-----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, UsqTgjvEhtaSBkesubvvUyJEhODXT7IoFAb+QsLLR6KUvacD6FVhjv6x4rUAZR52 tdv/OmfmjPhSf0DD0bvQgA== 0001144204-05-027855.txt : 20050901 0001144204-05-027855.hdr.sgml : 20050901 20050901163400 ACCESSION NUMBER: 0001144204-05-027855 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050829 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050901 DATE AS OF CHANGE: 20050901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLOTEK INDUSTRIES INC/CN/ CENTRAL INDEX KEY: 0000928054 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084] IRS NUMBER: 900023731 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13270 FILM NUMBER: 051065080 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 8-K 1 v025170_8k.htm

 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934 
 
Commission File Number 1-13270
 

 
FLOTEK INDUSTRIES, INC.
 
 
Incorporated pursuant to the Laws of the State of Delaware
 

Internal Revenue Service - Employer Identification No. 90-0023731
 
7030 Empire Central Drive, Houston, Texas 77040
 
(713) 849-9911
 
 



 
ITEM 8.01    Other Events.
 
 
        On August 29, 2005, Flotek Industries, Inc. (the "Company") issued a news release announcing the signing of a definitive agreement to purchase the assets of privately held Precision-LOR, Ltd. 
 
 
        The press release is filed herewith as Exhibit 99.1, and is incorporated herein by reference.
 
Exhibit
Number
  
Description of Exhibit
     
99.1
  
News Release Dated August 29, 2005
 

 
 
SIGNATURES
 
 
        Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   
 
Date:  September 1, 2005
Jerry D. Dumas, Sr.
————————————————
Jerry D. Dumas, Sr.
Chairman & Chief Executive Officer

 
 
 
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NEWS RELEASE
 
FLOTEK INDUSTRIES, INC.
 
FLOTEK INDUSTRIES, INC.
7030 Empire Central Drive
Houston, Texas
77040
 
Monday August 29, 2005
4:15 p.m. EST
 
   

 
FLOTEK EXECUTES AGREEMENT TO PURCHASE SOUTH TEXAS DRILLING TOOL RENTAL AND INSPECTION SERVICE BUSINESS

HOUSTON, August 29, 2005 - Flotek Industries, Inc. (FTK), announced the signing of a definitive agreement to purchase the assets of privately held Precision-LOR, Ltd. on August 26, 2005. Consideration to be paid is approximately $3.7 million cash and $1.2 million common stock. The deal is anticipated to close in early September.
 
Precision-LOR, Ltd., (“LOR”) is one of the premier drilling tool rental and inspection service providers in South Texas.
 
"The addition of LOR to our Drilling Products Group executes our strategy to expand the services provided and geographic footprint of our business”, stated Jerry D. Dumas, Sr., Chairman and Chief Executive Officer of Flotek. “The acquisition allows us to expand our drilling tool rental and sales business into South Texas further increasing the utilization of our rental tool inventory. We plan to expand the drilling tool inspection services throughout all of our operating locations including the Rocky Mountains. “
 
As previously announced, Flotek second-quarter profits rose 350% to $2.0 million, on total sales of $12.5 million up 159% from 2004. Net income for the second quarter increased to $2.0 million, or 29 cents per share, from $0.4 million, or 7 cents per share, a year ago. Earnings per share of 29 cents represent a 32% sequential increase over first quarter 2005 earnings per share of 22 cents.
 
Financial Results (in millions, except per share amounts):

 
  
Three Months Ended 
Six Months Ended
 
    
June 30, 2005 
    
June 30, 2004
    
June 30, 2005
    
June 30, 2004
  
Revenue
  
$
12.5
  
$
4.8
  
$
23.5
  
$
9.6
  
                           
Net Income
  
$
2.0
  
$
0.4
  
$
3.5
  
$
0.7
  
                           
Basic EPS
  
$
0.29
  
$
0.07
  
$
0.51
  
$
0.10
  
Diluted EPS
$
0.26
  
$
0.06
  
$
0.46
  
$
0.10
  


Shares of Flotek's common stock began trading on the American Stock Exchange under the symbol "FTK" on July 27, 2005.

For product information and additional information on the Company, please visit Flotek’s web site at http://www.flotekind.com

Flotek is a publicly traded company involved in the manufacturing and marketing of innovative specialty chemicals, downhole drilling and production equipment, and management of automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry.
 
Statements made in this press release, including those relating to the positive direction of the Company, increased revenue base, are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements. Other factors identified in the Company’s filings with the Securities and Exchange Commission could also affect the forward-looking statements contained in this press release.
 
CONTACT:
Flotek Industries, Inc.
Rosalie Melia, Corporate Secretary
713.849.9911

 
 
 
 

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