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Thump, same thing today, there now shows 64,000 at the ask of .26. Interesting that doesnt get filled or at least partial filled as I was able to pick up shares at .25 today.
Aren't you retired then? Why you day trade if you have millions?????
Hey picked up 11000 more shares today @ .25 ... That finally gets me well over 100,000 just need the increased sales to kick in (fda influence) on top of reoccuring revenues and we can get this stock off to the races. I just can't see insiders buying their own stock on the open market at .25 cents if they believe their future isn't bright. Why else would they buy their own stock at current market price. I feel like I have made wise investments but to each his own. Looking forwArd to coming results.
Erpy
Yipee Wtg longs. Weeeee!!! More to come I think. Nice to breakthroughs the 10's. Glta
Well if a company that is growing and producing numbers like FTK especially with their technology (fracking) then I would hate to see where the rest of the market is going..If your going to short there has to be a million worse companies then FTK..
Those that bought yesterday under 9 will be happy today I think. Daddy Fat I bet was buying yesterday under 9. I say CHRISTMAS Rally:).
Merry Christmas..
Eric
If I had cash I would be loading up under 9.. worth much more and there was significant buying in the 10's. Daddy probably buying today. Just my opinion make your own decision.
Erpy
Anybody watching Level 2 toady on FTK.. There has been some pretty large buys today and it looks like some significant fund buying as that sure isnt retail buying.. Looks very interesting to me.
Eric
I am still loaded to the gills. I think this one has more room to run and remains a good value play..Technicals look good on it too.. Love this company and this stock. GLTA even the day traders.
That is a great summary of the reasons to own this stock IMHO.. It does get frustrating to me the way they keep the spread which is just crazy and almost criminal.. Wish some type of news would break to give this company just a bit more recognition and volume so this outlandish spread would get fixed. I am hoping we see some real improvement in sales this quarter...
Loaded to the gills and if Flotek keeps going might even be able to buy a few more REPR in the future.
Eric
I know I am sure glad I was selling 90% of my shares into the conference call (at .18) and the rest of them immediately afterwards. Still wish the best for the long term shareholder but OUCH down to .05 would have hurt my portfolio. Glad I did what i thought was best for me instead of listening to some of the experts on this board.
.05 or below on the ask I might join back on!
Clip,
What is the brand name of the pump you like more?? Regardless competition is always a good thing and I loaded up on this stock because I believe they will be gaining market share and might be a great buy out target in a small niche market.
Raw when is November quarter results due out???. I wish the company would give us a few small updates other then their filings. One thing to be said for sure is that they dont promote the stock.. I guess I like a penny stock that concentrates on selling their products instead of worhtless stock certificates. Another reason I have confidence in them. Also I dont understand why insiders would buy their own stock if they beleive their future is looking meek.
These are all things I hope CLIP is considering.. This isnt the usual penny stock dilution factory.
Eric
Welcome to the board. I have a few question for you. Have you used repr products based on your occupation? If so what did you think of them? Also sound like your pointing out they have competition which have cheaper cost. If so have you used these competitors products and how did you think they compared to repr? Thanks for pointing this out! Hope you can share more!
Weeeee this is fun... I agree 100%. At 10 we may get more interested in this stock.. Wtg to all longs
Hmm nice, just had to complain. Finally pick up the rest today .@ .27... Not perfect like those at .24 but not bad. I am locked and loaded and will just have to be patient and hope these guys come through for me.
The thing that is a shame is that the Market Makers get away with this ridicolous spread.. Stock shows a 9 cent spread (.25 X .34) between the bid and the ask and the stock is very very hard to accumulate, trust me I know. I think their quarter ends in November and I will be anxious to see how it went. Wish this would just get a a bit more volume and do away with these unlawful spreads.
Eric
I agree would like to see it close above low resistance point of 8.64.. If it does I think there may be greener pastures ahead. Just my opinon do what works best for you glad I am loaded to the gills.
http://www.stockta.com/cgi-bin/analysis.pl?symb=FTK&num1=5&cobrand=&mode=stock
Interesting to see stock is down on a huge up day after outstanding earnings... Maybe some profit taking going on.
