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Friday, 29 August, 2008, 03:20 GMT | more prices >>

Flotek rides high



By Upstream staff 

Flotek Industries has booked net income of $4.9 million for the second quarter of the year, a 117% jump on the $2.2 million it made in the same period last year.

Flotek's revenues for the second quarter increased 71% to $37.8 million, compared to $22.1 million for the second quarter of 2006, thanks in part to acquisitions completed in 2006 and 2007, incremental rental revenue from expansion of its drilling tool inventory and improved pricing.

The acquisition of Triumph Drilling Tools in January contributed an incremental $4.6 million in revenues for the second quarter compared to the second quarter of 2006.

Company boss Jerry Dumassaid: "Net income more than doubled in the second quarter of 2007 compared to 2006, and increased 31% above first quarter 2007, despite severe weather in many of our operating areas. We estimate inclement weather deferred about $2 million in sales. Our outlook for the remainder of 2007 is positive."


Thursday, 02 August, 2007, 13:54 GMT  | last updated: Thursday, 02 August, 2007, 13:54 GMT

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