{"id":525669,"date":"2021-08-09T19:02:24","date_gmt":"2021-08-09T23:02:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/flotek-announces-second-quarter-2021-results\/"},"modified":"2021-08-09T19:02:24","modified_gmt":"2021-08-09T23:02:24","slug":"flotek-announces-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/flotek-announces-second-quarter-2021-results\/","title":{"rendered":"Flotek Announces Second Quarter 2021 Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n HOUSTON<\/span>, Aug. 9, 2021<\/span> \/PRNewswire\/ —\u00a0Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced second quarter results for the three months ended June 30, 2021<\/span>. <\/p>\n

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\n \"Flotek
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\n John W. Gibson, Jr.<\/span>, Chairman, President, and Chief Executive Officer stated, “Two of our most significant customers changed ownership on accelerated timelines in the second quarter, and both buyers suspended our forecasted business immediately following their closings. Excluding these events, customer growth and diversification was strong, with a 26%<\/span> sequential increase of new customers in our energy chemistry technologies business. Additionally, our Data Analytics segment improved slightly, experiencing the third sequential improvement in sales and representing our highest performing quarter since our acquisition of JP3 last year.”\u00a0 <\/p>\n

“We remain focused on engaging with the industry to demonstrate the strategic benefits of our green chemistry solutions to support their ESG and operational goals. We are encouraged by the increased interest we are seeing in our value proposition; and to further accelerate these efforts, we have structurally realigned to reallocate resources to expand our sales team. This will support our strategy to diversify our customer base and expand our channels-to-market across the energy life cycle. Additionally, we are pleased that we have secured our first international sale for JP3 with a supermajor energy company in Southeast Asia<\/span>, measuring hydrocarbons in their offshore operations \u2013 an exciting new frontier for our technologies.” <\/p>\n

\n “<\/span>We also continued to improve our liquidity, supported by recent actions. We have completed a lease agreement for our Waller<\/span> facility with Resolute Oil, converting it into a more marketable, income-generating property. Further, we are pleased we have attained full forgiveness of our JP3 PPP loan. Additionally, we are exploring a number of credit-enhancing options, including an asset-based line of credit.”<\/p>\n

\n Second Quarter Financial Results <\/b>\n <\/p>\n