What price you buying at now for your next flip if you don't mind sharing...anything that makes retail investor money I am all for. I love this stock with all my core shares and feel it worth a lot more
Raw I have continued to add going for 100,000 shares before I stop. Typical crap today up 38% or .09 on ask on 327 shares volume. This thing is so thin if it would just get noticed it could fly. Wish CEO would do an updated interview from the one in 2008... Looks like he was a tad too optimistic back then but 2011 is suppose to be start of big increases revenues ... Also ask ir to update web site for their new accounting firm based on 8k filed on the 24th of October
Using EPS of .38 cents per share x 4 quarters x PE of 10 = $15.2 fair value.. Shorts Should have roasted and should roast with this companies turnaround.. The company is way undervalued and if wasn't for HUGE down market day we would and should start seeing some nice stock appreciation.
Eric
HOUSTON, Nov. 9, 2011 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK) ("Flotek" or the "Company") today announced results for the three months ending September 30, 2011.
As reported on Form 10-Q filed with the U.S. Securities and Exchange Commission, Flotek reported that revenue for the three months ended September 30, 2011 was $75.1 million, an increase of $35.1 million, or 87.7%, compared to $40.0 million for the same period in 2010. Revenue increased across all of the Company's segments due to improved pricing, increased drilling activity, increased market share and continued growth of industry demand for specialty oilfield products.
For the three months ended September 30, 2011, the Company reported net income attributable to common stockholders of $17.9 million, or $0.38 per common share (basic), compared to a net loss of $2.4 million, or ($0.09) per common share for the same period in 2010.
Included in the third quarter 2011 results was $7.8 million of non-cash income related to the change in the fair value of the warrant liability associated with the warrants issued in the August 2009 preferred stock offering. In the same quarter of 2010 the Company recorded non-cash expense related to the fair value of the warrant liability of $1.1 million.
Excluding the non-cash income related to the change in fair value of warrant liability the Company had net income attributable to common stockholders of $10.1 million or $0.21 per common share for the three months ended September 30, 2011.
"The first nine months of 2011 provide strong evidence that our repositioning of Flotek in the oilfield service landscape has been successful," said John Chisholm, Flotek's Chairman and President. "Flotek's record revenue in the third quarter resulted in strong profits and provides momentum on which to build into the final months of 2011. Our continued focus on leading oilfield technologies combined with our renewed emphasis on exceptional service to our customers has made Flotek a leader in specialty oilfield chemicals and drilling products. While pleased with our results, we continue to challenge ourselves to build a better Flotek for the future. Our focus on accelerating innovation – from new chemistries to improve completions and production to significant improvements in our oilfield tool technologies – combined with leadership in customer service are providing tremendous opportunities for future growth. We are excited about the future of Flotek, for the balance of 2011 and into the New Year."
A complete review and discussion of the Company's year-end financial position can be found in the Company's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission today.
Financial Update
As of September 30, 2011, the Company's cash balance was approximately $25.5 million compared to $7.1 million on September 30, 2010. The Company's cash balances have improved as a result of the improved operating environment and continued diligence in expense management. As of November 3, 2011, Flotek's cash balance was approximately $36.0 million The November 3rd balance includes approximately $3.4 million in federal tax refunds recently received.
Outstanding receivables, net of allowance for doubtful accounts, as of September 30, 2011 were $46.5 million, compared to $25.1 million as of September 30, 2010.
"Over the past two years – the result of our laser focus on improving our balance sheet and other financial metrics – Flotek's liquidity has improved dramatically," added Chisholm. "Combined with our undrawn $35 million revolving credit facility, our consistent increase in cash balances provides abundant liquidity for Flotek not only to operate and grow its business but also to attend to debt maturities in due course and consider other strategic ways to enhance shareholder value."
Flotek continues to review strategic options regarding our convertible notes. The Company currently has a total of $106.5 million of convertible notes outstanding that can be put to the Company, or called by the Company, in February, 2013. With continued improvement in the Company's operations, balance sheet and cash flows, Flotek believes it has a number of options available to continue to opportunistically position its balance sheet for future growth. The Company believes its liquidity should be more than sufficient to address any debt maturities in the normal course of business.
