HOUSTON, Aug. 9, 2021 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced second quarter results for the three months ended
June 30, 2021.
John W. Gibson, Jr., Chairman,
President, and Chief Executive Officer stated, "Two of our most
significant customers changed ownership on accelerated timelines in
the second quarter, and both buyers suspended our forecasted
business immediately following their closings. Excluding these
events, customer growth and diversification was strong, with
a 26% sequential increase of new
customers in our energy chemistry technologies business.
Additionally, our Data Analytics segment improved slightly,
experiencing the third sequential improvement in sales and
representing our highest performing quarter since our acquisition
of JP3 last year."
"We remain focused on engaging with the industry to demonstrate
the strategic benefits of our green chemistry solutions to support
their ESG and operational goals. We are encouraged by the increased
interest we are seeing in our value proposition; and to further
accelerate these efforts, we have structurally realigned to
reallocate resources to expand our sales team. This will support
our strategy to diversify our customer base and expand our
channels-to-market across the energy life cycle. Additionally, we
are pleased that we have secured our first international sale for
JP3 with a supermajor energy company in Southeast Asia, measuring hydrocarbons in
their offshore operations – an exciting new frontier for our
technologies."
"We also continued to improve
our liquidity, supported by recent actions. We have completed a
lease agreement for our Waller
facility with Resolute Oil, converting it into a more marketable,
income-generating property. Further, we are pleased we have
attained full forgiveness of our JP3 PPP loan. Additionally, we are
exploring a number of credit-enhancing options, including an
asset-based line of credit."
Second Quarter Financial Results
- Consolidated Revenues: Flotek generated second
quarter 2021 consolidated revenue of $9.2
million, up 3.4% from $8.9
million in the second quarter 2020, and was down 22.0%
versus $11.8 million in the first
quarter 2021. The sequential decline in sales was driven by the
loss of revenue associated with two major energy customers through
M&A activity. The year-over-year increase in revenue was driven
by the acquisition of JP3 in May
2020.
- Consolidated Operating Expenses: Consolidated
operating expenses (excluding depreciation and amortization) were
$12.1 million in the second quarter
2021, a 12.3% decline from $13.8
million in the first quarter 2021 driven by a continued
reduction in costs of sales, as well as lowering operating
expenses. Year over year, consolidated operating expenses
(excluding depreciation and amortization) rose 4.1% and were flat
as a percentage of revenue.
- Corporate General & Administrative Expenses
(CG&A): Corporate general and administrative expenses
for the second quarter of 2021 were $2.9
million, compared to $5.4
million for the second quarter of 2020 and $4.4 million for the first quarter of 2021. The
declines were primarily driven by lower personnel costs and the
Employee Retention Credit ("ERC") recorded in the second
quarter.
- Adjusted EBITDA: Adjusted EBITDA for the second
quarter 2021 was a loss of $6.7
million, slightly higher than the $6.5 million loss in the first quarter of 2021
and flat with the loss of $6.7
million last year.
- Net Loss: The Company reported a net loss for the second
quarter 2021 of $6.5 million, or a
loss of $0.09 per basic/diluted
share, an improvement over the net loss in the second quarter 2020
of $9.6 million, or a loss of
$0.14 per basic/diluted share. Net
loss for the second quarter 2021 improved compared to the net loss
for the first quarter of 2021 of $8.3
million, or a loss of $0.12
per basic/diluted share.
Balance Sheet and Liquidity
As of June 30, 2021, the Company had cash and
equivalents of $27.8 million which
were impacted by operating losses and partially offset by the ERC
taken in the quarter. Flotek also had a combined $4.8 million of loans outstanding pursuant to the
Paycheck Protection Program ("PPP") related to the "Cares Act." In
the second quarter 2021, JP3 was given full forgiveness of its
$881,000 loan, and recently, Flotek
filed for forgiveness of its PPP loan. The Company has also
completed a term sheet for an asset-based line of credit.
