$.30, or 44.8%, compared to net
income of $36.2 million or
$0.67 per share (fully diluted) for
the year ended December 31, 2013.
Earnings Before Interest, Taxes, Depreciation and Amortization,
or EBITDA (a non-GAAP measure of financial performance), for the
year ended December 31, 2014 was
$98.3 million, an increase of
$24.2 million, or 32.6%, compared to
$74.2 million for the year ended
December 31, 2013.
For the year ended December 31,
2014, Flotek's non-cash share-based compensation expense was
approximately $10.5 million.
For the year ended December 31, 2013,
non-cash share-based compensation was $10.9
million.
A presentation of non-cash share based compensation and a
reconciliation of GAAP net income to EBITDA can be found at the
conclusion of this release.
Consolidated gross margin increased to 40.7% for the year ended
December 31, 2014 from 39.8% from the
corresponding 2013 period.
"2014 was a special year for Flotek and its shareholders as the
Flotek team continued to set new records in nearly every
performance metric," said John
Chisholm, Flotek Chairman, President and Chief Executive
Officer. "The hard work and dedication of each member of the Flotek
team contributed to record revenue and operating income as well as
new operating milestones that continue to better position Flotek
for the future."
"The introduction of our FracMax™ analytical software provides
Flotek with a unique competitive advantage that has not previously
been available in our industry," added Chisholm. "In fact, based on
the over 75,000 wells available in FracMax with at least one-year
of production data, we can confidently indicate that Flotek's CnF®
completion chemistries have created over $8
billion in additional value for our exploration and
production clients in the form of increased production when
compared to wells not using CnF chemistry."
"There is little doubt that 2015 will present a plethora of
challenges for the Flotek team," added Chisholm. "However, we enter
this period of uncertainty and volatility with unprecedented
financial strength and flexibility, a team that understands how to
execute in challenging environments, and a stable of
differentiating technologies that will assist our clients in
enhancing their exploration and production efforts. Together, we
believe these tenets place Flotek in a position of relative
strength as we navigate these uncharted waters."
A complete review of the Company's year-end financial position
can be found in the Company's annual report filed with the U.S.
Securities and Exchange Commission this afternoon.
Fourth Quarter 2014 Results
For the three months ended December 31,
2014, Flotek posted revenue of $124.5
million, an increase of $23.7
million, or 23.5%, compared to $100.8
million in the same period of 2013. Revenue increased
$7.7 million, or 6.6%, compared to
third quarter, 2014.
Income from operations for the three months ended December 31, 2014 was $23.6 million, an increase of $6.0 million, or 34.2%, compared to $17.6 million in the same period of 2013. Income
from Operations increased $2.7
million, or 13.1%, compared to third quarter, 2014.
In the fourth quarter, 2014 Flotek recorded income tax expense
of $6.9 million, compared to
$6.2 million in the fourth quarter of
2013.
On a GAAP basis, Flotek posted Earnings per Share (fully
diluted) for the three months ended December
31, 2014 of $.29, an increase
of $.09, or 45.0%, compared to
Earnings per Share (fully diluted) of $.20 for the three months ended December 31, 2013. Earnings per Share (fully
diluted) increased $.03, or 11.5%,
compared to third quarter, 2014.
Earnings Before Interest, Taxes, Depreciation and Amortization,
or EBITDA, for the three months ended December 31, 2014 was $28.1 million, an increase of $6.1 million, or 28.0%, compared to $21.9 million for the three months ended
December 31, 2013. EBITDA
increased $2.8 million, or 11.2%,
compared to third quarter, 2014.
For the quarter ended December 31,
2014, Flotek's non-cash share-based compensation expense was
approximately $3.0 million. For
the quarter ended December 31, 2013,
non-cash share-based compensation was $2.2
million.
Consolidated gross margins for the three months ended
December 31, 2014 were 40.9% compared
to 39.5% in the same period of 2013 and 39.5% in the third quarter
2014.
"Even as the swoon in energy commodity prices began to impact
activity during the quarter, Flotek continued to show solid growth
during the last three months of 2014," added Chisholm.
"Notwithstanding moderated activity and the Thanksgiving and Christmas holidays, CnF usage
continued to lead our growth as pressure pumping companies and
exploration and production concerns continued to better understand
the positive impact Flotek's completion chemistries have on
production and ultimate economics of a well. We believe the ability
to maximize economics of a well becomes even more important in a
lower-price commodity environment which should provide relative
benefits to Flotek."
A summary income statement reflecting fourth quarter results can
be found at the conclusion of this release.