Operational Update
Oilfield activity and business fundamentals remained strong in the third quarter, resulting in growth in all business segments. The Company continues to experience solid growth in both its Chemicals and Drilling segments, a result of our improved marketing culture, continued leadership in delivering innovative oilfield technologies to market and penetration of new markets, both domestic and international. The Company continues to see opportunities for future growth for the balance of 2011 and into 2012.
In the Company's Chemicals' segment, revenue for the three months ended September 30, 2011, was $43.6 million, an increase of $25.4 million or 139.7% compared to $18.2 million in the year ago quarter. Increased oil-directed and liquid-rich natural gas drilling activity was driven by period over period favorable fluctuations in global oil prices and stable pricing on liquid-rich natural gas. Strategic adaptation of Chemicals' natural gas effective complex nanofluid micro-emulsifiers to oil effective complex nanofluid microemulsifiers in conjunction with increased customer demand and industry growth, particularly within the Bakken and Niobrara plays, contributed to the period over period increase in revenue. The Company's increased sales and cross-marketing efforts have resulted in increased industry recognition of the proven production efficiencies and environmental benefits derived from Chemicals' new and existing products and resulted in increased product demand for microemulsion products from both new and existing customers, in both domestic and international markets. These efforts have also introduced both new and existing customers to a broader range of products within the Company's portfolio.
The Company's logistics business realized increased revenue of 189.1% in the third quarter of 2011 versus comparable periods in 2010 due to on-going project completions and incremental new construction activity.
Chemicals segment income from operations for the quarter ended September 30, 2011 was $13.8 million, an increase of $7.8 million, or 131.6% compared to $6.0 million in the year ago period. While gross margins for the third quarter, 2011 of 39.9% were lower than the 44.8% in the year ago quarter, gross margins in the Chemicals segment increased from 37.8% in the second quarter of 2011.
As noted in the Company's second quarter release, Chemical segment margins have been impacted by a combination of raw material costs, product mix and pricing power. While the Company is focused on maximizing margins by controlling costs, short term margin volatility resulting from product mix stands in support of the longer-term goal of building a broader customer base which, over time, should result in durable margin growth. Moreover, price improvement realized in the second and third quarters of 2011 and continued growth in demand for core complex nanofluid chemistries stand in support of margin expansion.
"The continued strength of our chemicals business is a testament to our world-class research facilities and reenergized marketing program," added Chisholm. "In addition, as suggested in the second quarter, our strategy to focus on developing long-lasting relationships – while pressuring margins in the short-term – is already beginning to provide dividends in increased revenue and stabilizing margins. That said, we continue to focus on a number of initiatives that should further improve margins over time."
Drilling segment revenue for the period ending September 30, 2011, was $27.0 million, an increase of $9.8 million, or 56.9%, when compared to revenue of $17.2 million in the year ago period. Continued growth in overall drilling activity combined with Flotek's ability to capture additional market share in key regions contributed to the growth. Market share growth in both sales and rentals in regions such as the Permian Basin and the Eagle Ford shale play continue to benefit Flotek. In addition, growth in motor sales and our proprietary Teledrift Measurement While Drilling (MWD) product offerings continued to provide the major impetus for growth. International activity, especially Teledrift's continued growth in the Argentina market, also added to quarterly revenue. Activity in the Company's Galleon mining tools division also increased, a result of increased copper and gold prices. The Galleon business has strong order visibility well into 2012.
The evolution of Flotek's marketing efforts, including improved collaboration and cross-selling from Flotek's marketing team, has expanded both Flotek's customer base as well as the depth of relationships with Flotek customers.
Drilling Product segment income from operations totaled $5.6 million in the third quarter of 2011, an improvement of $3.2 million, or 138.7%, as compared to $2.3 million in the same period of 2010. Segment gross margins in the third quarter were 41.1%, compared to 37.1% in the third quarter of 2010.
Artificial Lift segment revenue for the three months ended September 30, 2011, totaled $4.5 million, relatively flat when compared to $4.6 million for the three months ended September 30, 2010. While persistent weakness in natural gas prices continued to depress new drilling activity in the Company's Powder River Basin coal bed methane region, the segment did benefit from a new focus on oil-based properties. In addition, the Company sold approximately $1.1 million in Petrovalve equipment to an international customer. The Company expects additional Petrovalve sales to the same customer into the first half of 2012. On an operating income basis, the Artificial Lift segment posted income of $1.8 million for the period ending September 30, 2011, compared to income from operations of $1.2 million in the third quarter of 2010.
