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Flotek Industries, Inc. reports developments tied to its specialty chemistry and data technology business serving the energy industry. Company news commonly covers financial results, guidance, segment performance in Chemistry Technologies and Data Analytics, and the role of near real-time data in customer operations and emissions-related optimization.
Recurring updates also include contracts and deployments connected with the PWRtek platform, power services and utilities infrastructure support, as well as leadership, compliance and governance changes. Flotek’s news flow reflects the convergence of chemistry solutions, analytical measurement, mobile gas conditioning and energy-sector service offerings.
Flotek Industries, Inc. (NYSE: FTK) reported a significant decline in second-quarter 2020 revenue of $8.9 million, down 54.3% year-over-year and 54.3% sequentially, largely due to challenges in the oil and gas market. The company incurred a loss of $9.6 million, an improvement from a $12.8 million loss in Q2 2019. Flotek's acquisition of JP3 aims to diversify revenue streams, while it also launched a premium-grade sanitizer line. The firm holds $59.9 million in cash as of June 30, 2020, and is focused on preserving liquidity amidst the pandemic's impact.
Flotek Industries has appointed Michael E. Borton as its new Chief Financial Officer (CFO), effective August 3, 2020. With 35 years of experience in financial leadership roles, Borton has a strong background in driving growth in various sectors such as SaaS and energy. His previous roles include CFO positions at Dynasty Sports and Wombat Security Technologies. To align with shareholder interests, he has been granted 240,000 restricted stock awards and 360,000 performance-based options. Flotek aims to leverage Borton's expertise for profitable growth and technological advancements.
Flotek Industries, Inc. (NYSE: FTK) has announced its schedule for the second quarter 2020 earnings release, set for August 5, 2020, after market close. The company will disclose financial results for the period ended June 30, 2020. An earnings conference call is scheduled for August 6, 2020, at 9:00 a.m. CDT. Participants can access the call via the company’s website or by phone. Flotek focuses on optimizing hydrocarbon streams in the energy sector through technology and services.
Flotek Industries has announced it has regained compliance with the NYSE's continued listing standards as of June 30, 2020. This follows a prior notification on April 17, 2020, regarding its share price falling below the $1.00 requirement over 30 consecutive trading days. The recent average closing price exceeded the minimum, allowing the removal of the compliance indicator on its shares. Flotek operates by providing innovative chemistry technologies to the energy sector, helping optimize hydrocarbon value.
Flotek Industries, Inc. (NYSE: FTK) announced the appointment of TengBeng Koid as President of Global Business. Koid will lead the domestic and international business development strategies for the company's Energy Chemistry Technologies and newly acquired Analysis & Data division from JP3. With over 30 years in the oil and gas sector, Koid previously served as President of Energy Solutions at Emerson. He has a strong track record of driving growth and has been granted 200,000 restricted stock awards and performance-based options linked to the company's stock performance.