Chemistry Technologies Segment: Energy Chemistries and
Professional Chemistries
In the second quarter 2021, sales
in the Chemistry Technologies segment declined 3.4% year-over-year
to $7.7 million. The decrease was
primarily a result of the loss of sales from two energy customers
impacted by M&A activity in the second quarter. Professional
Chemistries improved sequentially driven by sales of degreasers and
disinfectants.
Highlights from the quarter include:
- Entered into a multi-year lease agreement with Resolute Oil, a
leader in high-quality white mineral oil. The agreement will
generate other income while offsetting costs for Flotek and will
allow Resolute to utilize the Company's chemical blending facility
in Waller, Texas to manufacture
and globally distribute USP-NF-grade white mineral oil.
Additionally, the collaboration between Flotek and Resolute will
enable the companies to leverage their expertise in adjacent market
verticals for mutual benefit. The agreement includes options to
renew until 2036.
- In support of the Company's efforts to accelerate its ESG
(Environmental, Social & Governance) solutions for domestic and
international E&P operators and service companies across the
energy life cycle, Flotek realigned and reallocated resources to
build out its sales and marketing talent. The reallocation will
result in a net, annualized cost savings of more than $1 million in salaries and benefits, while
doubling the headcount in the sales force.
- Following a successful field trial for a customer in the
Permian Basin, the customer expanded its green, reservoir-centric
chemistry technologies to new unconventional basins and technology
applications.
- Secured multiple remediation treatment applications of its
Complex nano-fluid® technologies, the Company's
bio-based, high-performance chemistry built upon non-toxic,
plant-based solvents. The technology is enabling Flotek's customers
to cost effectively remove the use of BTEX (benzene, toluene,
ethylbenzene and xylene) and other harmful solvents thus reducing
the environmental risk of their remediation and production
programs.
- Following its strategic focus to rebuild its indirect sales
channel relationships, the Company grew its customer base and
domestic revenue associated with service companies by 58% and 68%,
respectively, over Q1 2021.
- Partnered with a major customer to begin an ESG scorecard
assessment of their chemistry usage, identifying new opportunities
to support their ESG goals.
- Increased sales in the Professional Chemistries business,
driven by strength in janitorial disinfectants and cleaning
products, as well as establishing new contractual relationships
with leading large-scale distributors and redistributors.
Data Analytics Segment
In the second quarter 2021,
Data Analytics' ("JP3") sales were flat with first quarter 2021.
Second quarter 2021 revenue was driven by the addition of new
customers and new purchases by existing customers. Flotek acquired
JP3 in May 2020, and as a result full
quarter year-over-year results are not available for comparison.
Highlights include:
- In the second quarter 2021, JP3 completed the specifications
and manufacturing of the international Verax analyzer
prototype.
- JP3 is currently undergoing the extensive process to secure the
approvals from multiple international certifying bodies to ready
the equipment for deployment.
- JP3 received its first international purchase order supporting
a supermajor energy company in Southeast
Asia. This order also represents JP3's first offshore
deployment, expanding both its application use cases and
geographical footprint.
- International pilot programs that began in the first quarter
remain on-track.
Conference Call Details
Flotek will host a conference
call on Tuesday, August 10, 2021, at
8:30 am CDT (9:30 a.m. EDT) to discuss its second quarter
results for the three months ended June 30,
2021. Participants may access the call through Flotek's
website at www.flotekind.com under "Webcasts" or by telephone
at 844-835-9986.
About Flotek Industries, Inc.
Flotek Industries, Inc.
creates solutions to reduce the environmental impact of energy on
air, water, land and people. A technology-driven, specialty green
chemistry and data company, Flotek helps customers across
industrial, commercial, and consumer markets improve their
Environmental, Social, and Governance performance. Flotek's
Chemistry Technologies segment develops, manufactures, packages,
distributes, delivers, and markets high-quality cleaning,
disinfecting and sanitizing products for commercial, governmental
and personal consumer use. Additionally, Flotek empowers the energy
industry to maximize the value of their hydrocarbon streams and
improve return on invested capital through its real-time data
platforms and green chemistry technologies. Flotek serves
downstream, midstream, and upstream customers, both domestic and
international. Flotek 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
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 will, continue, 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 results and outcomes
may differ materially from the results and outcomes discussed in
the forward-looking statements. Further information about the
risks and uncertainties that may impact the Company are set forth
in the Company's most recent filing with the Securities and
Exchange Commission on Form 10-K (including, without limitation, in
the "Risk Factors" section thereof), and in the Company's 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.
