New 52-week Low for Flotek Shares (FTK)

Its been a tough go for Flotek Industries (NYSE:FTK) shareholders since the company's Q3 Earnings call on Nov 17th.  Since that time Flotek shares have lost 31% of their value and today marks yet another new 52-week low of $1.09 a share.

Last month Flotek reported $23.8 million total revenue for Q3 2009, a decrease of 62.1%, compared to $62.8 million for the Q3 2008. Revenue decreased in all of Flotek's operating segments, a result of a decrease in drilling activity since the 2008 cyclical peak, natural gas prices and drilling activity have declined which directly impacting demand for their products. Revenues for the nine months ending September 30, 2009 decreased to $88.0 million from $166.1 million for the first nine months of 2008. Loss from operations for the third quarter of 2009 totaled $2.5 million, compared to income from operations of $12.2 million in the third quarter of 2008. Flotek is now raising concerns that it will be unable to meet the financial covenants set forth in its Senior Credit Facility. As a result, the Company took a valuation allowance of approximately $16.8 million against its deferred tax assets on the Company's balance sheet.

Flotek posted a Q3 2009 net loss of $23.1 million or $1.18 per share. That compares to net profit in the quarter ending Q3 2008 of $5.1 million or $0.27 per share. For the nine months ending September 30, 2009, the Flotek posted a net loss of $44.9 million or $2.29 per share.