HOUSTON, Nov. 8, 2017 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced results for the three-months ended September 30, 2017.
Highlights
- Earnings per share (EPS) of ($0.06) for 3Q17, compared to ($0.03) in the same period last year.
- Quarterly revenue declined 6.7% sequentially to $79.5 million and increased 23.5%
year-over-year.
- Net loss from continuing operations of $3.4 million for 3Q17, compared to $1.9 million in the same period last year.
- Adjusted EBITDA, a non-GAAP measure, was $3.3 million.
- Quarterly cash flow from operations was $8.4 million and free cash flow was $6.8 million (net of Capex).
- Targeting annual SG&A run-rate cash cost reductions of
approximately 20% from 4Q16 levels.
- Increased availability on the credit facility from $65 million to $75
million and extended maturity by two years to May 2022.
- Reduced balance on the credit facility sequentially from
$42.7 million to $40.6 million at quarter end, and to $30.4 million as of 10/31/17.
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer commented, "During the third
quarter, the oil and gas industry experienced sequentially higher
activity levels, but at a much more tempered pace from growth rates
experienced in previous quarters. Commentary surrounding completion
services inefficiencies, tightness in horsepower availability and
overall delays is consistent with challenges our clients continue
to navigate. Clearly, these challenges had an impact on our Energy
Chemistry Technologies ("ECT") segment, which was also impacted due
to previously disclosed hurricane related issues. In addition to
the challenges associated with hurricane Harvey, we experienced
disappointing declines primarily in our Rockies region. Higher
commodity prices and expanding takeaway capacity should help our
cadence in this region in the future.
"Our Consumer and Industrial Chemistry Technologies ("CICT")
segment continues to be the cornerstone of our Company's leadership
in maximizing the value chain in citrus oils. Hurricane Irma
has impacted our outlook for declining material costs in this
segment which we believed would have become a tailwind across the
Company, primarily transferred to our ECT business. While the
damage to Florida's crops was
significant, we believe it will eventually be offset with the large
growth ongoing in the Brazilian crops. We are beginning to see
success in our expansions into Japan and believe higher margin opportunities
in CICT will continue to present themselves through growing
distribution channels. We initially expected greater revenue
declines in the quarter, but after Irma, we have begun to see
growing spot market opportunities which highlights our strong
positioning in the supply chain to our clients. We continue
to be well positioned on our raw materials to meet internal and
external needs.
"Having addressed what we believe to be underwhelming headline
results for the third quarter, let me address the positive
structural changes we have made with our SG&A and further
planned reductions, which we expect to maximize future cash flow
efficiencies of the Company going forward. We remain laser focused
on maximizing free cash flow as a Company, and to that extent we
generated $7 million in free cash
flow during the quarter. This will continue to be a primary focus,
accomplished through ongoing cost reduction initiatives, increased
pace of new product development to address market needs and
continued uptake of our Complex nano-Fluid® (CnF®) offerings and
our Prescriptive Chemistry ManagementSM
(PCMSM) solutions. Additionally, our strong market
positioning in our CICT business at Florida Chemical should allow
us to continue to navigate citrus supply challenges, and execute
higher margin opportunities going forward.
"Total debt has been lowered 37% to approximately $30 million currently, down from $48 million at the beginning of the year. Flotek
remains financially sound, and our liquidity remains strong.
Our ability to quickly scale growth programs in both segments
maximizes our opportunities to allocate capital efficiently, and
potentially execute further stock buy-backs.
"Hurricane Irma has impacted our outlook for declining raw
material pricing in the near term, and into 2018. We believe this
temporary disruption will eventually moderate, however we will
adjust our cost structure accordingly to protect the cash flow
capabilties of our Company. Meanwhile, the oil and gas industry is
beginning to face inflationary pressures while our clients remain
cost conscious in a lower for longer period of commodity prices.
