Flotek Industries Announces Earnings Schedule For Fourth Quarter 2018 Results And Strategic Capital Committee Update
HOUSTON, February 14, 2019: Flotek Industries, Inc. (NYSE: FTK) (“Flotek” or the “Company”) today announced its earnings schedule for its fourth quarter 2018 results and membership of its Strategic Capital Committee (the “Committee”).
Earnings Schedule Announced for Q4 and Full-Year 2018
Flotek will release its fourth quarter 2018 financial and operating results for the three months ended December 31, 2018, as well as full-year results for 2018, in a press release after the market close on March 6, 2019. Flotek will host its earnings conference call on Thursday, March 7, 2019 at 9:00 a.m. CST (10:00 a.m. EST). To participate in the call, participants should access the webcast on www.flotekind.com under the Investor Relations section or dial 877-870-4263 approximately five minutes prior to the start of the call.
Strategic Capital Committee
Flotek announced the membership of its Strategic Capital Committee, which is comprised of individuals on Flotek’s board of directors and leadership team. The Committee is chaired by independent director, David Nierenberg, and includes independent directors, Ted Brown and Kate Richard. Nierenberg was selected as chair of the Committee in light of his management of The D3 Family Funds, which owns a significant number of shares in the Company and has been an investor in the Company since 2015. The Committee also includes John Chisholm, Chairman, President and Chief Executive Officer, and Elizabeth Wilkinson, Chief Financial Officer.
As announced in the Company’s press release on January 11, 2019, Flotek established the Committee to evaluate and make recommendations to the Board regarding the manner in which the Company will deploy the net proceeds from the previously announced $175 million sale of Florida Chemical Company, after payment of transaction fees, post-closing working capital and other adjustments, and the balance of the Company’s outstanding credit facility on the day of closing. The Committee plans to consider a range of options for the net proceeds that could include, for example, returning capital to shareholders, executing share buybacks, funding previously identified organic growth projects, making additional investments in the business that increase long-term shareholder value and exploring other alternatives.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive, reservoir-centric chemistry technologies to oil and gas clients designed to address every challenge in the lifecycle of the reservoir and maximize recovery in both new and mature fields. Flotek’s inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production. Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek Industries, Inc. 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 Flotek’s web site at www.flotekind.com.
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 expects, anticipates, intends, plans, believes, seeks, estimates, will, expected, should, could 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. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), 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.
IR Inquiries, contact:
Elizabeth T. Wilkinson
Chief Financial Officer
P: (713) 726-5376
Media Inquiries, contact:
Senior Vice President
Global Communications & Technology Commercialization
P: (713) 726-5322