Business Context and Reporting Period
This Form 8-K was filed by Flotek Industries, Inc. on June 8, 2011. The report serves as a current disclosure under Regulation FD regarding a significant corporate financing event.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, or liquidity ratios. The primary financial disclosure is qualitative:
- Debt Reduction: The Company announced the payment-in-full of its senior credit facility.
- Funding Source: The debt repayment was funded using proceeds from a recent equity private placement.
Material Changes
The material change reported is the complete elimination of the Company's senior credit facility debt obligation. This action was executed immediately following the closing of an equity private placement.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or a discussion of specific risks and contingencies beyond the disclosure of the debt repayment event. The full details of the transaction are referenced in the press release dated June 8, 2011 (Exhibit 99.1).
Investor Verification Checklist
- Verify the exact amount of debt retired and the total proceeds raised in the equity private placement by reviewing Exhibit 99.1.
- Confirm the terms of the equity private placement (e.g., share price, number of shares issued) to assess potential dilution.
- Review the Company's most recent 10-Q or 10-K to understand the impact of this debt removal on the balance sheet and interest expense.