-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JqGe/0ms9U19o7y6gho7NLJi6DZ4hK+UH/Cilg/pNxHKzY/ogvOpcUkzo1/yhCKQ MEu06M9oqsP9ZC44qr9P+g== 0000912057-99-001711.txt : 19991021 0000912057-99-001711.hdr.sgml : 19991021 ACCESSION NUMBER: 0000912057-99-001711 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990831 FILED AS OF DATE: 19991020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLOTEK INDUSTRIES INC/CN/ CENTRAL INDEX KEY: 0000928054 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084] IRS NUMBER: 120370187 FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-13270 FILM NUMBER: 99731327 BUSINESS ADDRESS: STREET 1: 7030 EMPIRE CENTRAL DRIVE CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7138499911 MAIL ADDRESS: STREET 1: 7030 EMPIRE CENTRAL DRIVE CITY: HOUSTON STATE: TX ZIP: 77040 10QSB 1 10QSB FLOTEK INDUSTRIES INC. AND SUBSIDIARIES UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10 - QSB (x) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarter ended August 31, 1999 ( ) Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (no fee required) Commission file number 1-13270 FLOTEK INDUSTRIES INC. (Exact name of registrant as specified in its charter) ALBERTA 77-0709256 (State or other jurisdiction of incorporation (I.R.S. Employer Identification No.) or organization) 7030 EMPIRE CENTRAL DRIVE, HOUSTON, TEXAS 77040 (Address of principal executive offices) (zip code) REGISTRANTS TELEPHONE NUMBER, INCLUDING AREA CODE (713) 849-9911 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes (x) No ( ) As of August 31, 1999 the number of shares of common stock outstanding was 48,493,295 Transitional Small Business Disclosure Format (check one): Yes ( ) No (x) 1 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Part 1 - Financial Information CONSOLIDATED BALANCE SHEETS
Assets August 31, August 31, 1999 1998 ---- ---- CURRENT ASSETS Cash $ (6,483) $ 69,210 Accounts receivable, less allowance for doubtful accounts of $25,569 and $5,311 453,609 469,450 Inventory 858,810 829,390 ------------ ------------- Total Current assets 1,305,936 1,368,050 FURNITURE AND EQUIPMENT 354,290 149,992 OTHER ASSETS 372,375 141,205 ------------ ------------- 2,032,601 1,659,247 ------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Note payable 171,307 30,000 Current portion of long-term debt 1,379,446 766,535 Due to related party - - Accounts payable and accrued liabilities 543,869 562,771 Accrued repurchase option - 264,085 ------------ ------------- Total current liabilities 2,094,622 1,623,391 LONG-TERM DEBT 138,004 12,802 COMMITMENTS - - SHAREHOLDERS' EQUITY Common stock-no par value; 1000,000,000 shares authorized; 48,493,295, issued and outstanding 18,384,295 17,870,210 Additional paid in capital 163,813 150,313 Equity adjustment from foreign currency translation (234,574) (284,622) Accumulated deficit (18,229,248) (17,712,847) ------------ ------------- Total Equity (200,025) 23,054 ------------ ------------- 2,032,601 1,659,247 -------------------------------
The accompanying notes are an integral part of these statements and should be read in conjunction herewith. 2 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Six Months Ended August 31, Ended August 31, 1999 1998 1999 1998 ---- ---- ---- ---- Sales 451,119 486,897 755,772 1,216,583 Cost and expenses: Cost of goods sold 194,918 400,979 380,800 748,798 Selling 222,749 301,264 461,134 620,813 General and administrative 77,381 283,385 188,371 504,481 Depreciation and amortization 13,127 15,670 24,303 30,853 Research and development - - - - ----------- ---------- ---------- ---------- 508,175 1,001,298 1,054,609 1,904,945 Loss from operations (57,056) (514,401) (298,837) (688,362) Other income (expense), net Interest (39,494) (42,301) (72,898) (84,737) Other 68 12,468 87,424 54,675 (39,426) (29,833) 14,526 (30,062) ----------- ---------- ---------- ---------- Net loss (96,482) (544,234) (284,310) (718,424) Basic and diluted loss per share .002 .013 .006 .021 Weighted average number of shares outstanding 45,680,795 43,180,795 48,493,295 43,180,795
The accompanying notes are an integral part of these financial statements and should be read in conjunction herewith 3 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES STATEMENT OF CASH FLOWS
Six Months Ended August 31, 1999 1998 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES Net loss for the period (284,310) (718,424) Adjustments to reconcile net losses to net cash used in operating activities Depreciation and amortization 24,303 30,853 Accretion of discount 4,639 44,261 Severence provision - 80,635 CHANGE IN ASSETS AND LIABILITIES (Increase) Decrease in accounts receivable (315,252) (41,984) Decrease (Increase) in inventory (73,171) 253,544 (Decrease) Increase in accounts payable and accrued liabilities 111,596 (257,520) Increase in due to related parties (21,000) - Net cash (used) provided in operating activities (553,195) (608,635) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of furniture and equipment (236,427) - Purchase of other assets (235,189) - Net cash used by investing activities (471,616) - CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt and notes payable 718,684 - Repayment of long-term debt and notes payable - (65,981) Stock issued for purchase 250,000 Net cash (used) provided by financing activities 968,684 (65,981) Effect of exchange rates on cash (848) 1,014 Net (decrease) increase in cash (56,127) (673,602) Cash at beginning of year 50,492 634,511 Cash at end of period (6,483) 69,210 SUPPLEMENTARY INFROMATION Interest paid 72,898 40,693 Income taxes paid - -
