UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 2014
Flotek Industries, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-13270 |
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90-0023731 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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10603 W. Sam Houston Pkwy N., Suite 300
Houston, Texas |
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77064 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (713) 849-9911
NOT APPLICABLE
(Former
name or former address, if changed since last report.)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
On December 3, 2014, Flotek Industries, Inc. (Flotek) issued a press release providing an operational update for the two
months ended November 30, 2014. The December 3, 2014 press release is furnished herewith as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
The information presented under this Item 7.01 shall not be deemed filed under the Securities Exchange Act of 1934, as
amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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Press release dated December 3, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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FLOTEK INDUSTRIES, INC. |
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Date: December 3, 2014 |
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/s/ H. Richard Walton |
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H. Richard Walton |
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Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
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Exhibit Number |
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Description |
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99.1 |
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Press release dated December 3, 2014. |
Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT: Investor Relations
(713)
849-9911
IR@flotekind.com
Flotek Industries Announces Presentation at Cowen and Company Ultimate
Energy Conference and Provides Operational Update
HOUSTON, December 3, 2014 /PRNewswire/ Flotek Industries, Inc. (NYSE: FTKNews) will make a presentation at the Cowen
and Company Ultimate Energy Conference in New York City on Wednesday, December 3, 2014. John Chisholm, Chairman, President and Chief Executive Officer of Flotek, will present to conference attendees beginning at 10:20am EDT.
The presentation will be webcast live and can be accessed from Floteks website, www.flotekind.com. The presentation slides will be available on
the Flotek website coincident with the conference presentation.
Operational Update
While cognizant of recent volatility in commodity prices, Flotek remains focused on accelerating market penetration of its advanced oilfield completion
chemistry. As a result of such acceleration, Floteks preliminary review of the first two months of the fourth quarter suggests revenue should exceed $80 million, a record for any 60-day period in the history of the Company. Those results
include the traditional activity moderation associated with the Thanksgiving holiday.
I am incredibly pleased with the performance of the Flotek
team during the first two months of the fourth quarter, especially given the challenges presented by commodity prices and what is typically moderation ahead of the Thanksgiving holiday, said John Chisholm, Chairman, President and Chief
Executive Officer of Flotek. While we understand the challenges ahead, we continue to work more diligently to secure new business, utilizing our exceptional team and our new FracMaxTM
software to accelerate the growth of our Complex NanoFluid completion chemistries. Combined with our other product lines, we are on-track for another solid quarter in both revenue and profits. While holidays can also impact December results,
we are off to a solid start for the last 31 days of the year.
Flotek continues to see an increase in the number of validation projects utilizing
Complex NanoFluid completion chemistries as well as adoption of the chemistries in key basins in North America. In addition, the Company has begun its recompletion validation project in the Bakken which, if successful, should serve as a prototype
for unconventional recompletions using CnF® in other unconventional plays across North America. . Each validation is another step in the process whereby field data confirms what FracMax
shows: that the use of CnF chemistries serve to create significant value for its users and their shareholders, added Chisholm.
No company is
completely sheltered from a sharp and sustained downturn in commodity prices and, as a result, oilfield activity, added Chisholm. However, Flotek, with its innovative suite of customized oilfield chemistries that optimize well
performance through maximizing production, is relatively well insulated from more difficult commodity price environments, added Chisholm. Our ability to penetrate new markets both domestic and international combined with
one of the least levered balance sheets in the industry provides Flotek with unparalleled opportunities in the current market environment as well as financial flexibility to consider a number of options from share buybacks to strategic
opportunities to enhance shareholder value. This is precisely what we intend to do in the coming months.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole 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 Floteks 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 Companys 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 Companys most recent filings on Form 10-K
(including without limitation in the Risk Factors Section), and in the Companys 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.
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