Full Year 2014 – Segment Results
Energy Chemical Technologies revenue of $268.8 million for the year ended December 31, 2014 increased $67.8 million, or 33.8%, from year ago levels,
primarily due to the increased sales of stimulation chemical
additives, largely the result of the introduction of the Company's
proprietary, patent-pending FracMax software which statistically
demonstrates the positive production and economic impact of using
Flotek's CnF chemistries in unconventional well completions.
FracMax has led to a record number of new validation projects and
accelerated commercial acceptance of the Company's CnF completion
chemistries. Segment gross margin for the year ended December 31, 2014 was essentially unchanged at
43.9% from a year ago. Income from operations of $84.8 million for the year ended December 31, 2014 increased $19.5 million, or 29.7%, from year ago
levels.
Drilling Technologies revenue of $113.3
million for the year ended December
31, 2014 increased $0.9
million, or 0.8% from the full year 2013 primarily due to an
increase in actuated tool rentals. Gross margin increased to 40.3%
compared to 38.4% from year ago levels. This was primarily
due to increased material margins on actuated tool rentals as a
direct result of decreases in repair cost and direct expense
controls initiated during 2014. Income from operations of
$19.0 million for the year ended
December 31, 2014 increased
$0.7 million, or 3.9%, from year ago
levels.
Revenue for the Production Technologies segment of $16.0 million for the year ended December 31, 2014 revenue increased by
$1.2 million, or 8.1% from the prior
corresponding period as sales of Petrovalves and lifting units rose
by $4.6 million, or 152.9% in 2014.
Offsetting those revenue increases was a decrease in equipment
sales and related services of $3.5
million, or 31.1% in coal-bed methane related business.
Segment gross margin increased to 40.9% compared to 35.0% for the
year ended December 31, 2013,
primarily due to the higher margins associated with the
international valve sales and improvement in margins on pump
equipment. Income from operations of $3.2
million for the year ended December
31, 2014 increased $0.2
million, or 6.1%, from year ago levels.
Consumer and Industrial Chemical Technologies ("CICT") revenue
of $51.1 million for the year ended
December 31, 2014 increased
$8.2 million or 19.0%, from the prior
corresponding period, as the segment was created in the second
quarter of 2013 upon the acquisition of Florida Chemical. Segment
gross margin increased to 25.2% for the year ended December 31, 2014 compared to 24.8% in
2013. Income from operations of $6.6
million for the year ended December
31, 2014 increased $0.3
million, or 4.8%, from year ago levels.
Fourth Quarter 2014 – Segment Results
Energy Chemical Technologies segment reported revenue of
$75.6 million for the three months
ended December 31, 2014. Energy
Chemical Technologies revenue for the three months ended
December 31, 2014 increased
$18.7 million, or 32.9%, relative to
the comparable period of 2013. Segment revenue for the three
months ended December 31, 2014
increased $7.4 million, or 10.9%,
compared to third quarter, 2014.
Income from operations for the Energy Chemical Technologies
segment of $24.2 million increased
$4.1 million, or 20.2%, for the three
months ended December 31, 2014
compared to the same period of 2013. Income from operations
for the segment increased $4.3
million, or 21.4%, compared to third quarter, 2014.
Drilling Technologies reported revenue of $31.2 million for the three months ended
December 31, 2014, an increase
$5.1 million, or 19.5%, relative to
the same period in 2013. Segment revenue for the three months ended
December 31, 2014 increased
$1.3 million, or 4.4%, compared to
third quarter, 2014.
Drilling Technologies income from operations of $5.9 million for the three months ended
December 31, 2014 increased by
$3.2 million, or 112.8%, as compared
to the same period of 2013. Income from operations for the
segment increased $0.4 million, or
7.1%, compared to the third quarter, 2014.
Revenue for the Production Technologies segment of $5.9 million for the three months ended
December 31, 2014 increased by
$3.1 million, or 107.5%, from the
same period in 2013. Segment revenue for the three months ended
December 31, 2014 increased
$1.0 million, or 19.5%, compared to
third quarter, 2014.
Production Technologies income from operations of $1.3 million increased by $1.0 million, or 280.7%, for the three months
ended December 31, 2014 compared to
the same period in 2013. Income from operations for the segment
decreased $0.3 million, or 16.6%,
compared to third quarter, 2014.
CICT revenue of $11.7 million for
the three months ended December 31,
2014 decreased $3.2 million,
or 21.5%, compared to the same period in 2013. Segment revenue for
the three months ended December 31,
2014 decreased $2.0 million,
or 14.4%, compared to third quarter, 2014.
