Exhibit 99.1

 

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Flotek Industries

10603 W. Sam Houston Pkwy N., Suite 300

Houston, TX 77064

Ph: 713-849-9911

www.flotekind.com

FLOTEK ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 RESULTS

— Recent Sale of Florida Chemical Provides Significant Increase in Financial Flexibility —

HOUSTON, March 6, 2019 — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced results for the three and twelve months ended December

 31, 2018. Since the results of the Company’s Consumer and Industrial Chemistry Technologies (“CICT”) segment are presented as discontinued operations for all periods, the financial discussion and comparisons substantially relate to Flotek’s continuing operations.

Full Year and Fourth Quarter Highlights

 

 

 

Increased customer adoption of the Company’s Prescriptive Chemistry Management® (“PCM®”) platform throughout 2018 and completed the Company’s transition to a full-service wellsite delivery offering in major domestic basins.

 

 

 

Continued to gain traction in key international regions, particularly with multiple clients in the Middle East.

 

 

 

Executed strategic cost reduction initiatives since the beginning of 2017 that have resulted in $19 million of total run rate savings in fourth quarter 2018 corporate general and administrative (“G&A”) and Research & Innovation (“R&I”) expenses, excluding stock compensation.

 

 

 

Enhanced corporate governance with the addition of two new independent and strategic members to Flotek’s Board of Directors during the year, while three long-standing board members stepped down.

 

 

 

Increased depth of Company’s executive leadership team through the appointment of a highly-experienced Chief Financial Officer at the end of the fourth quarter of 2018.

 

 

 

Grew fourth quarter 2018 domestic revenues by approximately 6% from the third quarter.

Financial Summary

 

 

 

Generated revenue of $43.4 million for the fourth quarter of 2018, as compared to $53.7 million for the third quarter and $55.3 million for the fourth quarter of 2017. Revenue for the full year 2018 was $177.8 million versus $243.1 million for 2017.

 

 

 

Increased fourth quarter 2018 income from continuing operations to $9.9 million, or $0.17 per diluted share, from a third quarter loss of $4.9 million, or $0.08 loss per diluted share, and a loss of $8.4 million, or $0.15 loss per diluted share, for the fourth quarter of 2017. For the full-year 2018, loss from continuing operations was $73.1 million, or $1.26 loss per diluted share, versus a loss of $17.5 million, or $0.30 loss per diluted share, for 2017.

 

 

 

Reported a fourth quarter 2018 adjusted loss from continuing operations of $6.1 million, or $0.10 loss per diluted share, as compared to a loss of $4.4 million, or $0.08 loss per diluted share, for the third quarter and a loss of $0.4 million, or $0.01 loss per diluted share, for the fourth quarter of 2017. Adjusted loss from continuing operations was $33.5 million, or $0.58 loss per diluted share, for the full-year 2018 versus $8.3 million, or $0.14 loss per diluted share, for 2017.

 

 

 

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), was a loss of $6.0 million for the fourth quarter of 2018, as compared to $0.6 million of earnings for the third quarter and $5.5 million of earnings for the fourth quarter of 2017. Full-year 2018 Adjusted EBITDA was a loss of $15.2 million versus $13.4 million of earnings in 2017.

 

 

 

Improved net debt position as of December 31, 2018, to $46.7 million, down $4.9 million from $51.6 million at September 30, 2018. Subsequent to December 31, 2018, and as a result of closing on the sale of Florida Chemical Company, LLC (“FCC”) effective February 28, 2019, Flotek received net proceeds of approximately $165 million, after transaction costs and a working


The following information was filed by Flotek Industries Inc (FTK) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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