Organization

9 Months Ended

Sep. 30, 2011

Organization [Abstract]

Organization

Note 1 — Organization

Flotek Industries, Inc. ("Flotek" or the "Company") is a diversified, global, technology-driven company that develops and supplies oilfield products, services and equipment to oil, gas and mining industries. The Company's strategic focus includes oilfield specialty chemicals and logistics, down-hole drilling tools and down-hole production related tools. The Company also provides automated bulk material handling, loading facilities and blending capabilities. Flotek's products and services enable customers to more efficiently drill wells, increase existing well production and decrease well operating costs. Major customers include leading oilfield service providers, major and independent oil and gas exploration and production companies, national and state-owned oil companies, onshore and offshore drilling contractors, international supply chain management companies and pressure-pumping service companies.

The Company is headquartered in Houston, Texas, and maintains operational locations in Colorado, Louisiana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Texas, Utah, Wyoming and the Netherlands. Flotek actively markets products domestically and internationally in over 20 countries. The Company was originally incorporated in the Province of British Columbia on May 17, 1985. In October 2001, the Company moved its corporate domicile to Delaware.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements (the "Financial Statements") reflect all adjustments, in the opinion of management, necessary for fair presentation of the financial condition and results of operations for the periods presented. All such adjustments are normal and recurring in nature. The Financial Statements, including selected notes, are prepared in accordance with applicable rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting and do not include all information and disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for comprehensive financial statement reporting. These interim Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the "Annual Report"). A copy of the Annual Report is available on the SEC's website, www.sec.gov, under the Company's ticker symbol ("FTK") or alternatively by visiting Flotek's website, www.flotekind.com. The results of operations for the three and nine months ended September 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the Financial Statements and accompanying notes. Actual results could differ materially from these estimates.