Coil Tubing Technology, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
August 01, 2014 at 12:19 pm EDT
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Coil Tubing Technology, Inc. reported earnings results for the second quarter and six months ended June 30, 2014. The company's revenues for the second quarter were approximately $1,645,000 compared to $1,420,000 during the three months ended June 30, 2013, an increase of $225,000. The company had a net loss of $108,000 compared to a net loss of $173,000 for the three months ended June 30, 2013, a decrease in net loss of $65,000, representing a 38% improvement from the prior period. The decrease in 2nd quarter net loss was mainly attributable to a $303,000 or 3,367% increase in product sales during this quarter. Basic and diluted net loss per share for the three months ended June 30, 2014 and 2013 were $0.01 and $0.01, respectively.
Overall revenues for the six months ended June 30, 2014 and 2013 were $2,913,000 and $3,245,000, respectively. For the six months ended June 30, 2014 and 2013, net losses were $581,000 and $239,000, respectively. This overall increase of $342,000 in net loss is related to a decrease in rental tool sales and an increase in selling, general and administrative costs. Basic and diluted net loss per share for the six months ended June 30, 2014 and 2013 were $0.04 and $0.02, respectively.
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.