FOR IMMEDIATE RELEASE
TETRA TECHNOLOGIES, INC.
ANNOUNCES FOURTH QUARTER AND FULL YEAR 2011 RESULTS
The Woodlands, Texas (February 28, 2012) – TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced fourth quarter 2011 results from continuing operations attributable to TETRA stockholders of a loss of $(0.33) per fully diluted share compared to a loss of $(0.83) per fully diluted share reported in the fourth quarter of 2010. Such results for the fourth quarter of 2011 include pretax special charges of $1.2 million and a pretax loss by the Maritech segment of $44.7 million that aggregate to approximately $0.39 per share after tax, compared to 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 special charges in the fourth quarter of 2010.
Consolidated revenues for the quarter ended December 31, 2011 were $186.2 million versus $213.2 million in the fourth quarter of 2010. Total gross profit was a loss of $(7.3) million in the fourth quarter of 2011 versus a loss of $(68.0) million in the fourth quarter of 2010. Income before discontinued operations was a loss of $(24.5) million in the fourth quarter of 2011 versus $(62.6) million in the comparable period of 2010. Net income (loss) attributable to TETRA stockholders was $(25.1) million in 2011’s fourth quarter versus $(62.9) million in 2010’s fourth quarter. The foregoing results include the impact of the Maritech segment. As indicated below, management believes that it is helpful to an understanding of the Company’s business going forward to present financial results excluding the impact of Maritech. Such results, reconciled to the nearest GAAP financial measures, are included at the end of this press release.
Consolidated results per share from continuing operations attributable to TETRA stockholders for the fourth quarter of 2011 were a loss of $(0.33) with 76.9 million weighted average diluted common shares outstanding versus a loss of $(0.83) with 75.7 million weighted average diluted common shares outstanding in the fourth quarter of 2010. As of December 31, 2011, total debt was $305.0 million and cash was $204.4 million.
Divisional pretax earnings (loss) from continuing operations in the fourth quarter of 2011 versus the fourth quarter of 2010 were: Fluids Division – $8.2 million in 4Q 2011 and a loss of $(2.1) million in 4Q 2010; Production Testing – $11.3 million in 4Q 2011 and $4.0 million in 4Q 2010; Compressco – $4.1 million in 4Q 2011 and $3.3 million in 4Q 2010; Offshore Services – a loss of $(4.2) million in 4Q 2011 and a loss of $(25.5) million in 4Q 2010; and, Maritech – a loss of $(44.7) million in 4Q 2011 and a loss of $(64.5) million in 4Q 2010.
Financial data comparing the fourth quarter and full-year 2011 to prior quarterly and annual periods is available in the accompanying financial tables.
Stuart M. Brightman, TETRA’s President and Chief Executive Officer, stated, “Our results for the fourth quarter of 2011 reflect the positive growth trends we are experiencing in certain of our onshore U.S. markets as well as the unusually poor weather conditions that challenged our Offshore Services segment during the period.
“For the Fluids Division, our sequential improvement in profitability during the fourth quarter was driven by a combination of factors. First, our onshore U.S. services operations, which are focused primarily on shale activity, continued to be strong. We expect this market to continue to be a growth area for the Fluids Division, driven by high activity levels particularly on oil-related projects. In addition, activity in our Gulf of Mexico operations increased in the fourth quarter as permitting conditions improved and certain projects moved forward. Production rates at our El Dorado, Arkansas calcium chloride plant also improved again in the fourth quarter.