Business Context and Reporting Period
This Form 8-K, filed on March 20, 2007, with a report date of January 4, 2007, concerns Flotek Industries, Inc. The filing primarily discloses the acquisition of Teal Supply Co. d/b/a Triumph Drilling Tools, Inc. The document includes audited financial statements for the acquired business for the nine-month period ended September 30, 2006, and the year ended December 31, 2005.
Key Financial Metrics
The filing text provided is a cover sheet and exhibit index; it does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for either Flotek Industries or the acquired entity. The document references the existence of the following financial statements in the exhibits but does not display the data:
- Balance Sheets for Teal Supply Co. as of September 30, 2006, and December 31, 2005.
- Statements of Income for the nine months ended September 30, 2006, and the year ended December 31, 2005.
- Statements of Cash Flows for the same periods.
- Unaudited Pro Forma Combined Balance Sheet as of December 31, 2006.
- Unaudited Pro Forma Combined Statement of Income for the year ended December 31, 2006.
Note: The filing text does not provide a clear value for any specific financial metric.
Material Changes
The material change reported is the acquisition of Teal Supply Co. d/b/a Triumph Drilling Tools, Inc. The filing includes pro forma financial information to illustrate the combined financial position of Flotek Industries and the acquired business as if the acquisition had occurred as of December 31, 2006.
Guidance, Outlook, and Risks
The provided text does not contain management commentary, forward-looking guidance, specific risk factors, or details regarding contingencies. It serves strictly as a notification of the acquisition and a directory for the attached financial exhibits.
Investor Verification Checklist
- Review Exhibit 99.1 for the audited financial statements of Teal Supply Co. to assess the historical performance of the acquired business.
- Review Exhibit 99.2 for the unaudited pro forma financial information to understand the projected combined financial impact of the acquisition.
- Verify the purchase price and consideration details, which are not listed in the cover sheet but should be in the notes to the pro forma statements.
- Confirm the closing date of the transaction, as the report date (January 4, 2007) may differ from the actual closing date.