The accompanying notes are an integral part of these financial statements and should be read in conjunction herewith 4 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Note 1 - General The unaudited consolidated condensed financial statements included herein have been prepared by Flotek Industries Inc. (the "company") pursuant to the rules and regulations of the Securities and Exchange Commission. These financial statements reflect all adjustments which the company considers necessary for the fair presentation of such financial statements for the interim periods presented. Although the Company believes that the disclosures in these financial statements are adequate to make the interim information presented not misleading, certain information relating to the Company's organization and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted in this Form 10 QSB pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-KSB for the year ended February 28, 1999. The results of operations for the six-month period ended August 31, 1999 are not necessarily indicative of the results expected for the full year. Note 2 - Comprehensive Income Effective March 1, 1998, the Company adopted Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income, which requires an entity to report and display comprehensive income and its components. Comprehensive income includes net earnings plus other comprehensive income. The Company's other comprehensive income consists of foreign currency translation adjustments.
Six Months Ended August 31, Comprehensive income: 1999 1998 ---------- ---------- Net Loss $ (284,310) $ (718,424) Cumulative translation adjustment (46,233) 1,014 ---------- ---------- Total comprehensive income $ (238,077) $ (717,410) ---------- ----------
5 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Note 3 - Segment Information The Company is an energy service and manufacturing company that provides a variety of services and equipment to the exploration and production of oil and gas. The Company defines its business segments into two separate groups: drilling products and production equipment. Financial information by industry segment for each of the six months ended August 31, 1999 and 1998 is summarized below:
1999 Drilling Production Products Equipment Corporate Total -------- ---------- --------- --------- Revenue 493,509 262,264 - 755,773 Total expenses 663,952 292,260 86,755 1,042,968 Income (loss) from operations (170,444) (29,996) (86,755) (298,837) Net income (loss) (166,248) (29,563) (76,858) (284,311) 1998 Drilling Production Products Equipment Corporate Total -------- ---------- --------- --------- Revenue 937,623 278,959 - 1,216,582 Total expenses 1,108,388 369,608 426,948 1,904,944 Income (loss) from operations (170,764) (90,650) (426,948) (688,362) Net income (loss) (150,347) (63,210) (504,867) (718,424)
Note 4 - Reclassifications and Restatements Certain reclassifications of prior year balances have been made to conform such amounts to corresponding 1999 classifications. These reclassifications had no impact on net income or shareholders' equity. 6 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Form 10-QSB includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The words "anticipate," "believe," "expect," "plan," "intend," "project," "forecasts," "could" and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts included in this Form 10-QSB regarding the Company's financial position, business strategy, budgets and plans and objectives of management for future operations are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that actual results may not differ materially from those in the forward-looking statements herein for reasons including the effect of competition, the level of petroleum industry exploration and production expenditures, world economic conditions, prices of, and the demand for crude oil and natural gas, drilling activity, weather, the legislative environment in the United States and other countries, and the condition of the capital and equity markets. Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company's Consolidated Financial Statements and the related notes thereto. Business Flotek Industries Inc. (hereafter the "Company" or "Flotek") was originally incorporated under the laws of the Province of British Columbia on May 17, 1985. Effective September 7, 1995, the Company transferred its corporate status by continuing under the laws of the Province of Alberta. Flotek is headquartered in Houston, Texas and its common shares have been listed on the Vancouver Stock Exchange and the OTC Bulletin Board market. On April 7, 1999, the Company received notice from the Vancouver Stock Exchange regarding the acceptance of the Company's request to voluntarily delist and that the last day of trading of the common shares of the Company on the Vancouver Stock Exchange was April 21, 1999. The Company's common stock continues to be traded in the United States on the OTC Bulletin Board market. The Company's products are used both for the drilling and production phases of oil and natural gas wells. The Company's product lines are divided into two separate segments in the industry: drilling products and production equipment. The production equipment segment develops, manufactures and markets the Petrovalve + Plus-R- Pump Valve and the Petrovalve Gas Breaker Valve, which are valves for down-hole sucker-rod pumps used in oil wells. The drilling products segment manufactures and distributes centralizers, which are spiraled vane cementing sleeves and stand off tools that improve mud and cementing displacement in drilled oil wells. 