Despite this dynamic, we continue to see an increasing focus in
scalable optimization programs and projects both in the field and
through our industry leading Research & Innovation (R&I)
facility. We will continue to execute on our plan to
structurally reduce SG&A expenses which we believe will create
significant long term shareholder value and maximize our cash flow
leverage going forward."
Third Quarter 2017 Results
For the three months ended
September 30, 2017, Flotek reported
revenue of $79.5 million, an increase
of $15.1 million, or 23.5%, compared
to $64.3 million in the same period
of 2016. Revenue decreased $5.7
million, or 6.7%, compared to the second quarter of
2017.
Flotek reported Loss from Continuing Operations for the three
months ended September 30, 2017 of
$3.4 million, an increase of
$1.5 million compared to Loss from
Continuing Operations of $1.9 million
in the same period of 2016. Loss from Continuing Operations
increased $2.3 million compared to
second quarter 2017. On a GAAP basis, Flotek reported loss per
share (fully diluted) for the three months ended September 30, 2017 of ($0.06) from continuing operations compared to
loss per share (fully diluted) of ($0.03) for the three months ended September 30, 2016. Excluding non-cash G&A of
$2.0 million, net of tax, or
$0.03 per share, adjusted EPS from
continuing operations was ($0.03) for
the three months ended September 30,
2017, compared to adjusted EPS from continuing operations of
$0.01 for the three months ended
September 30, 2016.
Earnings Before Interest, Taxes, Depreciation and Amortization,
or EBITDA, for the three months ended September 30, 2017, was $0.2 million, compared to $0.4 million for the three months ended
September 30, 2016. Third quarter
2017 adjusted EBITDA, which excludes $3.0
million of non-cash G&A, was $3.3
million. Management believes that adjusted EBITDA provides
useful information to investors to better assess and understand
operating performance and cash flows.
A summary income statement reflecting third quarter results can
be found at the conclusion of this release.
Third Quarter 2017 – Segment Highlights
|
3Q
2017
|
2Q
2017
|
%
Change
|
3Q
2016
|
%
Change
|
Energy Chemistry
Technologies ("ECT")
|
Revenue
|
$61.2
million
|
$65.9
million
|
(7.1%)
|
$45.0
million
|
35.8%
|
Gross
Margin
|
30.6%
|
34.6%
|
(399)
bps
|
40.4%
|
(975)
bps
|
Income From
Operations
|
$6.9
million
|
$9.3
million
|
(26.2%)
|
$6.2
million
|
10.8%
|
Adj.
EBITDA
|
$11.7
million
|
$15.9
million
|
(26.0%)
|
$10.6
million
|
11.1%
|
Adj. EBITDA
Margin
|
19.2%
|
24.1%
|
(487)
bps
|
23.5%
|
(428)
bps
|
Consumer and
Industrial Chemistry Technologies ("CICT")
|
Revenue
|
$18.3
million
|
$19.3
million
|
(5.2%)
|
$19.3
million
|
(5.3%)
|
Gross
Margin
|
16.4%
|
17.0%
|
(59)
bps
|
21.6%
|
(518)
bps
|
Income From
Operations
|
$1.0
million
|
$1.2
million
|
(19.0%)
|
$2.4
million
|
(59.5%)
|
Adj.
EBITDA
|
$1.9
million
|
$2.1
million
|
(12.0%)
|
$3.2
million
|
(42.4%)
|
Adj. EBITDA
Margin
|
10.2%
|
11.0%
|
(78)
bps
|
16.7%
|
(656)
bps
|
|
* Percentage
change may be different when calculated due to
rounding.
|
** Segment adj.
EBITDA excludes stock based compensation and R&I
allocations.
|
Energy Chemistry Technologies Highlights (ECT):
- Segment revenues decreased 7.1% sequentially to $61.2 million, and increased 35.8%
year-over-year.
- Global Complex nano-Fluid® (CnF®) volumes and revenue declined
12.9% and 11.2%, respectively, from the second quarter, and
increased 23.1% and 28.7% year-over-year.
