Great Lakes Announces Participation in the Noble Capital Markets Virtual Road Show

 

HOUSTON, May 26, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ: GLDD), the largest provider of dredging services in the United States announced their participation in Noble Capital Markets Virtual Road Show Series, presented by Channelchek, scheduled for June 2, 2021.

The virtual road show will feature a corporate presentation from Great Lakes Dredge & Dock Corporation’s President and Chief Executive Officer Lasse Petterson and Chief Financial Officer Mark Marinko, followed by a Q&A session proctored by Noble Senior Research Analyst Poe Fratt, featuring questions submitted by the audience.

The live broadcast of the virtual road show is scheduled for Wednesday, June 2, 2021, at 1 PM EDT. Registration is free and open to all investors, at any level. Register Here. Noble’s research, as well as news and advanced market data on Great Lakes is available on Channelchek.

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Noble Capital Markets

Noble Capital Markets, Inc. was incorporated in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small / microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 36 years, Noble has raised billions of dollars for these companies and published more than 45,000 equity research reports.
www.noblecapitalmarkets.com email: contact@noblecapitalmarkets.com

Channelchek

Channelchek (.com) is a comprehensive investor-centric portal – featuring more than 6,000 emerging growth companies – that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC/FINRA registered broker-dealer since 1984.
channelchek.vercel.app email: contact@channelchek.vercel.app

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Monday, May 24, 2021

Orion Group Holdings (ORN)
Awards Building – New Concrete Awards of $17 million

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New awards for $17 million in Concrete announced late last week. The Galveston work highlights the collaboration potential of the Concrete and Marine divisions working together. First award is $5.5 million from Hensel Phelps for concrete services for the new Royal Caribbean Cruise Terminal in the Port of Galveston. Paving and tilt-wall construction work should start shortly with completion this year. Second award is $6.5 million for construction of four tilt-wall buildings and associated paving in San Antonio that will begin in 3Q2021 with completion this year. Third award is $5.1 million for construction of multiple tilt-wall buildings and site paving for a new business park NW of the DFW area. The work should begin in 3Q2021 and run into 2Q2022.


Maintain 2021E EBITDA of $47.0 million, including asset sales of $1.6 million.  Tough comps are ahead, but Marine results should pick up and Concrete has upside potential. 1Q2021 backlog of $365 million dropped for both Marine and Concrete, but low bids pending award of $134 million increased $38 million so potential backlog remains high at $499 million. Recent awards appear to be incremental to …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, May 24, 2021

Orion Group Holdings (ORN)
Awards Building – New Concrete Awards of $17 million

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New awards for $17 million in Concrete announced late last week. The Galveston work highlights the collaboration potential of the Concrete and Marine divisions working together. First award is $5.5 million from Hensel Phelps for concrete services for the new Royal Caribbean Cruise Terminal in the Port of Galveston. Paving and tilt-wall construction work should start shortly with completion this year. Second award is $6.5 million for construction of four tilt-wall buildings and associated paving in San Antonio that will begin in 3Q2021 with completion this year. Third award is $5.1 million for construction of multiple tilt-wall buildings and site paving for a new business park NW of the DFW area. The work should begin in 3Q2021 and run into 2Q2022.


Maintain 2021E EBITDA of $47.0 million, including asset sales of $1.6 million.  Tough comps are ahead, but Marine results should pick up and Concrete has upside potential. 1Q2021 backlog of $365 million dropped for both Marine and Concrete, but low bids pending award of $134 million increased $38 million so potential backlog remains high at $499 million. Recent awards appear to be incremental to …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, May 20, 2021

Orion Group Holdings (ORN)
New Awards and Progress on Tampa Yard Sale

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Two awards for ~$38 million. An award of $28.5 million was announced to demo and construct a habitat for salmon in Washington. Work should run into 2Q2023. Another smaller award of ~$9 million was announced for design work and construction of a private marine facility near Tampa. Work should run into mid-2022.


