Coil Tubing Technology, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
November 10, 2014 at 09:56 am EST
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Coil Tubing Technology, Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company realized net income of $256,000 which was a direct result of tool sales to an oil & gas service company in Mexico. Revenues were approximately $2,160,000 compared to $1,610,000 during the three months ended September 30, 2013, an increase of $550,000. Net income was $256,000 for the three months ended September 30, 2014, compared to a net loss of $178,000 for the three months ended September 30, 2013, an increase in net income of $434,000, representing a 244% improvement from the prior period. The increase in third quarter net income was mainly attributable to a $709,000 or 1,611% increase in product sales during this quarter. Basic and diluted net income per share for the three months ended September 30, 2014 and 2013 were $0.02 and loss of $0.01, respectively.
Revenues for the nine months ended September 30, 2014 and 2013 were $5,073,000 and $4,855,000, respectively. For the nine months the company invested an additional $771,000 in new tools and machinery in order to expand product lines and meet the demands of international oil service companies. For the nine months ended September 30, 2014 and 2013, net losses were $324,000 and $418,000, respectively. This overall decrease of $94,000 in net loss is related to an increase in product sales. Basic and diluted net loss per share for the nine months ended September 30, 2014 and 2013 were $0.02 and $0.03, 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.