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands,
except share data)
|
|
|
|
|
|
June 30,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
27,781
|
|
$
38,660
|
Restricted
cash
|
40
|
|
664
|
Accounts receivable,
net of allowance for doubtful accounts of $1,329
|
|
|
|
and $1,316 at June
30, 2021 and December 31, 2020, respectively
|
9,713
|
|
11,764
|
Inventories,
net
|
11,499
|
|
11,837
|
Income taxes
receivable
|
71
|
|
403
|
Other current
assets
|
3,255
|
|
3,127
|
Assets held for
sale
|
546
|
|
—
|
Total current
assets
|
52,905
|
|
66,455
|
Property and
equipment, net
|
8,017
|
|
9,087
|
Operating lease
right-of-use assets
|
2,162
|
|
2,320
|
Goodwill
|
8,092
|
|
8,092
|
Deferred tax assets,
net
|
213
|
|
223
|
Other long-term
assets
|
29
|
|
33
|
TOTAL
ASSETS
|
$
71,418
|
|
$
86,210
|
LIABILITIES AND
STOCKHOLDERS' & EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
6,587
|
|
$
5,787
|
Accrued
liabilities
|
17,221
|
|
18,275
|
Income taxes
payable
|
39
|
|
21
|
Interest
payable
|
58
|
|
34
|
Current portion of
operating lease liabilities
|
589
|
|
636
|
Current portion of
finance lease liabilities
|
55
|
|
60
|
Current portion of
long-term debt
|
4,788
|
|
4,048
|
Total current
liabilities
|
29,337
|
|
28,861
|
Deferred revenue,
long-term
|
104
|
|
117
|
Long-term operating
lease liabilities
|
8,011
|
|
8,348
|
Long-term finance
lease liabilities
|
72
|
|
96
|
Long-term
debt
|
0
|
|
1,617
|
TOTAL
LIABILITIES
|
37,524
|
|
39,039
|
Stockholders'
Equity:
|
|
|
|
Preferred stock,
$0.0001 par value, 100,000 shares authorized; no shares
issued
|
|
|
|
and
outstanding
|
—
|
|
—
|
Common stock, $0.0001
par value, 140,000,000 shares authorized; 79,606,743
|
|
|
|
shares issued and
70,152,591 shares outstanding at June 30, 2021;
|
|
|
|
78,669,414 shares
issued and 73,088,494 shares outstanding at December 31,
2020
|
8
|
|
8
|
Additional paid-in
capital
|
361,424
|
|
359,721
|
Accumulated other
comprehensive income (loss)
|
13
|
|
(19)
|
Accumulated
deficit
|
(293,534)
|
|
(278,688)
|
Treasury stock, at
cost; 5,627,646 and 5,580,920 shares at June 30, 2021
|
|
|
|
and December 31,
2020, respectively
|
(34,017)
|
|
(33,851)
|
Total stockholders'
equity
|
33,894
|
|
47,171
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
71,418
|
|
$
86,210
|
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
6/30/2021
|
|
6/30/2020
|
|
3/31/2021
|
|
6/30/2021
|
|
6/30/2020
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
9,165
|
|
$
8,880
|
|
$
11,770
|
|
$
20,935
|
|
$
28,296
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Operating expenses
(excluding depreciation and amortization)
|
12,110
|
|
11,632
|
|
13,801
|
|
25,911
|
|
34,473
|
Corporate general and
administrative
|
2,868
|
|
5,395
|
|
4,361
|
|
7,229
|
|
9,888
|
Depreciation and
amortization
|
253
|
|
468
|
|
307
|
|
560
|
|
2,659
|
Research and
development
|
1,466
|
|
1,638
|
|
1,542
|
|
3,008
|
|
4,193
|
Loss (gain) on
disposal of long-lived assets
|
(71)
|
|
(22)
|
|
2
|
|
(69)
|
|
(55)
|
Impairment of fixed,
long-lived and intangible assets
|
-
|
|
-
|
|
-
|
|
-
|
|
57,454
|
Total costs and
expenses
|
16,626
|
|
19,111
|
|
20,013
|
|
36,639
|
|
108,612
|
Loss from
operations
|
(7,461)
|
|
(10,231)
|
|
(8,243)
|
|
(15,704)
|
|
(80,316)
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
Payment Protection
Program forgiveness
|
881
|
|
-
|
|
-
|
|
881
|
|
-
|
Gain on lease
termination
|
-
|
|
576
|
|
-
|
|
-
|
|
576
|
Interest
expense
