Authorization

Flotek Announces Fourth Quarter And Full-year 2019 Results

HOUSTON, March 5, 2020 /PRNewswire/ --A Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced results for the three months and full year ended December 31, 2019. As the results of the Company's Consumer and Industrial Chemistry Technologies ("CICT") segment are presented as discontinued operations for all periods, the financial discussion and comparisons substantially relate to Flotek's continuing operations, or its Energy Chemistry Technologies ("ECT") segment.
Flotek Announces Fourth Quarter And Full-year 2019 Results
Fourth Quarter and Full-Year 2019 Highlights

Generated fourth quarter 2019 revenue of $19.5 million, a loss from continuing operations of $37.1 million and an adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") loss of $8.9 million, compared to revenue of $21.9 million, a loss from continuing operations of $11.2 million and an adjusted EBITDA loss of $8.1 million for the third quarter of 2019. In the fourth quarter, adjusted EBITDA was $0.8 million less than the third quarter primarily due to lower revenue and a change in product mix.



The $37.1 million loss for the three months ended December 31, 2019 included a non-recurring $15.8 million loss on purchase commitments associated with the Company's terpene supply agreement with Florida Chemical Company, LLC ("FCC") entered into in February 2019, and the recording of an additional $4.4 million reserve related specifically to the Company's terpene inventory balance as of December 31, 2019.



Corporate general and administrative expense for the fourth quarter of 2019 was $9.0 million compared to $5.7 million for the third quarter. Included in the fourth quarter was $3.7 million of severance.



For the full-year 2019, Flotek generated revenue of $119.4 million, a loss from continuing operations of $76.7 million and an adjusted EBITDA loss of $34.8 million, compared to revenue of $177.8 million, a loss from continuing operations of $73.4 million and an adjusted EBITDA loss of $15.5 million for the full-year 2018.



For the full-year 2019, the Company's cost-cutting and process improvement initiatives reduced annualized expenses by approximately $30 million across the enterprise.

Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to the closest GAAP measure in the attached tables at the end of this release. First Quarter 2020 Highlights to Date
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Апрель 2020    »
ПнВтСрЧтПтСбВс
 12345
6789101112
13141516171819
20212223242526
27282930