HOUSTON, Feb. 14, 2019 /PRNewswire/ -- 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.
Forward-Looking Statements
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.
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SOURCE Flotek Industries, Inc.