Coil Tubing Technology, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2013; Provides Sales Guidance for the Second Quarter and Third Quarter of 2013
May 14, 2013 at 03:47 pm EDT
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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.
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. Reports Earnings Results for the First Quarter Ended March 31, 2013; Provides Sales Guidance for the Second Quarter and Third Quarter of 2013