"Record revenue and a focus on profitability resulted in a solid third quarter of which all members of the Flotek team can be proud," added Chisholm. "Moreover, we continue to build momentum through our commitment to research, a renewed focus on exceptional customer service and an improved marketing culture. Our goal remains to focus on innovative ways to improve performance, accelerate profitable growth and position Flotek for durable growth across cycles."
Flotek continues to make progress in international markets. Our work in the Middle East continues to yield increased activity in our chemicals segment. In addition, a number of solid opportunities for chemicals and drilling technologies have surfaced in the Middle East and South America. As noted earlier, the Company shipped and received payment for a $1.1 million order for Petrovalves from the national oil company in Venezuela.
"We have consistently said that the development of international markets will require both persistence and patience," added Chisholm. "Our hard work and focus continued to provide rewards in the third quarter, with the addition of new geographies and customers to Flotek's international relationships. While there is still significant work to do before we lay claim to being a major international oilfield player, we are pleased with our progress and believe our strategy will continue to show steady, sustainable international growth into 2012 and beyond."
October 2011 Snapshot
As noted in the past, fourth quarter results can be impacted by the anticipation of the holiday season as well as unanticipated flurries of winter weather. That said, we believe the fourth quarter is off to a robust start and believe the Company can build on the positive results experienced in the third quarter. Early results suggest October revenue will be greater than $25 million.
"Interest in Flotek products and services continues to grow," concluded Chisholm. "Our focus on using our world-class chemistry research laboratory to customize the application of our Complex Nanofluid suite of chemistries for specific basins and customers combined with advances in our drilling technologies, especially Teledrift and our downhole motors, continues to support improved market share. While it is difficult to predict what the recent global economic morass and market reverberations will mean to oilfield activity, we feel we are well positioned to continue our quest for profitable growth and remain on track to exceed our 2011 objectives. While we believe recent volatility in commodity prices is likely to continue in the short term, it is unlikely such short-term fluctuations will have a meaningful impact on our business. The Flotek team remains excited about our prospects through the remainder of 2011 and into the coming year."
"We are in the early stages of our 2012 budgeting process and are excited about growth beyond current levels," added Chisholm. "Moreover, we are excited about the opportunity to smartly deploy cash in carefully selected capital projects that will further enhance Flotek's product and service offerings, improve customer reach and prepare the Company for more dynamic growth in 2012 and beyond."
Conference Call Details
Flotek will host a conference call on Thursday, November 10, 2011 at 7:30 a.m. Central Standard Time to discuss its operating results for the three months ended September 30, 2011.
To participate in the call, participants should dial 1-800-698-1231 approximately 5 minutes prior to the start of the call. The call can also be accessed from Flotek's website at www.flotekind.com.
Flotek to Present at Stephens, Inc. Conference
John Chisholm, Flotek Chairman and President will make a presentation at the Stephens, Inc. conference on Tuesday, November 15, 2011 in New York City. The presentation will start at 2:30 p.m. Eastern Standard Time. The slides used for the presentation will be posted to the Flotek website immediately prior to the presentation. The presentation will be webcast and can be accessed from Flotek's website at www.flotekind.com.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of innovative specialty chemicals and down-hole drilling and production equipment. Flotek manages automated bulk material handling, loading and blending facilities. 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 should, 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 filing 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.
SOURCE Flotek Industries, Inc.
Timestamp:
November 09, 2011 16:45:53 EST
Contact Information:
Investor Relations of Flotek Industries, Inc., +1-713-849-9911, IR@flotekind.com
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8196328
Last inside purchase was on 10/18 at .25.
Most of the day the stock was up to .32 and I think due to the low volume and the fact that it is so thinly traded it is easy for the Market Makers to set this stock with a huge spread and then the brokers skim the profits. Just be patient with your buys and you can get this thing cheap.. Insiders are buying at .25 so now is a great price I think.
I believe they basically made .003 the last quarter...
