Early Losers: New Lows for Flotek and Central Pacific Financial (FTK, CPF)

On a mixed trading day only two companies have hit new 52-week lows on the NYSE, those losers are Flotek Industries, Inc. (NYSE:FTK) and Central Pacific Financial Corp. (NYSE:CPF).

Flotek (NYSE:FTK) hit $1.15 this morning before recoving to $1.19, shares are down 27% today (falling knife alert). Flotek's total revenue for Q3 2009 was $23.8 million, a decrease of 62.1%, compared to $62.8 million for the Q3 2008. Revenue decreased in all of Flotek's operating segments, a result of a decrease in drilling activity since the 2008 cyclical peak, natural gas prices and drilling activity have declined which directly impacting demand for their products. Revenues for the nine months ending September 30, 2009 decreased to $88.0 million from $166.1 million for the first nine months of 2008.

Loss from operations for the third quarter of 2009 totaled $2.5 million, compared to income from operations of $12.2 million in the third quarter of 2008. Flotek is now raising concerns that it will be unable to meet the financial covenants set forth in its Senior Credit Facility. As a result, the Company took a valuation allowance of approximately $16.8 million against its deferred tax assets on the Company's balance sheet.

Flotek posted a Q3 2009 net loss of $23.1 million or $1.18 per share. That compares to net profit in the quarter ending Q3 2008 of $5.1 million or $0.27 per share. For the nine months ending September 30, 2009, the Flotek posted a net loss of $44.9 million or $2.29 per share.

Central Pacific Financial Corp. (NYSE:CPF) hit 88 Cents today and has managed to get back to 92 cents a share.  In 2009 CPF shares are down 90% and this month the slide has continued thanks to a Q3 net loss of $183.1 million on deteriorating commercial real estate markets and declining property values in Hawaii and California.  To read more about its Q3 results - click here>>