Maintaining 2021 EBITDA estimate of $47.0 million, including asset sales of $1.6 million.  There are tough comps ahead, but Marine results should pick up over rest of year and Concrete represents upside potential. 1Q2021 backlog of $365 million dropped due to lower Marine and Concrete backlogs, but low bids pending award of $134 million increased $38 million so potential backlog remains high at …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, May 17, 2021

Energy Services of America (ESOA)
March Quarter Results Out and Virtual NDR Comments

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Compared to the March 2020 quarter, the March 2021 quarter improved, in part due to the December 2020 acquisition of West Virginia Pipeline (WVP). As typical during the winter, EBITDA was negative at $0.8 million, but it was an improvement over the 2Q2020 EBITDA loss of $1.2 million due to higher revenue and gross profit, which more than offset higher G&A expense. Compared to our estimate, revenue was lower by $0.9 million and costs were slightly lower by $0.5 million so gross profit was $0.4 million lower than expected and EBITDA was $0.7 million lower than expected.


Moving FY2021 EBITDA to $8.0 million from $9.1 million to reflect quarterly results.  Our estimate is based on total revenue of $133.6 million and gross profit of $17.3 million. We estimate that gross margin will approximate 12.9% with EBITDA margin of 6.0%. Current backlog of $61.2 million supports our outlook …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, May 14, 2021

Great Lakes Dredge & Dock (GLDD)
New Awards Out and Stellar Execution on Debt Refinancing

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Dredging awards of $112.8 million announced. Awards include capital projects of $86.3 million, coastal protection of $15.6 million and maintenance of $10.9 million. The two capital projects are Mobile Harbor Phase 3 for $53.9 million and Golden Triangle Marsh Creation Project for $32.4 million. The coastal protection work is beach renourishment on Captiva Island for $15.6 million. The maintenance work is the Vicinity of McKellar Lake Harbor Project for $7.6 million and in Jacksonville Harbor for $3.3 million.


A loss by a slight margin in Louisiana.  Bids were opened by the Coastal Protection & Restoration Authority (CPRA) on Wednesday for the Lake Borgne Marsh Creation Project (PO-0180) in Louisiana. Mike Hooks was the apparent low bidder at $60.7 million, with GLDD closely behind at $63.7 million. Among the seven bids, the highest bid was $102.0 million, and the low bid was below the designer’s estimate …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Flotek Announces First Quarter 2021 Results

Q1’21 EBITDA Improves Sequentially

HOUSTON, May 10, 2021 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced results for the first three months ended March 31, 2021.
 

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer stated: “While we experienced a slow start to the quarter due to the continued challenging macro-environment and impacts of Winter Storm Uri, we are pleased with our progress through the quarter as demand significantly increased across both segments towards the end of the quarter and continued into this quarter. We are excited about the momentum we have and are optimistic about our opportunities for growth across our business as the market continues its recovery in the latter half of the year.
 

“We are accelerating our ESG solutions, which we believe will be a key growth driver as the energy market increases its focus on ESG amid an evolving regulatory framework. Over the years, we have built a leading position as a developer of green chemistry solutions, and we are delivering our suite of greener chemistry and data solutions to meet our customers’ evolving needs today. Additionally, we continue to see significant opportunities in international markets and are optimistic about the momentum we are gaining in key growth markets. Lastly, we are strengthening our liquidity to improve our financial flexibility. As a result of these actions, we continue to be confident in our long-term strategy, and I look forward to working with our outstanding leadership team to further improve operational and financial performance.”