|
(17)
|
|
(16)
|
|
(18)
|
|
(35)
|
|
(20)
|
Other (expense)
income, net
|
72
|
|
78
|
|
(32)
|
|
39
|
|
31
|
Total other (expense)
income, net
|
936
|
|
638
|
|
(51)
|
|
885
|
|
587
|
Loss before income
taxes
|
(6,525)
|
|
(9,593)
|
|
(8,294)
|
|
(14,819)
|
|
(79,729)
|
Income tax (expense)
benefit
|
(21)
|
|
32
|
|
(6)
|
|
(27)
|
|
6,201
|
Net
loss
|
(6,546)
|
|
(9,561)
|
|
(8,300)
|
|
(14,846)
|
|
(73,528)
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.09)
|
|
$
(0.14)
|
|
$
(0.12)
|
|
$
(0.22)
|
|
$
(1.17)
|
Diluted
|
$
(0.09)
|
|
$
(0.14)
|
|
$
(0.12)
|
|
$
(0.22)
|
|
$
(1.17)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares:
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares used in computing basic and diluted loss per common
share
|
69,531
|
|
66,035
|
|
68,447
|
|
69,001
|
|
62,828
|
Flotek Industries,
Inc.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
|
Six months
ended June 30,
|
|
|
2021
|
|
2020
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
$
(14,846)
|
|
$
(73,528)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Change in fair value
of contingent consideration
|
(302)
|
|
-
|
|
Depreciation and
amortization
|
560
|
|
2,659
|
|
Provision for
doubtful accounts
|
(1)
|
|
474
|
|
Provision for excess
and obsolete inventory
|
580
|
|
529
|
|
Impairment of
right-of-use assets
|
-
|
|
7,434
|
|
Impairment of fixed
assets
|
-
|
|
30,178
|
|
Impairment of
intangible assets
|
-
|
|
19,842
|
|
Gain on sale of
assets
|
(69)
|
|
(631)
|
|
Non-cash lease
expense
|
163
|
|
242
|
|
Stock compensation
expense
|
1,750
|
|
1,521
|
|
Deferred income tax
provision (benefit)
|
10
|
|
(105)
|
|
PPP loan
forgiveness
|
(881)
|
|
-
|
|
Changes in current
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
1,995
|
|
7,252
|
|
Inventories,
net
|
(222)
|
|
6,418
|
|
Income taxes
receivable
|
207
|
|
(6,351)
|
|
Other current
assets
|
(672)
|
|
1,715
|
|
Other long-term
assets
|
541
|
|
-
|
|
Accounts
payable
|
801
|
|
(10,229)
|
|
Accrued
liabilities
|
(1,048)
|
|
(16,755)
|
|
Income taxes
payable
|
168
|
|
119
|
|
Interest
payable
|
24
|
|
-
|
|
Net cash used in
operating activities
|
(11,242)
|
|
(29,216)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(31)
|
|
(42)
|
|
Proceeds from sale of
business
|
-
|
|
9,844
|
|
Proceeds from sale of
assets
|
74
|
|
66
|
|
Purchase of JP3, net
of cash acquired
|
-
|
|
(26,284)
|
|
Abandonment of
patents and other intangible assets
|
-
|
|
(8)
|
|
Net cash provided by
(used in) by investing activities
|
43
|
|
(16,424)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
Paycheck Protection Program loan
|
-
|
|
4,798
|
|
Purchase of treasury
stock
|
(78)
|
|
(82)
|
|
Proceeds from sale of
common stock
|
(166)
|
|
358
|
|
Payments for finance
leases
|
(29)
|
|
(51)
|
|
Net cash (used in)
provided by financing activities
|
(273)
|
|
5,023
|
|
Effect of changes
in exchange rates on cash and cash equivalents
|
(31)
|
|
(31)
|
|
Net change in
cash, cash equivalents and restricted cash
|
(11,503)
|
|
(40,648)
|
|
Cash and cash
equivalents at beginning of period
|
38,660
|
|
100,575
|
|
Restricted cash at
beginning of period
|
664
|
|
663
|
|
Cash and cash
equivalents and restricted cash at beginning of
period
|
39,324
|
|
101,238
|
|
Cash and cash
equivalents at end of period
|
27,781
|
|
59,926
|
|
Restricted cash at
the end of period
|
40
|
|
664
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
27,821
|
|
$
60,590
|
|
Flotek Industries,
Inc.
