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Flotek Industries Inc (FTK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Flotek Industries Inc

CIK: 928054 Ticker: FTK
        


Exhibit 99.1

    FLOTEK ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 RESULTS

image_0a.jpgHOUSTON, March 30, 2021 - Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced results for the fourth quarter and full-year ended December 31, 2021.

“In 2021 we focused on strengthening the fundamentals of our business to emerge as a stronger organization primed for metamorphic opportunities in 2022 and beyond. I am extremely proud of our progress building collaborative partnerships to enhance the energy industry’s delivery of responsible energy production through our sustainable chemistry technology and digital analytics solutions. This focus resulted in a long-term contract, subject to shareholder approval, valued at over $2B in revenues over the next decade with a leader in North American hydraulic fracturing services, ProFrac. Our flawless execution culture contributed to our success in achieving a zero total recordable incident rate (TRIR) and zero non-productive time (NPT) for our customers,” said John W. Gibson, Jr., Chairman, President, and Chief Executive Officer.

“Flotek now stands as an operationally efficient organization positioned for profitable, long-term growth with a team poised to execute on our mission of delivering solutions that reduce the environmental impact of energy on air, water, land and people.”


Fourth Quarter and Full-Year 2021 Financial Results

Fourth Quarter 2021
Consolidated Revenues: Flotek generated fourth quarter 2021 consolidated revenue of $12.2 million, up 20% from $10.2 million in the third quarter, and generally flat compared to $12.1 million in the fourth quarter 2020. The sequential improvement was driven by increased activity with domestic and international energy chemistry customers.
Consolidated Cost of Goods Sold: In 2021, the company changed its presentation of the Consolidated Statement of Operations to better differentiate costs of goods sold from other operational costs. Segment sales, marketing and research and development costs are now included in selling, general and administrative expenses discussed below. Cost of goods sold (“COGS”) for the fourth quarter of 2021 was $13.1 million versus $4.0 million for the third quarter 2021 and $23.0 million in the fourth quarter of 2020. The increase in costs between third and fourth quarter 2021 is affected by the net impact of a $7.6 million release of terpene purchase commitment in the third quarter. Year-over-year fourth quarter costs are down as 2020 included a $9.4 million accrual for the terpene purchase commitment.
Selling, General & Administrative Expenses: Selling, general and administrative (“SG&A”) expenses for the fourth quarter of 2021 were $5.8 million compared to $4.1 million in the third quarter, and $5.1 million for the fourth quarter of 2020. Fourth quarter 2021 expenses were higher by $0.8 million in costs associated with the restructuring of the sales force supporting chemistry technology as well as certain severance and performance compensation charges. Additionally, third quarter 2021 expenses were benefited by one-time employee retention credits of approximately $0.9 million.
Net Income/Loss: The Company recorded a net loss of $16.2 million in the fourth quarter 2021 and a net income of $0.5 million in the third quarter of 2021 which represents a loss of $0.22 per basic/diluted share and an income of $0.01 per basic/diluted share, respectively. The company recognized a net loss of $17.7 million, or a loss of $0.30 per basic/diluted share in the fourth quarter of 2020. The change in sequential results is primarily impacted by an $8.1 million goodwill impairment charge in the fourth quarter and a $7.6 million release of terpene purchase commitments in third quarter 2021. Year-over-year results reflect the effect of $9.4 million in terpene expense reserve included in 2020 results in conjunction with the current year goodwill impairment.
Adjusted EBITDA: Adjusted EBITDA for the fourth quarter 2021 was a loss of $5.7 million, an 10% improvement from the third quarter 2021 loss of $6.3 million, and a 16% improvement from the fourth quarter 2020 loss of $6.8 million. Chemistry Technology contributed $1.1 million in sequential improvement which was partially offset by losses in the Data Analytics segment and slight increases in R&D spending. Year-over-year results were impacted by chemistry technology earnings and reductions in compensation costs totaling $1.6 million and partially offset by losses in the Data Analytics segment.



The following information was filed by Flotek Industries Inc (FTK) on Thursday, March 31, 2022 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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Inside Flotek Industries Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Statements Of Comprehensive Loss
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (Parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Operations
Unaudited Condensed Consolidated Statements Of Stockholders??? Equity
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities - Schedule Of Current Accrued Liabilities (Details)
Business Segment, Geographic And Major Customer Information
Business Segment, Geographic And Major Customer Information (Tables)
Business Segment, Geographic And Major Customer Information - Assets By Reportable Segments (Details)
Business Segment, Geographic And Major Customer Information - Geographic Information (Details)
Business Segment, Geographic And Major Customer Information - Major Customers (Details)
Business Segment, Geographic And Major Customer Information - Reportable Segments (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Convertible Notes Payable
Debt And Convertible Notes Payable (Tables)
Debt And Convertible Notes Payable - Narratives (Details)
Debt And Convertible Notes Payable - Schedule Of Debt (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Monte Carlo Simulation (Details)
Fair Value Measurements - Narratives (Details)
Fair Value Measurements - Recurring (Details)
Fair Value Measurements - Rollforward (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Reconciliation Of Effective Tax Rate (Details)
Inventories
Inventories (Tables)
Inventories - Components Of Inventory (Details)
Inventories - Narratives (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense And Supplemental Cash Flow Information (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narratives (Details)
Leases - Supplemental Balance Sheet Information (Details)
Organization And Nature Of Operations
Organization And Nature Of Operations - Narrative (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Components Of Property And Equipment (Details)
Property And Equipment - Narratives (Details)
Related Party Transaction
Related Party Transaction (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Stockholders??? Equity
Stockholders??? Equity - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Reclassifications (Details)
Summary Of Significant Accounting Policies - Restricted Cash (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)

Material Contracts, Statements, Certifications & more

Flotek Industries Inc provided additional information to their SEC Filing as exhibits

Ticker: FTK
CIK: 928054
Form Type: 10-Q Quarterly Report
Accession Number: 0000928054-22-000124
Submitted to the SEC: Mon May 16 2022 5:18:38 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Miscellaneous Chemical Products

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