 

First Quarter
Financial Results 

• Consolidated Revenues:  Flotek generated first quarter 2021 consolidated revenue of $11.8 million, down 2.8% from $12.1 million in the fourth quarter, and below $19.4 million in the first quarter last year. The year-over-year decrease in revenue was driven by trends in the macro-environment for U.S. onshore drilling and completion activity and the COVID-19 pandemic continues to pressure productivity and global customer demand.
• Consolidated Operating
  Expenses:  Consolidated operating expenses (excluding depreciation and amortization) were $13.8 million in the first quarter 2021, a 39.6% decline from $22.8 million in the same period last year and a 43.3% decline from the prior quarter. The year-over-year decline was driven by a reduction in costs of sales due to lower sales, as well as lower operating expense driven by consolidation of corporate facilities, reduction of equipment rentals, lowered personnel costs and supply chain expenses.
• Corporate General &
  Administrative Expenses (CG&A):  Corporate general and administrative expenses for the first quarter of 2021 were $4.4 million, compared to $4.5 million for the first quarter of 2020 and $3.7 million for the fourth quarter of 2020. The year-over-year decline was primarily driven by lower personnel and severance costs that occurred in the first quarter 2020, as well as a reduction in occupancy costs as the Company moved out of its corporate headquarters and consolidated its Global Research & Innovation Center. The sequential increase was primarily driven by an increase in one-time legal, accounting and other professional fees, offset by a decrease in compensation.
• Adjusted EBITDA:  Adjusted EBITDA for the first quarter 2021 was a loss of $6.6 million, slightly below the $6.8 million loss in the fourth quarter of 2020, driven by an increase in one-time professional fees, offset by lower compensation. 
• Loss from Operations:  The Company reported a loss from operations for the first quarter 2021 of $8.3 million, or a loss of $0.12 per basic/diluted share, compared to a loss from operations in the first quarter 2020 of $64.0 million, or a loss of $1.07 per basic/diluted share which included a non-recurring charge of $57.5 million related to the impairment of property, plant, and equipment, right-of-use assets, and intangible assets.

Balance Sheet and Liquidity
As of March 31, 2021, the Company had cash and equivalents of $33.9 million, with significant year-over-year improvements in cash usage driven by operational efficiencies across the business. Flotek also had a combined $5.7 million of loans outstanding pursuant to the Paycheck Protection Program (“PPP”) related to the “Cares Act.” 
 

Chemistry Technologies
Segment: Energy Chemistries & Professional Chemistries
In the first quarter, sales in the Chemistry Technologies segment declined sequentially 5.0% to $10.3 million. The decrease was primarily a result of continued market volatility in the macro-environment impacting energy supply and major disruption in February from Winter Storm Uri, impacting the entire supply chain. The segment experienced notable pickup in March as demand significantly increased. Highlights from the quarter include:
 

• Despite the winter storm in February, the Company saw a rebound in its domestic energy chemistries business, up 56%, on a sequential basis. Internationally, following headwinds in market activity and purchasing delays, the Company regained traction towards the end of the quarter.
• The Company engaged with C-Suite leaders at E&Ps to reintroduce the Company’s Environmental, Social and Governance-focused (ESG) value proposition to deliver cost-effective, environmentally friendly, safer chemistry solutions.
• In the quarter, the Company initiated key field trial applications for its green, reservoir-centric chemistry technologies.

• The Company hired Nathan Snoke as Vice President of Energy Chemistries. A global leader in differentiated oilfield services, Snoke joins the Company from Halliburton, where he was most recently Senior Region Manager of Europe, Eurasia, and Sub-Sahara Africa, based in London.  Nathan brings more than 16 years of oil and gas experience to Flotek, ranging from field operations to senior-level management across multiple continents.
• In the first quarter, Flotek launched its new professional chemistries brand, Flotek Protekol™, which includes a comprehensive line of surface cleaners, degreasers, wipes, disinfectants and sanitizers made in the USA.
• Flotek formed a strategic agreement with a major global manufacturer of specialty and intermediate chemicals in the first quarter to produce and package EPA-registered disinfectant wipes.  
• The Company hired Matthew Sullivan as Vice President of Professional Chemistries to lead business development. Sullivan has more 30 years of janitorial and sanitizing sales and marketing expertise, including Georgia-Pacific, Clorox, Kimberly Clark and Scott Worldwide.  

