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
Date of Report (Date of earliest event reported): January 16, 2018
Flotek Industries, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-13270 | 90-0023731 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
10603 W. Sam Houston Pkwy N., Suite 300 Houston, Texas |
77064 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (713) 849-9911
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 | Regulation FD Disclosure. |
On January 16, 2018, Flotek Industries, Inc. (the Company) issued a press release providing a fourth quarter and operational update. The January 16, 2018 press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K and in Exhibit 99.1 shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing of the Companys under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit Number |
Description | |
99.1 | Press release dated January 16, 2018. |
SIGNATURES
Pursuant to 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 hereunto duly authorized.
FLOTEK INDUSTRIES, INC. | ||||||
Date: January 16, 2018 | /s/ H. Richard Walton | |||||
H. Richard Walton | ||||||
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
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Flotek Industries 10603 W. Sam Houston Pkwy N., Suite 300 Houston, TX 77064 Ph: 713-849-9911 www.flotekind.com |
FLOTEK INDUSTRIES PROVIDES FOURTH QUARTER AND OPERATIONAL UPDATE
HOUSTON January 16, 2018: Flotek Industries, Inc. (NYSE: FTK) provided an update on the Companys cost reduction program and guidance of profitability regarding its results for the three months-ended December 31, 2017.
Selling, General and Administrative (G&A) costs, excluding non-cash compensation expenses, are expected to be near the low end of the $15 million$16 million guidance range provided on last quarters conference call. Flotek expects its revenues in its Energy Chemistry Technologies segment to be in the $54 million$56 million range and in its Consumer and Industrial Chemistry Technologies segment to be in the $17 million$18 million range.
John Chisholm, Floteks Chairman, President and Chief Executive Officer commented, I am pleased with the progress Flotek has made, and continues to make, towards reducing our cost structure. This initiative has resulted in decreased contract labor expenses, salary and benefits expenses and discretionary expenses-per-employee. While our progress is measurable, we will continue to identify further areas of cost controls in the coming months and maximize the efficiency and fixed cost-leverage of our organization. We believe our strategic initiatives will improve our profitable growth for our shareholders as we enter 2018.
While we are still in the process of finalizing and reviewing our fourth quarter financials, we expect to generate positive operating income, excluding any potential one-time charges, in the quarter. Additionally, we do anticipate a tax consequence in our deferred tax asset as a result of the recent changes to the U.S. corporate tax rate to 21 percent. We would like to thank our shareholders for remaining patient during the Companys re-organization which occurred during 2017 with the divestitures of our Drilling and Production Technology segments, as well as thank our employees for their efforts which will continue into 2018. We look forward to providing our shareholders with an update on our initiatives and new product introductions for 2018 on our upcoming earnings release and conference call.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Floteks inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol FTK. For additional information, please visit Floteks web site at www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual
Exhibit 99.1
results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Companys ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Companys most recent filings on Form 10-K (including without limitation in the Risk Factors Section), and in the Companys other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
IR Inquiries, contact:
/s/ Matthew Marietta |
Matthew Marietta Senior Vice President |
Corporate Development, Investor Relations Flotek Industries
E: MMarietta@flotekind.com
P: (713) 726-5348
Media Inquiries, contact:
/s/ Danielle Allen |
Danielle Allen |
Senior Vice President |
Global Communications & Technology Commercialization
E: DAllen@flotekind.com
P: (713) 726-5322
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