February 26, 2010 (The Woodlands, Texas), TETRA
Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced fourth
quarter 2009 results of $0.33 per share, compared to a loss of $0.79 per share
reported in the fourth quarter of 2008. Fourth quarter 2009 results include
special credits and charges of $21 million of pretax income, or $0.18 per share
after tax, the significant components of which are discussed below. Fourth
quarter 2008 results include impairments of $54.4 million associated primarily
with goodwill impairment and $45.7 million of impairment charges incurred by
Maritech for a total of $100.1 million in pretax charges, or $0.91 per share
after tax. All financial data in the text portion of this release are reported
in U.S. dollars and are before discontinued operations, and all per share
amounts are fully diluted.
Consolidated revenues for the quarter ended December 31,
2009 were $211.7 million versus $230.4 million in the fourth quarter of 2008.
Total gross profit was $66.6 million in the fourth quarter of 2009 versus a
negative $11.2 million in the fourth quarter of 2008. Income before discontinued
operations was $25.4 million in the fourth quarter of 2009 versus a loss of
$59.3 million in the comparable period of 2008. Net income was $25.8 million in
2009’s fourth quarter versus a loss of $59.9 million in 2008’s fourth
Consolidated results per share from continuing operations
for the fourth quarter of 2009 were earnings of $0.33 with 76.4 million weighted
average diluted common shares outstanding versus a loss of $0.79 with 74.9
million weighted average diluted common shares outstanding in the fourth quarter
Divisional pretax earnings (loss) from continuing
operations in the fourth quarter of 2009 versus the fourth quarter of 2008 were,
Fluids Division: $1.6 million in 4Q 2009 and $(18.9) million in 4Q 2008;
Offshore Services: $15.8 million in 4Q 2009 and $(14.2) million in 4Q 2008;
Maritech: $31.4 million in 4Q 2009 and $(58.7) million in 4Q 2008; Production
Testing: $1.8 million in 4Q 2009 and $9.8 million in 4Q 2008; and, Compressco:
$5.7 million in 4Q 2009 and $7.6 million in 4Q 2008.
Financial data aggregating full-year 2009, comparable
data for 2008, and financial data relating to net income, as well as
discontinued operations, are available in the accompanying financial table in
this press release.
Stuart M. Brightman, President and Chief Executive Officer,
stated, “The fourth quarter of 2009 concluded a year that was highlighted by a
record level of cash flow generation, the successful reduction of our long-term
debt, and record annual performance by our Offshore Services segment. We ended
2009 with a cash balance of $33.7 million and long-term debt of $310.1 million.
This debt position is significantly below our originally budgeted year-end debt
of slightly more than $400 million, and reemphasizes our continuing strength in
managing our debt position.
“During the fourth quarter, our Fluids Division reported a
sequential quarterly decrease in revenue and gross margin, the majority of which
was driven by slower activity in the Gulf of Mexico related to the timing of
several projects in our backlog. In addition, the Fluids Division incurred a
fourth quarter impairment of $1.4 million. Our international fluids
The following information was filed by Tetra Technologies Inc (TTI) on Friday, February 26, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: TTI CIK: 844965 Form Type:10-K Annual Report Accession Number: 0000844965-10-000010 Submitted to the SEC: Mon Mar 01 2010 4:22:44 PM EST Accepted by the SEC: Mon Mar 01 2010 Period: Thursday, December 31, 2009 Industry: Crude Petroleum And Natural Gas