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Flotek Industries (FTK)
Q4 2012 Earnings Call
March 14, 2013 8:30 am ET
Glenn Neslony - Vice President and Treasurer
John W. Chisholm - Chairman, Chief Executive Officer and President
H. Richard Walton - Chief Financial Officer and Chief Accounting Officer
Steven A. Reeves - Executive Vice President of Operations
Marc Kevin Fisher - Executive Vice President of Global Business Development
Michael R. Marino - Stephens Inc., Research Division
Gregory P. Garner - Singular Research
Brian Uhlmer - Global Hunter Securities, LLC, Research Division
Previous Statements by FTK
» Flotek Industries Management Discusses Q3 2012 Results - Earnings Call Transcript
» Flotek Industries Management Discusses Q2 2012 Results - Earnings Call Transcript
» Flotek Industries Inc. Q4 2008 Earnings Call Transcript
Thank you, and good morning. Today's call is being webcast, and a replay will be available on Flotek's website. Our earnings and operational update, press release, as well as annual report with the United States Securities and Exchange Commission will be filed and distributed -- were filed and distributed last evening and are also available on the Flotek website.
Before I turn the call over to Flotek's Chairman, President and Chief Executive Officer, John Chisholm, I wish to remind everyone participating in this call, listening to the replay or reading a transcript of this call of the following: Some of the comments made during this teleconference may 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, reflecting Flotek's views about future events and their potential impact on performance.
Words such as expect, anticipate, intend, plan, 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 on this call. These matters involve risks and uncertainties that could impact the operations and the financial results and cause our actual results to differ from such forward-looking statements. These risks are discussed in Flotek's filings with the United States Securities and Exchange Commission.
Now I'd like to introduce Mr. John Chisholm, Flotek's Chairman of the Board, President and Chief Executive Officer.
John W. Chisholm
Glenn, thank you. I would also like to welcome each of you to Flotek's 2012 Annual Review Conference Call.
With me today are Rich Walton, Flotek's Chief Financial Officer; Steve Reeves, our Executive Vice President of Operations; Kevin Fisher, our Executive Vice President on Global Business Development; Chris Edmonds, our Senior Director of Finance; and Glenn Neslony, Flotek's Vice President and Treasurer.
Last evening, we filed our annual report with the U.S. Securities and Exchange Commission. While we won't take your valuable time to regurgitate those filings, we will provide a summary of the results, attempt to add some color regarding current, operations, as well as a sense of our future and then be happy to answer your questions.
2012 was a year of significant achievement and evolution for Flotek, both from an operational, as well as a financial perspective. Very simply, Flotek posted record revenues and margins, while at the same time completing the transformation of your company from a debt-laden, challenged enterprise to an oilfield technology leader, with one of the strongest balance sheets in the industry and a focus on cutting-edge technologies that improve the efficacy of hydrocarbon production while remaining a leading advocate of environmental stewardship in oil and gas exploration and production.
At the beginning of 2012, we said that Flotek's goal was to make a difference for our clients, our communities, our employees, the environment, and first and foremost, you, our shareholders. By nearly every account, we have done just that.
Our customers leverage Flotek's expertise and completion chemistry, production systems and drilling technologies to create more efficient drilling, completion and production systems, thereby increasing the number of viable exploration horizons, as well as improving returns to their stakeholders.
Our communities benefit from Flotek's robust business growth, our team members' involvement in programs that better the communities in which we live and work and Flotek's direct support of programs in and around the communities we serve that focus on education, human services and ways to improve the quality of life. Our employees benefit through more robust business opportunities, which create opportunities for personal and professional growth, as well as Flotek's stock ownership program that casts a very wide net.
We are committed to making a difference in the environment. From the day in 2003 when Flotek filed for its first patent of a biodegradable completion chemistry to today, where we are generating efficacious alternatives to traditional, less-friendly chemicals for use across the life cycle of the well, we understand that it isn't good enough just to be green. Our products have to be both green and great, meaning our products not only protect the environment, they improve outcomes for our customers and clients.
And finally, we've made a difference for our shareholders. Through strength in our operations and the deleveraging and repositioning of our balance sheet, Flotek has provided industry-leading returns to our shareholders, both in 2012 and over longer periods. In 2012, Flotek's shares increased approximately 22% compared to 13% for the New York Stock Exchange Composite Index and 2% for the Philadelphia Oilfield Service Index, or OSX.
And to show just how far the Flotek journey has come, for the 3-year period ending December 31, 2012, Flotek shares improved 810% compared to 18% for the New York Stock Exchange and 13% for the OSX. Those results are a testament to the hard work and dedication of the entire Flotek team.