Data Analytics Segment
In the first quarter, Data Analytics’ sales improved 16.7% sequentially to $1.5 million, primarily driven by an increase in new equipment sales in North America. Flotek continued to enhance its offerings and increase its efficiency in delivering solutions, while targeting new customers and markets to transform their businesses through real-time data and analytics. Highlights include:
 

• Added new customers and increased repeat purchases from existing customers, demonstrating the value JP3 delivers to its customers with the multi-applications of its technologies.
• Made progress on its international market entry strategy by continuing meaningful engagement with potential customers in the Middle East, Africa and Asia.  During the first quarter, Flotek secured its second pilot in the Middle East and completed its site survey with its first international pilot. 

• Implemented software development enhancements by accelerating Artificial Intelligence (“AI”) and machine learning capabilities, improving the precision of measurement between batches of refined hydrocarbon products – reducing time, waste and money spent. During the first quarter, the company launched its first application using AI in batch interface for pipelines and successfully installed the application in two locations. 
• Accelerated discussions with customers on its “green benefits” portfolio of applications which helps companies reduce their carbon footprint, energy consumption and emissions. The Company will continue to help customers improve their ESG performance through its JP3 product offerings.

 

Termination of
Agreement with Florida Chemical Company
 As previously disclosed in an 8-K filing on March 29, 2021, Flotek Chemistry, LLC, a wholly-owned subsidiary of Flotek, delivered a notice of termination for the Supply Agreement between Flotek and Florida Chemical Company, LLC (FCC) dated February 28, 2019 following Florida Chemical’s refusal to allow Flotek to exercise its contractual rights to audit the books and records related to the cost of terpene purchased. Flotek believes it has sufficient terpene inventory and alternative terpene supply sources to meet its requirements and does not intend to purchase additional supplies of terpene from FCC.

 

Going forward, the Company’s supply management strategy will align terpene purchases with its demand and does not expect that the termination of the Supply Agreement will have a material effect on its operations or ability to meet customer needs.
 


Conference Call
Details
 

Flotek will host a conference call on Tuesday, May 11, 2021, at 9:00 am CDT (10:00 a.m. EDT) to discuss its first quarter results ended March 31, 2021. To participate in the call, participants should dial 844-835-9986 approximately five minutes prior to the start of the call. The call can also be accessed from Flotek’s website at www.flotekind.com.
 


About Flotek
Industries, Inc.
 

Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.
 

 


Forward-Looking
Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
 

 


Inquiries, contact:
Danielle Allen
Senior Vice President, Chief of Staff
E: DAllen@flotekind.com
P: (713) 726-5322

Flotek Welcomes New Vice President of Professional Chemistries

30-Year Jan-San Veteran to Lead Business Development

HOUSTON, May 10, 2020 — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) is pleased to announce Matthew P. Sullivan has joined the Company as Vice President of Professional Chemistries. In this role, he will oversee the Company’s business development strategy and implementation for Flotek’s cleaning, disinfecting and sanitizing product line. He will report directly to Ryan Ezell, Ph.D, President of Flotek’s Chemistry Technologies segment.
 

Sullivan is an experienced leader in the Away from Home market, with a specialization in the janitorial and sanitizing segment, bringing more than 30 years’ experience to the role. He joins Flotek from Georgia-Pacific, a Koch Industries company, where he held a variety of leadership roles, and most recently, served as Director of Sales for the Northeast Market for GP Pro. He started his career at Scott Paper Company in 1989, later becoming senior market manager at Kimberly Clark, following the Scott and Kimberly Clark merger. Sullivan joined Clorox Professional for six years running 24 states in the Eastern region. In 2003, he served on the leadership team of Technical Concepts (TC), the world leader in restroom automation systems, which sold to Newell Rubbermaid in 2008.
 