- Domestic Complex nano-Fluid® (CnF®) volumes and revenue
declined 18.4% and 16.3%, respectively, from the second quarter,
and increased 19.1% and 27.3% year-over-year.
- Conventional chemistry (Non-CnF) revenue increased 2.5%
sequentially from the second quarter 2017 with continued success of
our Prescriptive Chemistry ManagementSM
(PCMSM) solutions.
- Sequentially, segment gross margins declined by ~400 basis
points to 30.6% due to lower CnF® sales mix, while EBITDA margins
declined ~500 bps to 19.2%.
- International revenues increased 85.3% sequentially from the
second quarter and 14.3% from the third quarter 2016, primarily due
to increased CnF® sales.
- Long term domestic CnF® trends remain positive as volumes have
increased 98.5% since the cycle peak in 3Q 2014 relative to EIA
completion data (as of 10/16/17), which has declined 44.6%, and the
U.S. Land Rig Count, which is down 49.5%.
Consumer and Industrial Chemistry Technologies Highlights
(CICT):
- Segment revenues decreased 5.2% sequentially to $18.3 million, and decreased 5.3%
year-over-year.
- Sequentially, segment gross margins declined by ~60 basis
points to 16.4%, while EBITDA margins declined by ~80 basis points
to 10.2%.
- Declining topline and margin for CICT in the quarter was driven
by anticipated larger orange crops in Brazil and Florida for the coming season, resulting in
lower prices for citrus oils.
- The impact from Hurricane Irma is expected to benefit pricing
in the near term, as citrus oil prices remain elevated.
- Our new distillation tower is nearing completion, and should be
operational by December.
Balance Sheet and Liquidity
Net Debt decreased 9.3%
from $39.3 million to $35.6 million, sequentially, while working
capital benefits were $6.0 million
primarily driven by inventory and accounts receivable reductions.
Total liquidity at quarter end was $39.2
million. Our current balance on our credit facility as of
October 31, 2017 was $30.4 million, compared to $42.7 million at the end of the second quarter,
and current liquidity is at $47.5
million.
Flotek Outlook
In commenting about Flotek's outlook,
Mr. Chisholm added, "For the fourth quarter, we are anticipating a
typical slowdown through the holidays in our ECT segment in line
with clients' activity levels and fewer daylight hours. In
our CICT segment, we expect the top line to modestly decline
sequentially with typical seasonality, but outperform last year's
quarter year-over-year. We anticipate consolidated G&A to
continue to decline, while segment G&A to be somewhat flat
sequentially and capital expenses to be in the $3 million to $5 million range."
Conference Call Details
Flotek will host a conference
call on Wednesday, November 8th, at
9:30 AM CDT (10:30 AM EDT) to discuss its operating results
for the three months ended September 30,
2017. To participate in the call, participants should dial
888-228-0565 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 develops and
delivers prescriptive chemistry-based technology, including
specialty chemicals, to clients in the energy, consumer industrials
and food & beverage industries. Flotek's inspired chemists draw
from the power of bio-derived solvents to deliver solutions that
enhance energy production, cleaning products, foods & beverages
and fragrances. In the oil and gas sector, Flotek serves major and
independent energy producers and oilfield service companies, both
domestic and international. 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.
