Coil Tubing Technology, Inc. Reports Consolidated Earnings Results for the Year Ended December 31, 2011
March 30, 2012 at 06:21 pm EDT
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Coil Tubing Technology, Inc. reported consolidated earnings results for the year ended December 31, 2011. For the year, the company reported total revenues of USD 5,541,131 compared to USD 1,751,850 a year ago. Income from operations were USD 759,723 compared to loss from operations of USD 403,022 a year ago. Net income was USD 729,445 compared to net loss of USD 457,590 a year ago. Diluted earnings per share were USD 0.07 compared to diluted loss per share of USD 0.34 a year ago. Net provided by operating activities were USD 1,171,331 compared to net cash used in operating activities of USD 491,990 a year ago. Purchase of machinery and equipment was USD 495,635 compared to USD 52,073 a year ago.
Coil Tubing Technology, Inc. (CTT) is engaged in providing coiled tubing technology and tools. CTT is involved in the development and marketing of specialty tools and related technical solutions used with coil tubing and jointed pipe in the bottomhole assembly for the exploration and production of hydrocarbons. It focuses on four categories of tubing applications, which includes thru-tubing fishing, thru-tubing workover and intervention, pipeline clean out, and coil tubing lateral drill out operations. The Companyâs products include CTT Amplidyne, CTT Ampli-Max, CTT H/H Jar, CTT Jet Hammer, CTT Jet Motor, CTT Jet Nozzle, CTT Oscillator, and CTT Rotating Tool. CTT offers a turnkey tool package containing a full line of tools and thru-tubing downhole tools, backed by support services. It provides service for redress and inspection of its tool rental fleet, and sale of its tools. The Company also provides single-item tool rental.
COIL TUBING TECHNOLOGY, INC. 
