Key Developments: Flotek Industries Inc (FTK)
17.37USD
21 May 2013
$-0.11 (-0.63%)
$17.48
$17.51
$17.63
$17.16
103,588
594,087
$17.70
$8.46
Latest Key Developments (Source: Significant Developments)
Flotek Industries Inc Announces Definitive Agreement To Acquire Florida Chemical Company, Inc
Flotek Industries Inc announced that, through a wholly-owned subsidiary, the Company has signed a Definitive Agreement (the Agreement) to immediately acquire all of the outstanding stock of Winter Haven, Florida-based Florida Chemical Company, Inc. (Florida Chemical), the processor of citrus oils and a pioneer in solvent, chemical synthesis and flavor/fragrance applications from citrus oils from facilities in Florida and Texas. Under the terms of the Agreement, Flotek will pay $49.5 million in cash and 3,284,180 shares of Flotek common stock for the outstanding shares of privately-held Florida Chemical. In conjunction with the acquisition Flotek has entered into an Amended and Restated Credit Agreement with PNC Bank. Under the terms of the facility, PNC has agreed to increase the Company's total facility to $125 million comprised of a $50 million term loan and a $75 million revolving credit facility. Flotek intends to fund the cash portion of the acquisition through the proceeds from both the term loan and revolving credit facility. Flotek intends to make no immediate changes to the structure and operations of Florida Chemical. Josh Snively, current President and CEO of Florida Chemical, will remain President of the wholly-owned subsidiary of Flotek. Full Article
Flotek Industries Inc Announces Appointment of H. Richard Walton as Chief Financial Officer
Flotek Industries Inc announced that the Company's Board of Directors has elected H. Richard Walton as Executive Vice President and Chief Financial Officer (CFO). Mr. Walton, named as the Company's interim CFO in February. Full Article
Flotek Industries Inc Appoints Chief Financial Officer
Flotek Industries Inc announced that Richard Walton has been appointed Chief Financial Officer on an interim basis. Flotek and Ms. Kokenge have agreed to a severance and consulting arrangement that will provide her with certain consideration in exchange for transitional consulting services provided to the Company. Full Article
Flotek Industries Inc Announces Authorization Of $25 Million Share Repurchase Program
Flotek Industries Inc announced that the Company's Board of Directors has authorized the repurchase of up to $25 million of Flotek common stock. Repurchases under Flotek's new program will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18. This share repurchase plan does not obligate Flotek to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. Flotek had approximately 49.2 million shares of Common Stock outstanding as of October 29, 2012. In conjunction with this authorization, Flotek and its senior lender, PNC Bank, have agreed to an Amendment to the Company's current credit facility that allows for repurchases of up to $25 million of Common Stock under certain circumstances, including minimum availability under the credit facility of $10 million. Full Article
Flotek Industries Inc. Comments On FY 2012 Guidance-Conference Call
Flotek Industries Inc. announced that for the balance of fiscal 2012, it expects full of opportunities to continue to grow revenue and profits and as a result, create meaningful value for shareholders. Full Article
Flotek Industries Inc. Announces Appointment of John Chisholm as Chairman, President and Chief Executive Officer
Flotek Industries Inc. announced that John Chisholm has been given the additional responsibilities of Chief Executive Officer of Flotek Industries, Inc. Prior to the appointment, Mr. Chisholm served as President and Chairman. Full Article
Flotek Industries Inc. Issues Q4, FY 2011 Revenue Guidance In Line With Analysts' Estimates; Comments On Q4, FY 2011 Operating Income Guidance
Flotek Industries Inc. announced that for fiscal 2011, it expects revenues of approximately $258 million. For the fourth quarter of 2011, it expects revenues to be greater than $75 million and operating income as a percentage of revenue for the fourth quarter of 2011 is expected to exceed 20% and for the calendar year 2011 is expected to be greater than 18%. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $259 million for fiscal 2011; revenues of $76 million for the fourth quarter of 2011. Full Article
Flotek Industries Inc. Forges New $35 Million Revolving Credit Facility With PNC Bank
Flotek Industries Inc. announced that the Company and its domestic subsidiaries have entered into a Revolving Credit and Security Agreement with PNC Bank, N.A. The facility provides up to $35 million of revolving borrowing capacity to be used for working capital, acquisitions and capital expenditures. The initial maturity date of the facility is December, 2012, which can be extended, at the lender's option through September, 2014, should the Company restructure its outstanding senior convertible notes. Full Article
Flotek Industries Inc. Issues Q2 2011 Revenue Guidance Above Analysts' Estimates
Flotek Industries Inc. announced that it expects revenue for the second quarter of 2011, to exceed $54 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $55 million for second quarter of 2011. Full Article
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