Coil Tubing Technology, Inc. reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of approximately $1,804,000, compared to total revenues of $2,265,000 for the three months ended March 31, 2012. The decrease in rental revenue was mainly due to a decrease in customer demand. Net loss was approximately $66,000 compared to net income of $423,000 for the three months ended March 31, 2012. The decrease in net income was attributable to a decrease in total revenue and an increase in operating expenses, principally a $113,000 increase in stock option expense, for the three months ended March 31, 2013, compared to the three months ended March 31, 2012. Net cash provided by operating activities was approximately $101,000. The company had $94,000 of net cash used in investing activities for the three months ended March 31, 2013, which included the purchase of $102,000 of rental tools and $50,000 of property and equipment. Primary and fully-diluted net income per share was $0.004. Primary and fully-diluted net income per share for the first quarter ended March 31, 2012, was $0.03 and $0.02, respectively.

The company anticipates that sales for products will remain the same for the second quarter of 2013 with upward movement in the third quarter of 2013.