7 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Production Equipment The Company has focused on the development of its proprietary and patented technologies; the Petrovalve +Plus-R- Pump Valve and the Petrovalve Gas Breaker Valve. Both patented products are valves used in down-hole sucker-rod pumps. The Petrovalve Gas Breaker Valve provides a solution to gas lock problems. Both valves offer producers operating advantages by performing more efficiently and lasting longer than the traditional ball and seat valves. Flotek's original technology was developed in concert with several university research departments, including the University of Alberta and is the subject of various patents and patent applications. Drilling Products Flotek's drilling products division manufactures, sells and services several products that enhance oil and gas well cementing programs. Its primary product is the Cementing Turbulator, which the Company began distributing in March of 1994, when it acquired Turbeco Inc., an oilfield service company. The Turbulator is a steel sleeve, which is placed over pipe before the cementation process of pipe or casing. This pipe or casing is commonly cemented in the open hole section of a recently drilled oil well. The main purpose of this tool is to provide maximum standoff and improve mud displacement to obtain the best cement bond. The Company was one of the first companies to distribute spiral vaned cementing turbulators. The Turbulator has gained widespread acceptance through is proven ability to improve oil and gas well cementing programs and is effective in deep, directional and horizontal well applications. In June 1999, the Company acquired exclusive rights to the King `D-Mudder' design and patented technology. This enhancement has been proven to improve the cementing of casing by removing drilling mud film from the casing external surface. Business Environment The business environment for oilfield operations and its corresponding operating results are affected significantly by petroleum industry exploration and production expenditures. These expenditures are influenced strongly by oil company expectations as to energy prices and the supply and demand for crude oil and natural gas. Petroleum supply and demand, and pricing, in turn are influenced by numerous factors including, but not limited to, the effect of competition, the level of petroleum industry exploration and production expenditures, world economic conditions, prices of, and the demand for crude oil and natural gas, drilling activity, weather, the legislative environment in the United States and other countries, and the condition of the capital and equity markets. The worldwide price of oil had declined significantly since late 1997, with prices having dropped as much as 40% to under $13 per barrel for spot deliveries. This decline has been attributed to, among other things, an excess supply of oil in the world markets, reduced domestic demand associated with an unseasonably warm winter, and high inventory levels of oil and gas. 8 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES The depressed economic conditions in Southeast Asia also have had a negative effect on the economies in other regions around the world and the associated demand for oil in those regions. These conditions have resulted in substantially lower rig utilization rates in the United States and Canadian land markets as well as less dramatic declines in the United States offshore markets as the Company's customers have begun to reevaluate their exploration and development plans for 1999 in light of current lower oil prices. The above factors have particularly affected the demand for many of the Company's centralizer products. Although oil and natural gas prices have recently shown some improvement, a renewed decline in future oil and natural gas prices would likely result in reduced exploration and development of oil and gas and a decline in the demand for the Company's drilling products and could have an adverse financial effect on the Company. Within the United States and Canada, the Company's artificial lift segment had experienced declines in revenue as demand and pricing had fallen with the lower rig count and oil production activity, but is showing improvement in the recent market. The artificial lift segment was particularly affected by large declines in demand for its equipment used for the production of heavy oil and other wells that are highly dependent on oil prices. Although demand has shown some improvement, there is no assurance of stability in this phase of the market. In response to current industry conditions, the Company has implemented various actions directed at reducing costs to be in line with the reduced operating activities. These actions include reductions in employment, the reduction of certain operating expenses, and disposal of certain lower margin product lines. 9 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Results of Operations Quarter ended August 31, 1999 compared to the quarter ended August 31, 1998. The following charts contain selected financial data comparing our results for 1999 and 1998:
1999 1998 ---- ---- Revenues 755,772 1,216,583 Gross profit 356,834 467,785 Gross margin % 47.21% 38.45% Costs and expenses 1,040,717 1,904,944 Loss from operations 284,944 748,798 Net loss 270,418 718,424 Loss per share .006 .017
Consolidated revenues were down $460,811, or 38% for the quarter ended August 31, 1999, as compared to the same period in 1998, primarily due to the effect of lower oil prices resulting in certain customers' decision to limit investments in exploration, drilling and production activities. Revenues from the drilling products segment decreased by 47% in the quarter as compared to the same period of 1998. Despite higher oil prices, drilling activity has not shown a concomitant increase. Costs and Expenses The Company's consolidated gross margins increased from 38% in the quarter ended August 31, 1998 to 47% in the quarter ended August 31, 1999. The Company's drilling products segments gross margins increased from 29% in the quarter ended August 31, 1998 to 38% in the quarter ended August 31, 1999. The increase in gross margins is attributed to Company's acquisition of its manufacturer of most of its product lines, Trinity Tool Inc. in July 1999. The Company's production equipment segments gross margins declined from 68% in the quarter ended August 31, 1998 to 64% in the quarter ended August 31, 1999. This was attributed to the Company's redesign of the guides and cost to manufacture the new `open' cage body. 10 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Selling expenses, which consist primarily of the salaries, wages, and benefits of the Company's salesmen, rent, insurance, and other direct selling costs, were down $159,679 or 26% in the quarter as compared to the same period in 1998. In response to the current industry conditions, the Company has implemented various actions directed at reducing costs to be in line with the reduced operating activities. These actions include reductions in the Company's sales-force. General corporate expenses decreased in the quarter by $316,109 or 63% as compared to the same period in 1998. In response to the current industry conditions, the Company has implemented various actions directed at reducing costs to be in line with the reduced operating activities. These actions include reductions in the Company's corporate overhead. Capital Resources and Liquidity The Company has financed its operations to date from stock offerings, subordinated borrowings and internally generated funds. The principal use of its cash has been to fund the working capital needs of the Company. Operating Activities Substantially all of the Company's customers are engaged in the energy industry. This concentration of customers may impact the Company's overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. The Company performs ongoing credit evaluations of its customers and does not generally require collateral in support of its trade receivables. The Company maintains reserves for potential credit losses, and actual losses have historically been within the Company's expectations. At August 31, 1999, the Company had no cash on hand as compared to cash of $13,323 at the end of the first quarter. The overall decrease in the Company's working capital during the current fiscal year is attributed to an overall decrease in cash and an increase in short-term debt. The Company has sustained substantial operating losses in recent years. In addition, the Company has used substantial amounts of working capital in its operations. Further, the company has a debt payment of $750,000 due in July 1999. An extension has been granted by the creditor. In view of these matters, realization of a major portion of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financing requirements, and the success of its future operations. Management believes that actions presently being taken to revise the Company's operating and financial requirements provide the opportunity for the Company to continue as a going concern. Management is taking the following steps to provide the Company with adequate working capital: 11 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES On July 1, 1999, the company acquired all the issued and outstanding common stock of Trinity Tool, Inc., the principal manufacturer of much of the Company's product lines. The acquisition was in consideration of $50,000. cash and 2,500,000 shares of Company stock. Management continues to reduce general and administrative expenses and judiciously monitor needed selling expense. Management intends to secure new long-term equity financing for working capital purposes. Management is negotiating with the lenders a conversion of the existing $1,250,000 debt obligation to equity. Risk Factors The following risk factors, among others, may cause the Company's operating results and/or financial position to be adversely affected: The Company's ability to raise additional working capital could be limited due to future operating losses and the existing level of short-term debt. Without