“I’m incredibly excited to welcome Matt to our team here at Flotek. I am confident Matt will help accelerate the momentum we have built in our professional chemistries product line. For decades, Matt has built a reputation as a trusted leader and partner to customers, helping to solve their challenges through meaningful solutions,” said Ezell.
 

“I am thrilled to join Flotek at such an exciting time in the Company’s journey. With Flotek’s chemistry and manufacturing core competencies, I am eager to develop and promote our technologies and portfolio of product solutions to the marketplace. Flotek’s agility and ability to meet distribution and end user demands will create mutual value for all stakeholders – end users, distributors and shareholders,” said Sullivan. “I am humbled and honored that the Flotek leadership team and Board has entrusted me with this pursuit. I look forward to leveraging my relationships, experience and market knowledge in the janitorial and sanitizing industry – built over my professional lifetime – to grow the Company’s professional chemistries business.”
 

As an inducement to join the Company and to closely align interests with the Company’s shareholders, Sullivan has been granted 60,000 restricted stock awards (RSAs) that will vest over three years.
 

Sullivan graduated from Northeastern University in Boston with a Bachelor of Science in journalism. He resides in Freehold, New Jersey.
 

In March, the Company launched Flotek Protekol™, its full suite of high-performance surface cleaners, disinfectants, wipes and sanitizers. The product line is made with ingredients sourced, formulated, blended and bottled in the USA, and includes products registered with the U.S. Food and Drug Administration (FDA) and Environmental Protection Agency (EPA). More information can be found at www.flotekprotekol.com.

About Flotek
Industries
Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Forward-Looking
Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

Contact:
Danielle Allen
Senior Vice President, Chief of Staff
E: DAllen@flotekind.com
P: (713) 726-5322

Friday, April 30, 2021

Orion Group Holdings (ORN)
Post Call Update – Slow Start But Year Is On Track

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Reported 1Q2021 EBITDA of $9.6 million was in line with expectations due to asset sales of $1.6 million. Severe weather hit was >$8 million. Versus 1Q2020, EBITDA of $9.6 million was $2.6 million lower. Profitability was solid, albeit at lower levels with gross margin of 10.1% and EBITDA margin of 6.2%. Excluding asset sales, EBITDA was $7.9 million versus $11.2 million in 1Q2020, and EBITDA margin of 5.2% dropped 150 basis points versus 1Q2020.


Maintaining 2021 EBITDA estimate of $47.0 million, including asset sales of $1.6 million.  The company faces tough comps, but Marine results should pick up over rest of year and Concrete represents upside potential …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, April 29, 2021

Orion Group Holdings (ORN)
Reported 1Q2021 Results In Line Due to Asset Sales

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Reported 1Q2021 EBITDA of $9.6 million was in line with expectations due to asset sales of $1.6 million. Versus 1Q2020, revenue of $153.3 million was $13 million lower, gross profit of $15.5 million was $5.3 million lower and EBITDA of $2.6 million of $9.6 million was $2.6 million lower. Profitability was solid, albeit at lower levels with gross margin of 10.1% (-180 basis points) and EBITDA margin of 6.2% (-110 basis points). Severe weather in Texas disrupted operations for ten days and hit revenue by >$8 million, but concrete results rebounded and offset lower Marine results.


Call with management today at 10am EST.  Number is (201) 493-6739 and code is Orion Group Holdings. Looking for color on Marine outlook/backlog, Concrete outlook/backlog, ERP implementation, and timing of asset sales. Zoning approval to clear Tampa yard sale appears likely at a May 6th meeting and capital allocation priorities will be highlighted …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Capstone Turbine Corporation Celebrates Earth Day 2021 With Its Transformation Into Capstone Green Energy Corporation (Nasdaq: CGRN); Adding New Business Lines, Product Offerings And Network Partners

 

Capstone CEO, Darren Jamison Provides a Virtual New Company Overview

VAN NUYS, CA / ACCESSWIRE / April 22, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), the world’s leading manufacturer of clean technology microturbine energy systems, announced today that effective immediately it will become Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global partner in carbon reduction and on-site resilient green energy solutions. Capstone Green Energy will be adding new business lines, product offerings, network partners, and services as part of the transition.