|
Reconciliation of
Non-GAAP Items and Non-Cash Items Impacting Earnings
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
9/30/2017
|
|
9/30/2016
|
|
|
(in thousands,
except per share data)
|
GAAP Net Income
(Loss) and Reconciliation to Adjusted EBITDA
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
(GAAP)
|
$
(3,421)
|
|
$
(1,870)
|
|
$
(5,285)
|
|
$
(2,011)
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
574
|
|
518
|
|
1,718
|
|
1,536
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Benefit
|
17
|
|
(942)
|
|
(746)
|
|
(1,349)
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization (a)
|
3,068
|
|
2,730
|
|
9,091
|
|
7,380
|
|
|
|
|
|
|
|
|
|
EBITDA
(Non-GAAP)
|
$
238
|
|
$
436
|
|
$
4,778
|
|
$
5,556
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
Expense
|
3,026
|
|
3,463
|
|
9,679
|
|
8,591
|
|
|
|
|
|
|
|
|
|
|
Executive Retirement
Expense
|
-
|
|
-
|
|
950
|
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP)
|
$
3,264
|
|
$
3,899
|
|
$
15,407
|
|
$
14,147
|
|
|
|
|
|
|
|
|
|
Select Items
Impacting Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
& Executive Retirement Expense
|
$
3,026
|
|
$
3,463
|
|
$
10,629
|
|
$
8,591
|
|
|
|
|
|
|
|
|
|
|
Less income tax
effect at 35%
|
(1,059)
|
|
(1,212)
|
|
(3,720)
|
|
(3,007)
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
& Executive Retirement Expense, net of tax
|
$
1,967
|
|
$
2,251
|
|
$
6,909
|
|
$
5,584
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding (Fully Diluted)
|
57,602
|
|
56,899
|
|
57,709
|
|
55,523
|
|
|
|
|
|
|
|
|
|
Stock Compensation
& Executive Retirement Expense Per Share (Fully
Diluted)
|
$
0.03
|
|
$
0.04
|
|
$
0.12
|
|
$
0.10
|
|
(a) D&A
reflects additional D&A included in consolidated Cost of
Revenues.
|
|
* Management believes
that adjusted EBITDA for the three and nine months ended September
30, 2017, and September 30, 2016, is useful to investors to assess
and understand operating performance, especially when comparing
those results with previous and subsequent periods. Management
views the expenses associated with executive retirement to be
outside of the Company's normal operating results. Management
analyzes operating results without the impact of the above items as
an indicator of performance, to identify underlying trends in the
business and cash flow from continuing operations, and to establish
operational goals.
|
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands,
except share data)
|
|
|
|
September 30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
4,942
|
|
$
4,823
|
Accounts receivable,
net of allowance for doubtful accounts of $1,089 and $664
at September 30, 2017 and
December 31, 2016, respectively
|
56,008
|
|
47,152
|
Inventories
|
70,716
|
|
58,283
|
Income taxes
receivable
|
2,649
|
|
12,752
|
Assets held for
sale
|
4,135
|
|
43,900
|
Other current
assets
|
10,881
|
|
21,708
|
Total current
assets
|
149,331
|
|
188,618
|
Property and
equipment, net
|
73,711
|
|
74,691
|
Goodwill
|
56,660
|
|
56,660
|
Deferred tax assets,
net
|
21,190
|
|
12,894
|
Other intangible
assets, net
|
48,851
|
|
50,352
|
TOTAL
ASSETS
|
$
349,743
|
|
$
383,215
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
21,725
|
|
$
29,960
|
Accrued
liabilities
|
12,323
|
|
12,170
|
Interest
payable
|
30