|
Unaudited
Reconciliation of Non-GAAP Items and Non-Cash Items Impacting
Earnings
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Loss from
Operations and Reconciliation to Adjusted EBITDA
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
6/30/2021
|
|
6/30/2020
|
|
3/31/2021
|
|
6/30/2021
|
|
6/30/2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations (GAAP)
|
|
|
|
$
(6,546)
|
|
$
(9,561)
|
|
$
(8,300)
|
|
$
(14,846)
|
|
$
(73,528)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
17
|
|
16
|
|
18
|
|
35
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
(3)
|
|
12
|
|
(5)
|
|
(8)
|
|
(257)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
|
21
|
|
(32)
|
|
6
|
|
27
|
|
(6,201)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
|
|
253
|
|
468
|
|
307
|
|
560
|
|
2,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of Fixed
and Long Lived Assets
|
|
-
|
|
-
|
|
-
|
|
-
|
|
57,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(Non-GAAP)
|
|
|
|
$
(6,258)
|
|
$
(9,097)
|
|
$
(7,974)
|
|
$
(14,232)
|
|
$
(19,853)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation
Expense
|
|
|
969
|
|
1,059
|
|
738
|
|
1,707
|
|
1,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and
Retirement
|
|
|
946
|
|
1,227
|
|
33
|
|
979
|
|
2,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Write-Down
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&A Transaction
Costs
|
|
|
100
|
|
498
|
|
(157)
|
|
(57)
|
|
498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Step-Up
|
|
|
32
|
|
155
|
|
48
|
|
80
|
|
155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on
Disposal of Assets
|
|
|
(71)
|
|
(22)
|
|
2
|
|
(69)
|
|
(55)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Lease
Termination
|
|
|
-
|
|
(576)
|
|
-
|
|
-
|
|
(576)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP Loan
Forgiveness
|
|
|
(881)
|
|
-
|
|
-
|
|
(881)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee Retention
Credit
|
|
|
(1,923)
|
|
-
|
|
-
|
|
(1,923)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring
Professional Fees
|
|
|
447
|
|
-
|
|
147
|
|
594
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued Legal
Fees
|
|
|
(59)
|
|
73
|
|
518
|
|
459
|
|
322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Winter Storm (Natural
Disaster)
|
|
|
-
|
|
-
|
|
199
|
|
199
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP)
|
|
|
|
$
(6,698)
|
|
$
(6,683)
|
|
$
(6,446)
|
|
$
(13,144)
|
|
$
(12,930)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Management
believes that adjusted EBITDA for the three and six months ended
June 30, 2021 and June 30, 2020, and the three months ended March
31, 2021, is useful to investors to assess and understand operating
performance, especially when comparing those results with previous
and subsequent periods. Management views the expenses noted above
to be outside of the Company's normal operating results. Management
analyzes operating results without the impact of the above items as
an indicator of performance, to identify underlying trends in the
business and cash flow from continuing operations, and to establish
operational goals.
|
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SOURCE Flotek Industries, Inc.