“This Earth Day, Capstone is celebrating our most tangible achievements in having shipped more than 10,000 units worldwide. Among other things, we estimate we helped customers reduce carbon emissions by approximately 397,000 tons annually in FY21 and saved them over $217 million in annual energy costs over the same time period,” said Capstone Green Energy Chief Executive Officer, Darren Jamison. “The Company is also using this day to announce a more intense focus on accelerating the market adoption of our unique, clean energy technologies and those of our network partners.”

“Our name is changing to reflect our evolution as a Company and the developments we are planning. While we have a new name, Capstone’s mission and goals for the future remain resolute, and that is to be a highly trusted partner providing energy conversion systems, microgrid solutions, energy as a service, and strategic energy management. Capstone Green Energy will help customers build and maintain smart energy infrastructure and engage with them as a long-term service provider and partner for their critical carbon saving initiatives,” added Jamison.

With this new name, Capstone demonstrates its intent to remain focused on clean energy technologies, while expanding its carbon reduction solutions portfolio to include new clean energy conversion technologies and battery storage offerings, as well as developing hydrogen-based products and bolstering its Energy as a Service (EaaS) business.

Virtual Company Overview

Capstone Green Energy Chief Executive Officer, Darren Jamison, will discuss the new developments in a virtual press release, which can be accessed here:

CGRN Virtual Press Release

New Capstone Green Energy

As a trusted energy solutions partner, Capstone places the power, literally and strategically, back into the hands of customers, by offering custom solutions that are designed to improve energy costs, reduce carbon footprints and provide energy resiliency. We will execute our strategy through four business lines.

1. Energy as a Service (EaaS)
2. Energy Conversion Products
3. Energy Storage Products
4. Hydrogen Solutions

EaaS is a growth area for Capstone Green Energy driven by its industry-leading Factory Protection Plan (FPP) service program and its ultra-low emission microturbine rental fleet, which currently stands at 10.6 megawatts (MW). At the same time, the Company’s Distributor Support System (DSS) subscription program generates increased marketing, branding, customer acquisition, documentation, and training of its worldwide Capstone distribution partners across 83 countries.

Leveraging its existing, reliable microturbine products, Capstone Green Energy is also proud to announce today that it is currently expanding its energy conversion and storage products with Baker Hughes 5 MW, 12 MW, and 16 MW industrial gas turbines. Capstone selected Baker Hughes as a network partner because of their similar focus on low emissions, long service intervals, low lifecycle costs, and hydrogen development program.

Capstone Green Energy is also introducing this quarter a new hybrid energy solutions product designed to meet a broad range of customized peak shaving and remote energy applications. Specifically, the Company will begin assembling modular hybrid energy stations and Lithium-Ion battery energy storage systems (BESS). These will be sold either individually or combined as part of a custom microturbine-battery storage solution.

Lastly, Capstone Green Energy will continue to expand and develop its Hydrogen Solutions business line. The Company recently demonstrated that it can safely run on a 10% hydrogen – 90% natural gas mix and is currently testing a 70% hydrogen – 30% natural gas configuration through its Research & Development partnership with Argonne National Laboratory. These are promising milestones on the development roadmap to 100% hydrogen solutions.

Changing Energy Landscape

Since the very first microturbine unit shipped more than 20 years ago from Capstone’s headquarters in Southern California, the clean energy landscape has shifted dramatically and includes a substantial increase in clean energy technologies and investments. This is being pushed even further by the rise in public awareness of climate issues and consumer preference.