|
|
24
|
Liabilities held for
sale
|
1,586
|
|
4,961
|
Current portion of
long-term debt
|
40,589
|
|
40,566
|
Total current
liabilities
|
76,253
|
|
87,681
|
Long-term debt, less
current portion
|
—
|
|
7,833
|
Total
liabilities
|
76,253
|
|
95,514
|
Commitments and
contingencies
|
|
|
|
Equity:
|
|
|
|
Cumulative
convertible preferred stock, $0.0001 par value, 100,000
shares authorized; no shares
issued and outstanding
|
—
|
|
—
|
Common stock, $0.0001
par value, 80,000,000 shares authorized; 60,621,786
shares issued and 56,802,456 shares
outstanding at September 30, 2017; 59,684,669 shares issued and 56,972,580 shares outstanding at
December 31, 2016
|
6
|
|
6
|
Additional paid-in
capital
|
334,490
|
|
318,392
|
Accumulated other
comprehensive income (loss)
|
(822)
|
|
(956)
|
Retained earnings
(accumulated deficit)
|
(28,736)
|
|
(9,830)
|
Treasury stock, at
cost; 3,354,344 and 2,028,847 shares at September 30, 2017
and December 31, 2016,
respectively
|
(31,806)
|
|
(20,269)
|
Flotek Industries,
Inc. stockholders' equity
|
273,132
|
|
287,343
|
Noncontrolling
interests
|
358
|
|
358
|
Total
equity
|
273,490
|
|
287,701
|
TOTAL LIABILITIES
AND EQUITY
|
$
349,743
|
|
$
383,215
|
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
9/30/2017
|
|
9/30/2016
|
|
9/30/2017
|
|
9/30/2016
|
|
(in thousands,
except per share data)
|
|
(in thousands,
except per share data)
|
Revenue
|
$
79,458
|
|
$
64,337
|
|
$ 244,589
|
|
$ 192,227
|
Cost of
revenue
|
57,718
|
|
41,983
|
|
169,016
|
|
124,362
|
Gross
profit
|
21,740
|
|
22,354
|
|
75,573
|
|
67,865
|
Expenses:
|
|
|
|
|
|
|
|
Corporate general and
administrative
|
10,346
|
|
10,302
|
|
33,773
|
|
30,398
|
Segment selling and
administrative
|
9,277
|
|
9,775
|
|
28,972
|
|
26,879
|
Depreciation and
amortization
|
2,540
|
|
2,217
|
|
7,464
|
|
6,024
|
Research and
development
|
2,691
|
|
2,327
|
|
9,940
|
|
6,323
|
(Gain) loss on
disposal of long-lived assets
|
(11)
|
|
(14)
|
|
401
|
|
(29)
|
Total
expenses
|
24,843
|
|
24,607
|
|
80,550
|
|
69,595
|
Loss from
operations
|
(3,103)
|
|
(2,253)
|
|
(4,977)
|
|
(1,730)
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
expense
|
(574)
|
|
(518)
|
|
(1,718)
|
|
(1,536)
|
Other (expense)
income, net
|
273
|
|
(41)
|
|
664
|
|
(94)
|
Total other
expense
|
(301)
|
|
(559)
|
|
(1,054)
|
|
(1,630)
|
Loss before income
taxes
|
(3,404)
|
|
(2,812)
|
|
(6,031)
|
|
(3,360)
|
Income tax (expense)
benefit
|
(17)
|
|
942
|
|
746
|
|
1,349
|
Loss from
continuing operations
|
(3,421)
|
|
(1,870)
|
|
(5,285)
|
|
(2,011)
|
Income (loss) from
discontinued operations, net of tax
|
319
|
|
(876)
|
|
(13,621)
|
|
(33,200)
|
Net
loss
|
$
(3,102)
|
|
$
(2,746)
|
|
$
(18,906)
|
|
$
(35,211)
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per common share:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.06)
|
|
$
(0.03)
|
|
$
(0.09)
|
|
$
(0.04)
|
Discontinued
operations, net of tax
|
0.01
|
|
(0.02)
|
|
(0.24)
|
|
(0.60)
|
Basic earnings (loss)
per common share
|
$
(0.05)
|
|
$
(0.05)
|
|
$
(0.33)
|
|
$
(0.64)
|
Diluted earnings
(loss) per common share:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.06)
|
|
$
(0.03)
|
|
$
(0.09)
|
|
$
(0.04)
|
Discontinued
operations, net of tax
|
0.01
|
|
(0.02)
|
|
(0.24)
|
|
(0.60)
|
Diluted earnings
