NEW YORK (Thomson Financial) - Flotek Industries Inc. Thursday reported
first-quarter net income of $3.4 million, or 18 cents a share, below the mean
estimate of analysts polled by Thomson Reuters of 23 cents a share.
Revenue for the Houston-based oil technology company rose 33% to $46.5
million. The company attributed the revenue increase to its acquisition of
Teledrift, as well as strength in its microemulsion product line.
In the year-ago period, the company posted net income of $3.7 million, or 20
cents a share, on revenue of $35.1 million.
Flotek also named Steve Reeves to the positions of chief operating officer
and executive vice president. Reeves was previously the president of the
company's downhole tool division.
Shares of Flotek closed Wednesday at $18.34. The stock is down about 49%
since the start of the year.
Ryan Vlastelica
rv/vj
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