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Friday, 21 November, 2008, 21:10 GMT | more >>

Flotek buying spree boosts revenues



By Upstream staff 

Houston equipment maker and bulk material handler Flotek saw revenue jump 77.5% to $22.1 million in the second quarter from 12.5 million in the second quarter of 2005 as it benefitted from the contributions of a range of recent acquisitions.

The company has bought three drilling tool companies, and artificial lift companies Total Well Solutions and LifTech since the year-ago period.

The company saw net income up to $2.2 million from $1.9 million in the second quarter of 2005, while net earnings per diluted share fell to 24 cents from 26 cents over the same period.

Revenue for the first six months of 2006 jumped to $38.1 million from $23.5 million in the first half of 2005.

Earnings in the period rose to $3.9 million from $3.4 million, while earnings per diluted share fell to 44 cents from 46 cents over the same period.


Friday, 11 August, 2006, 17:25 GMT  | last updated: Friday, 11 August, 2006, 17:25 GMT

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