Income from operations for the CICT segment of $1.5 million decreased $0.1 million, or 7.4%, for the three months ended
December 31, 2014 compared to the
same period of 2013. Income from operations for the segment
decreased $0.3 million, or 15.2%,
compared to third quarter, 2014.
Full Year 2014 - Financial Metrics
Accounts receivable, net of the allowance for doubtful accounts,
at December 31, 2014 were
$78.6 million, compared to
$65.0 million December 31, 2013. The Company's allowance for
doubtful accounts was 1.1% of accounts receivable at December 31, 2014.
Depreciation and amortization expense not included in gross
margin, for the year ended December 31,
2014 increased by $2.5
million, or 33.9% from the prior corresponding period. This
increase was primarily attributable to the depreciation and
amortization of assets recognized as part of the acquisition of
Florida Chemical in the second quarter of 2013 and the acquisition
of EOGA in the first quarter of 2014.
Interest expense decreased $0.5
million for the year ended December
31, 2014 compared to the prior corresponding period.
During the fourth quarter Flotek repurchased 621,726 shares of
its common stock at an average price of $16.74 per share for an aggregate total of
approximately $10.4 million. The
repurchase was made pursuant to a $25
million share repurchase program authorized by the Company's
Board of Directors in November, 2012.
"Not only did Flotek post record growth in 2014, it did so while
continuing to improve its financial position, especially its
balance sheet," added Chisholm. "We continue to generate
significant cash and, even with our meaningful share repurchases in
December, remain well positioned to prudently allocate capital as
opportunities arise. We continue to be disciplined in our
approach to reinvesting capital, looking for opportunities that
will continue our commitment to strategic investments that stand in
support of Flotek's goals of remaining an energy technology leader
as well as adding value for our shareholders. We will continue to
consider all opportunities that we believe create durable value
across the pricing cycle."
"The power of Flotek's cash generation ability is persuasively
demonstrated in our recent decision to repurchase Flotek stock,"
opined Chisholm. "While we repurchased $10.4
million of Flotek shares in December, we ended the year with
a balance on our revolving credit facility of about $8.5 million, a clear sign that we continued,
even as the market began to slow, to generate significant cash from
operations."
Flotek also continued to improve productivity during 2014.
Revenue generation per employee increased by approximately 12%
compared to year-ago levels and operating income per employee
increased by nearly 22%.
"The success of Flotek is a direct result of the people of
Flotek and we are fortunate to have assembled one of the most
productive teams in our business," said Chisholm. "While we
understand the challenges ahead, I remain optimistic about Flotek's
future as I am confident my colleagues will embrace the challenges
– as they have in the past – and find ways to maximize value for
all our stakeholders, remaining a top-performing energy technology
company at every point in the cycle."
Project Updates
The introduction of FracMax, Flotek's proprietary,
patent-pending analytical software, has provided the Company with a
dynamic tool to demonstrate the efficacy of the Company's CnF
completion chemistries. As a result of FracMax, the Company has
converted approximately 20 exploration companies from validation
clients to ongoing commercial users. Currently, the Company has an
additional 15-20 companies in the process of conducting or planning
validations. Data provided by FracMax Analytics indicates that, of
the wells cataloged, CnF completion chemistries have been used by
234 unique operators.
"Our FracMax software technology provides conclusive evidence
that our Complex nano-Fluid suite of completion chemistries
provides compelling economic benefits to production companies,"
added Chisholm. "Regardless of the position of the cycle, the
economic value of Flotek's completion chemistries is compelling
given the empirical data available through FracMax, now a hallmark
of our growth strategy in the coming year and beyond. We are
confident as more producers become aware of the economic benefit of
CnF chemistries, the value creation impact will accelerate
meaningfully."
Flotek also announced the introduction of FracMax Canada with
approximately 10,000 wells. The Company's penetration into
Canada continues to accelerate
with nearly every Canadian-based pressure pumping company now
pumping CnF completion chemistries in a number of projects.
"We believe FracMax, in just its first year, is quickly being
recognized as the premier analytical tool in determining optimal
completion methods," added Chisholm. "Our ability to run virtually
limitless production comparisons through our FracMax Analytics
subsidiary is not only helping our clients better understand the
compelling benefit of using CnF chemistry in the completion process
but also assisting clients in developing a better understanding of
completion best practices through an analysis of data derived from
the FracMax database."
Recently, Flotek announced plans to begin construction of a new
50,000-plus square foot global research and innovation headquarters
in Houston. The state-of-the-art
facility will bring all of Flotek's scientists under one roof and
provide unprecedented access to the Company's theoretical and
applied research to Flotek's clients. The facility is expected to
be completed early in 2016.
