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.