FLOTEK ANNOUNCES SECOND QUARTER 2020 EARNINGS RESULTS Adjusted EBITDA Loss Narrows Maintains Strong Balance Sheet Launch of Premium-Grade Sanitizer Operations HOUSTON, August 5, 2020 – Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced results for the three months and full year ended June 30, 2020. As a result of the Company’s recent acquisition of JP3 in May, Flotek is presenting its results as two reported segments: Chemistry Technologies and Data Analytics. John W. Gibson, Jr., Chairman, President, and Chief Executive Officer, stated: “The oil and gas market is experiencing unprecedented disruption. We continue to face challenges related to the oversupply of crude oil and the global health crisis, which has led to a sharp reduction in prices and limitations of storage capacity. As we look forward, we continue to transform our long-term strategy and adapt to an evolving environment. We remain focused on our digital transformation through our recent acquisition of JP3, a leading data and analytics technology company, which diversifies our revenue stream and better serves our customers amidst accelerating digital transformation in the energy industry. Our near-term growth opportunities in our Data Analytics segment include continued acceleration of our Data-as-a-Service (DaaS) product offerings and expansion of our reach into international markets. Additionally, the recent launch of our premium-grade sanitizer operations exemplifies how we are adapting and reallocating our existing chemistries and production capabilities to new business that will drive greater returns.” Second Quarter Financial Results Effective April 1, 2020, Flotek’s Energy Chemistry Technologies segment has been renamed the Chemistry Technologies segment and also includes the Company’s recently launched sanitizer operations. Flotek’s second segment, Data Analytics, was created in conjunction with the acquisition of JP3 Measurement, LLC (“JP3”). Second quarter results for the Data Analytics segment only include JP3 business operations after May 18, 2020, the date of the acquisition, through the end of the quarter.  Flotek generated second quarter 2020 consolidated revenue of $8.9 million for three months ended June 30, 2020 compared to $34.7 million in the second quarter 2019 and declined 54.3% from $19.4 million on a sequential basis. Consolidated revenue continues to be impacted by a volatile macro-environment for U.S. onshore drilling and completion activity, further impacted by global economic events, as well as concerns related to COVID-19 pressuring productivity and customer demand.  Reported a loss from continuing operations for the second quarter 2020 of $9.6 million, or a loss of $0.14 per diluted share, compared to a loss from continuing operations in the second quarter 2019 of $12.8 million, or a loss of $0.22 per diluted share. The loss of $9.6 million included a $0.6 million gain on lease termination related to the termination of the corporate headquarters lease.  Consolidated operating expenses (excluding depreciation and amortization) were $11.6 million in the second quarter 2020, down 69.5% from $38.1 million in the same period last year, primarily reflecting lower fixed and variable costs.  Corporate general and administrative expenses for the second quarter of 2020 were $5.4 million compared to $6.1 million for the second quarter of 2019.  Adjusted EBITDA for the second quarter 2020 was a loss of $6.8 million which narrowed from the loss of $9.4 million during the second quarter of 2019 driven by headcount and expense reductions


The following information was filed by Flotek Industries Inc (FTK) on Thursday, August 6, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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