Current FTK Stock Info

Flotek Industries, Inc. (ticker: FTK) provided an update on the company’s cost reduction program and guidance for the three months-ended Dec. 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 quarter’s 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.

Flotek Chairman, President and CEO John Chisholm said, “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.

“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 company’s 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,” Chisholm said.

EnerCom Dallas conference details

Registration for EnerCom Dallas is now open and Flotek Industries will be a presenting company. EnerCom Dallas is a financial conference that allows institutional investors an early 2018 opportunity to hear and meet CEOs from leading independent E&Ps, including some of the industry’s leading Permian, Eagle Ford, Marcellus, Utica and Canadian producers and the oilfield service companies supporting them.

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