The Company continues to work with a major operator in the
Bakken to validate the efficacy of the use of CnF in unconventional
formation recompletions. Due to weather and mechanical issues,
completion of the project is taking longer than initially expected.
While early indications suggest Flotek's chemistry is performing as
expected, formal results are now expected later in the first
quarter.
Flotek also continues the process of validation of its
MicroSolutions chemistry for use with Saudi Aramco. Laboratory work
is being completed and the initial well testing is imminent. The
Company expects to discuss the results of the trial as soon as
practical.
Also on the international front, Flotek initiated land
preparation on its chemistry blending facility in Oman through Flotek Gulf, LLC, a joint venture
with Gulf Energy, an Omani-based integrated oilfield service
company. Permitting and construction should begin in the coming
weeks.
"We remain very constructive on our international chemistry
business," added Chisholm. "While commodity prices will have an
impact on activity around the globe, Middle Eastern markets do not
appear to have reacted as severely as domestic markets. Discussions
with our partners and, in turn, their customers suggest a plethora
of opportunities to grow our business in the coming months."
In Drilling Technologies, Flotek continues to introduce new
technologies in the market to address the needs of more complex
horizontal and directional drilling projects. During 2014, Flotek
continued to improve its Stemulator offering, the Company's axial
vibration technology that improves the rate of penetration in
horizontal drilling. The company now has approximately 100 unique
tools to be deployed across basins.
In addition, during the fourth quarter, Flotek began commercial
testing of TelePulse™, its Measurement While Drilling ("MWD") tool
for use in the lateral section of horizontal wells. The Company
expects TelePulse to be fully commercial in the first-half of 2015.
The Company's core Teledrift® MWD technology continues to be the
standard-bearer in vertical applications, experiencing meaningful
growth – including key international adoptions - throughout
2014.
"We are very pleased with the performance of our Drilling
Technologies segment over the past twelve months," added Chisholm.
"Not only did we experience solid margin growth over the year, the
fourth quarter provided the highest quarterly gross margins in
2014. While we are cognizant of the challenges ahead, we believe
the commercialization of the Stemulator and TelePulse do provide
new added-value technologies that will somewhat offset an
expectation of reduced demand for commoditized tools as the rig
count moderates. We will be especially vigilant in watching
drilling technologies costs during periods of uncertainty and
volatility."
The Company's Production Technologies segment continues its
successful retooling which is beginning to yield results. Flotek
saw steady growth in rod pump and hydraulic lifting sales during
the year as well as international sales of Petrovalve. During the
second-half of the year, the Company opened its Denver office which will serve as the
headquarters of the Production Technologies segment as well as a
service office in Vernal,
Utah.
"We believe Production Technologies is well positioned and could
provide positive surprises in the coming year," said Chisholm.
"With the market downturn, we will continue to look for strategic
opportunities that will provide technological advantages at value
prices. Our focus on niche technologies and superior service should
provide Flotek with opportunities to grow this business even in the
current market environment and emerge as a significant player when
the market cycle accelerates."
"2014 was a transformational year for Flotek, proving that
innovative technologies do make a difference in the oil patch and
that a focus on detail and strong financial position do serve to
create value for our stakeholders," added Chisholm. "While we know
we face significant headwinds and uncertainty in the weeks and
months ahead, our balance sheet and portfolio of proprietary,
added-value technologies will provide, we believe, remarkable
opportunities to add value for our clients and, in turn, our
shareholders. We will be vigilant in rationalizing expense in this
market environment but, at the same time, will be opportunistic in
our quest to create value – both intrinsically and, where
appropriate, extrinsically – through a focus on the right
technologies with the right people in our pursuit to make certain
we remain at the forefront of creating positive economic impact for
our clients."
Conference Call Details
Flotek will host a conference call on Wednesday, January 28, 2015 at 7:30 AM CST to discuss its operating results for
the three and twelve months ended December
31, 2014. To participate in the call participants
should dial 800-763-5545 approximately 5 minutes prior to the start
of the call.
The call can also be accessed from Flotek's website at
www.flotekind.com.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of
innovative oilfield technologies, including specialty chemicals and
downhole drilling and production equipment. It serves major and
independent companies in the domestic and international oilfield
service industry. Flotek Industries, Inc. is a publicly traded
company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at
www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this Press Release constitute
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) regarding Flotek Industries, Inc.'s business,
financial condition, results of operations and prospects. Words
such as expects, anticipates, intends, plans, believes, seeks,
estimates and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the
exclusive means of identifying forward-looking statements in this
Press Release.