Lol they filled a buy at .25 at end of day with 400 shares @.24 anything to throw off retail investors I guess. Hate mm and the spread
I spend a lot time picking up shares between this crazy spread. I don't see any reason to pay the ask when I can get them cheap..Hope my continued buying patience pays off in the long hall.....
Wow perfect buy. I put a buy order in for a few hundred shares at 6.8 and felt great to see it went through. You must really know when to pull the trigger. I am already loaded but I think the future of this one is up up up...
Yes spread is nuts.. Just based on what you know today what do you conservatively estimates it value. I feel the company is worth .45 cents a share now, which is why I have been buying. Your conservative opinion please, no sugar coating or pumping included please? I also do not factor in possible buy out Target .....
Thanks good info... Bought 15000 more shares yesterday at.26.. Love this company wish they would give a few updates besides 10 q and 10 k. What kind of spread is that ????
Looking to add more next week at these great prices.. Thanks for updates on their upcoming shows. Raw hope your ready to make some serious money in the next 3 months :).
not to far off.. I think this heads to 8$ a share unless market just goes to crap.. Results are impressive and glad to own as much as i can in this one.
Yes sorry I see that now. I hope the best for all investors of course. I hope this pans out and those that hold get a great return, i think keeping a bit skeptic is always the best approach on penny stocks.
Sorry clobal.
Eric
What makes you believe you can count on a single number provided, if not independently audited.. I want to understand what give you faith in any of the numbers? Just curious? I am sure you realize there is a reason for auditing financials? Not implying anything in any fashion with this question just an honest question?
I know it a penny stock and I have seen many go to zero so the question is sincere.
Eric
I guess for me the call was a bit dis-appointing in the sense that there was no significant event that one might have expected for a companys first conference call. I am sure that is part of todays selling.. They seemed sincere.
I thought it was interesting that they bought each subscriber from the hedge fund at like 600$ per or something like that yet the hedge fund paid like 1800$ per subscriber and the reasoning was that the hedge fund contracted everything veruss WNRC doing most of it themselves. Pretty good that they get each subscriber at 600$ each yet the going market is $4000 per subscriber is it real?
I also dont like that they dont see being audited and fuly reporting as a very high objective. My experience is you can't trust numbers for anything if they are not fully audited. Heck it hard to trust numbers from even fully audited companies.
Anyway it sounds like they really need to get additonal subscribers and I would not expect any stock response until they close the LOI as a deal and/or find additional similar ones and subscribers. Wish they would have clarified if the end goal was to get enough subscribers that they would be a buyout target and what they thought would make them an attractive buyout target.
I guess we can hope the little bit of promotion they noted to a few nearby brokers will help but it didn't sound like they were pursuing obtaining/promoting additional shareholder interest as an additonal objective of the management team.
Just my honest two cents.
Lol I saw you posting over on the ACTC board the other day..Nice pre market action again as it hit 7.63 so far in pre market. Good luck to you today for you ...
I agree the results indicated were outstanding. I agree with any trading strategy that makes money. I am more a buy and hold investor as I think this company is worth now and in near future as much or more than it ever has.
Daddy congrats wtg
Daddy what price will you be flipping a few shares here if you don't mind me asking . I also have options like others here
Daddy I thought you sold at 6:14
Pre Market up 58 cents..3Q Exceed 74M !!! Yipee That truly is an outstanding quarter for the company.. Should got a great pop and I think 4Q will be good as well.
congrats to all longs.
Eric
Rawnoc,
I have approximately $16K in this company and I am looking to add another 5 to 10K in the next two months and maybe more.. I think we have a good chance at a 100% gain and possibly much more if they get bought out... I think those that are lucky enough to find this one or stumble upon it at these prices should be excited to own it going forward. Why would wife continue to buy $5,000 worth of stock at this time unless they believe it has an exciting future. Hope all of us are right on this one.
Eric
licker,
While I am not 100% sold on this company yet, one of the most attractive things about this penny stock is no dilution, low float, low oustanding shares and possibly making a profit (ie not audited finacials).
I have seen many many penny stocks that sell stock and virtually nothing else. I feel pretty comfortable that is not the case here. I also like the niche (spanish channels) this company has as spanish has become the 2nd language of america and I think makes them a great buy out target... Anyway thats why I have invested 100,000 shares and I am anxious to see if DAN is true to his words.
Eric