Flotek Industries, Inc. Announces Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 27, 2016 at 05:20 pm
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Flotek Industries Inc. announced audited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company posted revenue of $77.0 million, a decrease of $47.5 million, or 38.1%, compared to $124.5 million in the same period of 2014. Loss from operations was $2.1 million, a decrease of $25.6 million compared to $23.6 million in the same period of 2014. Loss from operations was $2,054,000 against income from operations of $23,568,000 a year ago. Loss before income taxes was $2,539,000 against income before income taxes of $23,128,000 a year ago. On a GAAP basis, net loss per share (fully diluted) was $0.03 compared to earnings per share (fully diluted) of $0.29 for the three months ended December 31, 2014. EBITDA was $2.3 million, a decrease of $25.7 million compared to $28.1 million for the three months ended December 31, 2014.
For the year, the company reported revenue of $334.4 million, a decrease of $114.8 million, or 25.6%, compared to the year ended December 31, 2014. The decrease in revenue was primarily due to the drastic drop in oilfield market activity resulting from the 47.8% decrease in the average North American active rig count from 2014 to 2015. Loss from operations was $19.2 million against income from operations of $80,888,000 a year ago. Loss before income taxes was $21,116,000 against income before income taxes of $78,884,000 a year ago. Net loss was $13.5 million or $0.25 per share (fully diluted) compared to net income of $53.6 million or $0.97 per share (fully diluted) for the year ended December 31, 2014. Adjusted EBITDA (a non-GAAP measure of financial performance) was $19.0 million, compared to $98.3 million for the year ended December 31, 2014. Net cash provided by operating activities was $26,671,000 against $48,687,000 a year ago. Capital expenditures were $20,468,000 against $19,907,000 a year ago.
Flotek Industries, Inc. is a technology-driven, specialty green chemistry and data company. The Companyâs segments include Chemistry Technologies and Data Analytics. The Companyâs Chemistry Technologies segment designs, develops, manufactures, packages and distributes green, specialty chemicals that help customers improve their return on invested capital, lower operational costs and realize tangible environmental benefits aimed at enhancing the profitability of hydrocarbon producers. The Companyâs Data Analytics segment provides analytics associated with their hydrocarbon streams in seconds rather than minutes or days. The real-time access to information prevents waste, reduces reprocessing and allows users to pursue automation of their hydrocarbon streams to increase their profitability. It helps customers across industrial and commercial markets improve their environmental performance. It serves specialty chemistry needs for both domestic and international energy markets.