FOR IMMEDIATE RELEASE
TETRA TECHNOLOGIES, INC.
ANNOUNCES FOURTH QUARTER 2010 RESULTS
February 25, 2011 (The Woodlands, Texas), TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced fourth quarter 2010 results from continuing operations of a net loss of $(0.83) per fully diluted share compared to net earnings of $0.33 per fully diluted share reported in the fourth quarter of 2009. Fourth quarter 2010 results include special charges totaling $109 million of pretax income, or approximately $0.93 per share after tax, related to asset impairments, oil and gas property impairments and other charges as detailed in the Company’s February 11, 2011 press release. Excluding special charges and credits for the respective quarters, fourth quarter 2010 adjusted net income from continuing operations was approximately $0.10 per fully diluted share, after tax, compared to an adjusted $0.15 per fully diluted share in the fourth quarter of 2009. (Adjusted net income per share is a non-GAAP financial measure that is reconciled to the nearest GAAP financial measure in the accompanying table.)
Consolidated revenues for the quarter ended December 31, 2010 were $213.2 million versus $211.7 million in the fourth quarter of 2009. Total gross profit (loss) was $(68.0) million in the fourth quarter of 2010 versus $66.6 million in the fourth quarter of 2009. Income (loss) before discontinued operations was $(62.6) million in the fourth quarter of 2010 versus $25.4 million in the comparable period of 2009. Net income (loss) was $(62.9) million in 2010’s fourth quarter versus $25.8 million in 2009’s fourth quarter.
Consolidated results per share from continuing operations for the fourth quarter of 2010 was net income (loss) of $(0.83) with 75.7 million weighted average diluted common shares outstanding versus $0.33 with 76.4 million weighted average diluted common shares outstanding in the fourth quarter of 2009. As of December 31, 2010, total debt was $305.0 million and cash was $65.4 million.
Divisional pretax earnings (loss) from continuing operations in the fourth quarter of 2010 versus the fourth quarter of 2009 were: Fluids Division – $(2.1) million in 4Q 2010 and $1.6 million in 4Q 2009; Offshore Services – $(25.5) million in 4Q 2010 and $15.8 million in 4Q 2009; Maritech – $(64.5) million in 4Q 2010 and $31.4 million in 4Q 2009; Production Testing – $4.0 million in 4Q 2010 and $1.6 million in 4Q 2009; and, Compressco – $3.3 million in 4Q 2010 and $5.8 million in 4Q 2009.
Financial data for the year 2010, and financial data relating to net income and discontinued operations are available in the accompanying financial tables.
Stuart M. Brightman, President and Chief Executive Officer, stated, “Our financial results for the fourth quarter of 2010 were significantly affected by a number of unusual charges, the material components of which were previously discussed in our February 11, 2011 press release. The largest of these charges related to Maritech and were driven by the reevaluation of Maritech’s asset retirement obligations in light of many factors, including the ‘Idle Iron’ regulations. Excluding the unusual charges, our fourth quarter results reflect favorable trends in our Fluids, Maritech, Production Testing and