(loss) per common share
|
$
(0.05)
|
|
$
(0.05)
|
|
$
(0.33)
|
|
$
(0.64)
|
Weighted average
common shares:
|
|
|
|
|
|
|
|
Weighted average
common shares used in computing basic earnings (loss) per common
share
|
57,602
|
|
56,899
|
|
57,709
|
|
55,523
|
Weighted average
common shares used in computing diluted earnings (loss) per common
share
|
57,602
|
|
56,899
|
|
57,709
|
|
55,523
|
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
(in
thousands)
|
|
Nine Months
Ended
|
|
9/30/2017
|
|
9/30/2016
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$ (18,906)
|
|
$ (35,211)
|
Loss from
discontinued operations, net of tax
|
(13,621)
|
|
(33,200)
|
Loss from continuing
operations
|
(5,285)
|
|
(2,011)
|
Adjustments to
reconcile loss from continuing operations to net cash provided by
(used in) operating activities:
|
|
|
|
Depreciation and
amortization
|
9,091
|
|
7,380
|
Amortization of
deferred financing costs
|
376
|
|
308
|
Loss (gain) on sale
of assets
|
401
|
|
(29)
|
Stock compensation
expense
|
9,679
|
|
8,591
|
Deferred income tax
benefit
|
(8,290)
|
|
(6,309)
|
Reduction in tax
benefit related to share-based awards
|
915
|
|
883
|
Changes in current
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
(8,704)
|
|
(7,572)
|
Inventories
|
(12,213)
|
|
(2,959)
|
Income taxes
receivable
|
9,254
|
|
(13,687)
|
Other current
assets
|
12,649
|
|
(51)
|
Accounts
payable
|
(8,262)
|
|
5,959
|
Accrued
liabilities
|
1,561
|
|
10,434
|
Income taxes
payable
|
-
|
|
(1,807)
|
Interest
payable
|
6
|
|
45
|
Net cash provided by
(used in) operating activities
|
1,178
|
|
(825)
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(6,155)
|
|
(10,618)
|
Proceeds from sales
of businesses
|
18,490
|
|
-
|
Proceeds from sale of
assets
|
321
|
|
38
|
Payments for
acquisition, net of cash acquired
|
-
|
|
(7,863)
|
Purchase of patents
and other intangible assets
|
(817)
|
|
(311)
|
Net cash provided by
(used in) investing activities
|
11,839
|
|
(18,754)
|
Cash flows from
financing activities:
|
|
|
|
Repayments of
indebtedness
|
(9,833)
|
|
(15,398)
|
Borrowings on
revolving credit facility
|
310,021
|
|
256,738
|
Repayments on
revolving credit facility
|
(307,998)
|
|
(249,324)
|
Debt issuance
costs
|
(106)
|
|
(147)
|
Reduction in tax
benefit related to share-based awards
|
-
|
|
(883)
|
Purchase of treasury
stock related to share-based awards
|
(1,500)
|
|
(925)
|
Proceeds from sale of
common stock
|
530
|
|
30,610
|
Repurchase of common
stock
|
(4,174)
|
|
-
|
Proceeds from
exercise of stock options
|
21
|
|
134
|
Net cash (used in)
provided by financing activities
|
(13,039)
|
|
20,805
|
Discontinued
operations:
|
|
|
|
Net cash used in
operating activities
|
(695)
|
|
(82)
|
Net cash provided by
investing activities
|
708
|
|
74
|
Net cash flows
provided by (used in) discontinued operations
|
13
|
|
(8)
|
Effect of changes in
exchange rates on cash and cash equivalents
|
128
|
|
48
|
Net increase in
cash and cash equivalents
|
119
|
|
1,266
|
Cash and cash
equivalents at the beginning of period
|
4,823
|
|
2,208
|
Cash and cash
equivalents at the end of period
|
$
4,942
|
|
$
3,474
|
View original
content:http://www.prnewswire.com/news-releases/flotek-industries-inc-announces-third-quarter-2017-results-300551643.html
SOURCE Flotek Industries, Inc.