According to Bloomberg, “In 2020, global investment in the low-carbon energy transition totaled $501.3 billion, up from $458.6 billion in 2019 and just $235.4 billion in 2010.” Investments in clean energy are driving markets and consumer decision-making now, as opposed to being viewed as promising technologies of the future.

“At Capstone Green Energy, we invite customers to partner with us in smart energy solutions to help lower their carbon footprint, increase cost efficiencies, and add resiliency to their business. This is also a reflection of how our customers’ customers view their businesses, and they are increasingly demanding green and sustainable products and services,” concluded Mr. Jamison.

This consumer choice is aptly demonstrated in a Nielsen study showing that “73% of consumers said they would likely change behavior to reduce their impact on the environment and sustainable and ethical business practices is the second-highest reason most consumers return to a brand, second only to product quality.”

Company History

In 1999, Capstone shipped its first commercial microturbine units and just a short time later announced to the world its clean energy focus in its Initial Public Offering that the Capstone MicroTurbine is a compact, environmentally friendly generator of electricity and heat. Our goal then was the same as it is now: Provide highly efficient, low-emission, cost-effective energy solutions in order to deliver on the promise of a sustainable clean energy future.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and in FY21, and estimates it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter , LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT: Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Capstone Turbine Corporation Celebrates Earth Day 2021 With Its Transformation Into Capstone Green Energy Corporation (Nasdaq: CGRN); Adding New Business Lines, Product Offerings And Network Partners

 

Capstone CEO, Darren Jamison Provides a Virtual New Company Overview

VAN NUYS, CA / ACCESSWIRE / April 22, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), the world’s leading manufacturer of clean technology microturbine energy systems, announced today that effective immediately it will become Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global partner in carbon reduction and on-site resilient green energy solutions. Capstone Green Energy will be adding new business lines, product offerings, network partners, and services as part of the transition.

“This Earth Day, Capstone is celebrating our most tangible achievements in having shipped more than 10,000 units worldwide. Among other things, we estimate we helped customers reduce carbon emissions by approximately 397,000 tons annually in FY21 and saved them over $217 million in annual energy costs over the same time period,” said Capstone Green Energy Chief Executive Officer, Darren Jamison. “The Company is also using this day to announce a more intense focus on accelerating the market adoption of our unique, clean energy technologies and those of our network partners.”

“Our name is changing to reflect our evolution as a Company and the developments we are planning. While we have a new name, Capstone’s mission and goals for the future remain resolute, and that is to be a highly trusted partner providing energy conversion systems, microgrid solutions, energy as a service, and strategic energy management. Capstone Green Energy will help customers build and maintain smart energy infrastructure and engage with them as a long-term service provider and partner for their critical carbon saving initiatives,” added Jamison.

With this new name, Capstone demonstrates its intent to remain focused on clean energy technologies, while expanding its carbon reduction solutions portfolio to include new clean energy conversion technologies and battery storage offerings, as well as developing hydrogen-based products and bolstering its Energy as a Service (EaaS) business.

Virtual Company Overview

Capstone Green Energy Chief Executive Officer, Darren Jamison, will discuss the new developments in a virtual press release, which can be accessed here:

CGRN Virtual Press Release

New Capstone Green Energy

As a trusted energy solutions partner, Capstone places the power, literally and strategically, back into the hands of customers, by offering custom solutions that are designed to improve energy costs, reduce carbon footprints and provide energy resiliency. We will execute our strategy through four business lines.

1. Energy as a Service (EaaS)
2. Energy Conversion Products
3. Energy Storage Products
4. Hydrogen Solutions

EaaS is a growth area for Capstone Green Energy driven by its industry-leading Factory Protection Plan (FPP) service program and its ultra-low emission microturbine rental fleet, which currently stands at 10.6 megawatts (MW). At the same time, the Company’s Distributor Support System (DSS) subscription program generates increased marketing, branding, customer acquisition, documentation, and training of its worldwide Capstone distribution partners across 83 countries.

