Strong QuarterA US based downhole company, Flotek Industries, reported record quarterly revenue. Excerpts from their 10Q are extracted below. I am
hoping for good numbers soon from WZL. Anyone know when they plan to release their numbers? I assume sometime this week based on previous years.
I noticed that rig use in quarter 3 was way up compared to quarter 2, that should bode well for this beaten-up stock.
"Flotek Industries Inc. Announces Record Revenue and Net Income for 3Q 2003
11/12/03
HOUSTON, Nov 12, 2003 (BUSINESS WIRE) --
"Flotek Industries Inc. (OTCBB:FLTK) announced record revenue and net income for the quarter ended Sept. 30, 2003..."
"In addition, the Turbeco line of casing centralizers increased revenues 160.6% year over year and 62.1% sequentially."
"Turbeco has benefited from both increased drilling activity and aggressive marketing of its tools. New tools introduced in the second quarter, such as the IJ Bow Spring and External Casing Packer centralizer, show promise for future sales. Although the Petrovalve division is performing below expectations due to various factors affecting international clients, sales in the U.S., Canada and Europe are promising"
Flotek is a publicly traded company involved in the manufacturing and marketing of innovative downhole equipment, specialty chemicals and engineering, design and construction of equipment for cementing and stimulation. It serves major and independent companies in the international oilfield service industry.
Here is their web url
www.flotekind.com
GLTA
Cheers,
Oxyurid