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.