Leveraging its existing, reliable microturbine products, Capstone Green Energy is also proud to announce today that it is currently expanding its energy conversion and storage products with Baker Hughes 5 MW, 12 MW, and 16 MW industrial gas turbines. Capstone selected Baker Hughes as a network partner because of their similar focus on low emissions, long service intervals, low lifecycle costs, and hydrogen development program.

Capstone Green Energy is also introducing this quarter a new hybrid energy solutions product designed to meet a broad range of customized peak shaving and remote energy applications. Specifically, the Company will begin assembling modular hybrid energy stations and Lithium-Ion battery energy storage systems (BESS). These will be sold either individually or combined as part of a custom microturbine-battery storage solution.

Lastly, Capstone Green Energy will continue to expand and develop its Hydrogen Solutions business line. The Company recently demonstrated that it can safely run on a 10% hydrogen – 90% natural gas mix and is currently testing a 70% hydrogen – 30% natural gas configuration through its Research & Development partnership with Argonne National Laboratory. These are promising milestones on the development roadmap to 100% hydrogen solutions.

Changing Energy Landscape

Since the very first microturbine unit shipped more than 20 years ago from Capstone’s headquarters in Southern California, the clean energy landscape has shifted dramatically and includes a substantial increase in clean energy technologies and investments. This is being pushed even further by the rise in public awareness of climate issues and consumer preference.

According to Bloomberg, “In 2020, global investment in the low-carbon energy transition totaled $501.3 billion, up from $458.6 billion in 2019 and just $235.4 billion in 2010.” Investments in clean energy are driving markets and consumer decision-making now, as opposed to being viewed as promising technologies of the future.

“At Capstone Green Energy, we invite customers to partner with us in smart energy solutions to help lower their carbon footprint, increase cost efficiencies, and add resiliency to their business. This is also a reflection of how our customers’ customers view their businesses, and they are increasingly demanding green and sustainable products and services,” concluded Mr. Jamison.

This consumer choice is aptly demonstrated in a Nielsen study showing that “73% of consumers said they would likely change behavior to reduce their impact on the environment and sustainable and ethical business practices is the second-highest reason most consumers return to a brand, second only to product quality.”

Company History

In 1999, Capstone shipped its first commercial microturbine units and just a short time later announced to the world its clean energy focus in its Initial Public Offering that the Capstone MicroTurbine is a compact, environmentally friendly generator of electricity and heat. Our goal then was the same as it is now: Provide highly efficient, low-emission, cost-effective energy solutions in order to deliver on the promise of a sustainable clean energy future.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and in FY21, and estimates it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter , LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT: Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Tuesday, April 13, 2021

Capstone Turbine (CPST)
CPST reports strong unaudited 4Q and 2021 results

Capstone Turbine Corp is the producer of low-emission microturbine systems.The company develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications. Capstone Turbine’s products include onboard generation for hybrid electric vehicles; conversion of oil field and biomass waste gases into electricity; combined heat, power, and chilling solutions; capacity addition; and standby power.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Gross bookings rising. Bookings in the 4Q were $12.7m, up 53% y-o-y and 21% q-o-q. Growth rates are significantly above our model’s assumed growth rate of 20%. A six-pronged program to grow revenues (realignment of the salesforce, refocus on customer satisfaction, etc.) appears to be paying benefits. The book-to-bill ratio increased to 1.5:1 from 0.9:1 in the previous quarter. CPST announced 12 new orders during the quarter in nine different countries. Recent electric utility reliability issues combined with a new environmentally conscience administration lead us to believe higher-than-forecasted growth rates could continue.


Cash position rising at a faster rate than expected.  Total cash on hand rose to $49.5m up from $32.0m at the end of the third quarter. The rise reflects a $14.5m stock offering and the receipt of $5.0 million (less $0.3m in legal) from a law suit against a parts supplier. The numbers imply that operating cash flow was near break-even on a normalized basis absent any large change in working capital …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.