the ability to raise operating capital or to convert debt to equity and to return to profitability, there would be substantial doubt about the Company's ability to continue as a going concern. Competitive factors including, but not limited to, the Company's limitations with respect to financial resources and its ability to compete against companies with substantially greater resources. The Company's ability to control the amount of operating expenses. The Company's drilling products segment generates a significant portion of the Company's consolidated revenues. A further reduction in drilling activity could adversely affect future operating results.. In managing inventory requirements, the Company must forecast customer demand for our products. Should the Company underestimate the supplies needed to meet demand, it could be unable to meet customer demand. Should the Company overestimate the supplies needed to meet customer demand, its working capital could be adversely affected. If the Company is unable to manage purchases and utilization of its inventory to maintain low inventory levels immediately prior to major price declines, the Company could be unable to take immediate advantage of such declines to lower product costs, which could adversely affect its sales and gross margins. 12 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES Year 2000 Issue The Year 2000 issue is the risk that information systems, computers, equipment and products using date-sensitive software or containing computer chips with two-digit date fields will be unable to correctly process the Year 2000 date change. If not identified and corrected prior to the Year 2000, failures could occur in the software, hardware, equipment and products of the Company and its suppliers, vendors and customers that could result in interruptions of the Company's business. Any of such failures could have a material impact on the Company. The Company has completed the evaluation of its current hardware and software systems. The external evaluations and recommendations are in process and the estimated cost associated with achieving Y2K compliance are not expected to have a material impact on the Company's financial condition or results of operations. The Company has asked for and received confirmation from its vendors that they are also in compliance. Though the Company can not guarantee that there will not be some problems, The Company has taken precautions with back up procedures to insure that there will be no delays in the delivery of products and subsequent financial information. Part II - Other Information Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits 3.1 Articles of Incorporation (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 3.2 By-laws (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 3.3 Amendment to Registrant's Bylaws (incorporated by reference to the Company's Form 10-KSB for the year ended February 28, 1998) 4.1 Shareholders Protection Rights Plan (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.1 Distribution Agreement - Downhole Products (UK), LTD (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.2 Wallace Robertson Inc. Consulting Agreement (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.3 Bill Jayroe Employment Agreement (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.4 Convertible Loan Agreement between the Company and TOSI, L.P dated October 16,1997 (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.5 Form of Warrant Agreement dated October 16, 1997 - Marlin Investors, L.L.C. (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 13 FLOTEK INDUSTRIES INC. AND SUBSIDIARIES 10.6 Form of Warrant Agreement dated October 16, 1997 - Charles A. Dickinson incorporated by reference to the Company's Form 10-Q quarter ended November 30, 1997) 10.7 License Agreement - Harlan King (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.8 Form of Subscription Agreement by and between the Company and certain shareholders, dated September 16, 1997 - Marlin Investors, L.L.C.(incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.9 Form of Subscription Agreement by and between the Company and certain shareholders, dated September 16, 1997 - Charles A. Dickinson (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) 10.10 Promissory Note between Chisholm Energy Partners, LLC and the Company dated February 24, 1999. (incorporated by reference to the Company's Form 10-KSB for the year ended February 28, 1999) 21.1 List of Operating Subsidiaries (incorporated by reference to the Company's Form 10-Q for the quarter ended November 30, 1997) *27.1 Financial Data Schedule
* Filed herewith b) Reports on Form 8-K During the fiscal quarter ended August 31, 1999, the Company filed no reports on Form 8-K. SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FLOTEK INDUSTRIES INC. (Registrant) Date: October 20, 1999 By: --------------------------------------------- Jerry Dumas President and Chief Executive Officer (Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer) 14 EX-27.1 2 EXHIBIT 27.1
5 3-MOS FEB-28-2000 JUN-01-1999 AUG-31-1999 (6,483) 0 453,609 30,880 858,810 1,305,936 726,665 13,127 2,032,601 2,094,622 0 0 0 18,384,295 (18,229,248) 2,032,601 451,119 451,119 194,918 508,175 68 0 39,494 (96,482) 0 (96,482) 0 0 0 (96,482) .002 .002
-----END PRIVACY-ENHANCED MESSAGE-----