Although forward-looking statements in this Press Release
reflect the good faith judgment of management, such statements can
only be based on facts and factors currently known to management.
Consequently, forward-looking statements are inherently subject to
risks and uncertainties, and actual results and outcomes may differ
materially from the results and outcomes discussed in the
forward-looking statements. Factors that could cause or contribute
to such differences in results and outcomes include, but are not
limited to, demand for oil and natural gas drilling services in the
areas and markets in which the Company operates, competition,
obsolescence of products and services, the Company's ability to
obtain financing to support its operations, environmental and other
casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may
impact the Company are set forth in the Company's most recent
filings on Form 10-K (including without limitation in the "Risk
Factors" Section), and in the Company's other SEC filings and
publicly available documents. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this Press Release. The Company undertakes no
obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the
date of this Press Release.
Flotek Industries,
Inc.
|
Statement of
Operations
|
Three Months and Year
Ended December 31, 2014 and 2013
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
2014
|
2013
|
|
2014
|
2013
|
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
Revenue
|
$
124,503
|
$
100,848
|
|
$
449,157
|
$ 371,065
|
Cost of
revenue
|
73,613
|
61,047
|
|
266,198
|
223,538
|
Gross
margin
|
50,890
|
39,801
|
|
182,959
|
147,527
|
Expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
23,152
|
19,269
|
|
87,146
|
78,197
|
Depreciation and
amortization
|
2,513
|
2,042
|
|
9,738
|
7,273
|
Research and
development
|
1,377
|
1,063
|
|
4,976
|
3,752
|
Loss/(Gain) on
disposal of long-lived assets
|
280
|
(133)
|
|
211
|
(421)
|
Total
expenses
|
27,322
|
22,241
|
|
102,071
|
88,801
|
Income from
operations
|
23,568
|
17,560
|
|
80,888
|
58,726
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(351)
|
(597)
|
|
(1,610)
|
(2,092)
|
Other income
(expense), net
|
(89)
|
199
|
|
(394)
|
316
|
Total other income
(expense)
|
(440)
|
(398)
|
|
(2,004)
|
(1,776)
|
Income before income
taxes
|
23,128
|
17,162
|
|
78,884
|
56,950
|
Income tax
expense
|
(6,856)
|
(6,157)
|
|
(25,281)
|
(20,772)
|
Net
income
|
$
16,272
|
$
11,005
|
|
$
53,603
|
$
36,178
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
Basic earnings per
common share
|
$
0.30
|
$
0.21
|
|
$
0.98
|
$
0.70
|
Diluted earnings per
common share
|
$
0.29
|
$
0.20
|
|
$
0.97
|
$
0.67
|
Weighted average
common shares:
|
|
|
|
|
|
Weighted average
common shares used in computing basic earnings per common
share
|
54,650
|
52,909
|
|
54,511
|
51,346
|
Weighted average
common shares used in computing diluted earnings per common
share
|
55,472
|
55,264
|
|
55,526
|
53,841
|
Flotek Industries,
Inc.
|
Reconciliation of
Non-GAAP Items and Non-Cash Items Impacting Earnings
|
Three Months and Year
Ended December 31, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
12/31/2014
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2013
|
|
|
|
|
|
(in thousands,
except per share data)
|
GAAP Net Income
and Reconciliation to EBITDA (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(GAAP)
|
|
|
|
$ 16,272
|
|
$ 11,005
|
|
$ 53,603
|
|
$ 36,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
351
|
|
597
|
|
1,610
|
|
2,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
6,856
|
|
6,157
|
|
25,281
|
|
20,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
|
4,572
|
|
4,161
|
|
17,848
|
|
15,109
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(Non-GAAP)
|
|
|
|
$ 28,051
|
|
$ 21,920
|
|
$ 98,342
|
|
$ 74,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Non-Cash
Items Impacting Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
Expense
|
|
|
$ 3,047
|
|
$ 2,217
|
|
$ 10,476
|
|
$ 10,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less income tax
effect
|
|
(1,066)
|
|
(776)
|
|
(3,667)
|
|
(3,820)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
Expense, net of tax
|
|
$ 1,981
|
|
$ 1,441
|
|
$ 6,809
|
|
$ 7,094
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding (Fully Diluted)
|
|
55,472
|
|
55,264
|
|
55,526
|
|
53,841
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
Expense Per Share (Fully Diluted)
|
|
$
0.04
|
|
$
0.03
|
|
$
0.12
|
|
$
0.13
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/flotek-industries-inc-announces-2014-results-provides-financial-and-operational-update-announces-year-end-2014-conference-call-details-300026529.html
SOURCE Flotek Industries, Inc.