Flotek Industries, Inc. Announces Authorization of $25 Million Share
HOUSTON, Nov. 12, 2012
HOUSTON, Nov. 12, 2012 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK -
News) ("Flotek" or the "Company") today announced that the Company's Board of
Directors has authorized the repurchase of up to $25 million of Flotek common
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, subject to market conditions, applicable legal
requirements, and other relevant factors. 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. Currently, there are no outstanding borrowings on Flotek's $35
million revolving credit facility.
"As Flotek's financial position continues to strengthen and evolve, we are
committed to exploring every avenue to maximize returns to our shareholders,"
said John Chisholm, Flotek's Chairman, President and Chief Executive Officer.
"The availability of a share repurchase program is simply one more tool in our
box of options to optimize value. Moreover, PNC's assistance in approving the
program is yet another indication of Flotek's strong financial outlook. We
appreciate PNC's support and look forward to working with them as our
financial partner as Flotek continues to grow in the future."
About Flotek Industries, Inc.
Flotek is a global developer and distributor of innovative specialty chemicals
and down-hole drilling and production equipment. Flotek manages automated bulk
material handling, loading and blending facilities. It serves major and
independent companies in the domestic and international oilfield service
industry. 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
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 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 filing
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
SOURCE Flotek Industries, Inc.
Contact: Investor Relations, +1-713-849-9911, IR@flotekind.com
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