Coil Tubing Technology, Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2012
May 18, 2012 at 12:12 pm EDT
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Coil Tubing Technology, Inc. reported unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company has posted sales revenue of $2,265,083, an increase of $1,618,167, as compared with sales revenue of $646,916 for the three months ended March 31, 2011. The increase for the three months ended March 31, 2012 compared to the three months ended March 31, 2011 was due to the increased inventory of rental tools and the expansion of the company's sales force and sales territories. The company generated net income of $536,993 for the three months ended March 31, 2012, an increase of $631,935 from the three months ended March 31, 2011, when the company had a net loss of $94,942. The increase in net income was a direct result of the company's expansion of its sales force and marketing efforts, the increase in its rental tool fleet and inventory, and the corresponding increase in revenue.
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.