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EXHIBIT 99.1
TETRA TECHNOLOGIES, INC.
ANNOUNCES FOURTH QUARTER AND FULL YEAR 2012 RESULTS
The Woodlands, Texas (February 28, 2013) – TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced fourth quarter 2012 net income (loss) from continuing operations attributable to TETRA stockholders of $(0.05) per fully diluted share compared to $(0.33) per fully diluted share reported in the fourth quarter of 2011. Such results for the fourth quarter of 2012 include $(6.2) million of net pretax special charges and a pretax loss by the Maritech segment of $(22.9) million that aggregate to approximately $(0.26) per share after tax, compared to pretax special charges of $(1.2) million and a pretax loss by the Maritech segment of $(44.7) million that aggregated to approximately $(0.39) per share after tax in the fourth quarter of 2011.
Highlights of the 2012 fourth quarter and current outlook include:
• adjusted fourth quarter 2012 earnings per fully diluted share attributable to TETRA stockholders of $0.21 (excluding Maritech’s loss and special charges totaling $(0.26) per share) exceeded the estimated range provided on February 1, 2013;
• significantly improved the Company’s balance sheet by generating $87.1 million of cash during the fourth quarter of 2012 from the sale of certain assets and accounts receivable improvements; and
• reconfirming first quarter 2013 earnings expectations of $0.09 to $0.12 per fully diluted share excluding Maritech.
Consolidated revenues for the quarter ended December 31, 2012 were $231.1 million, an increase of 24% over the $186.2 million reported in the fourth quarter of 2011. Total gross profit was $32.5 million in the fourth quarter of 2012 versus a loss of $(7.3) million in the fourth quarter of 2011. Net income (loss) attributable to TETRA stockholders was $(4.0) million in 2012’s fourth quarter versus $(25.1) million in 2011’s fourth quarter. The foregoing results include the impact of the Maritech segment. As discussed 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, as well as adjusted fourth quarter earnings, are reconciled to the nearest GAAP financial measures at the end of this press release.
Consolidated results per share from continuing operations attributable to TETRA stockholders for the fourth quarter of 2012 were a loss of $(0.05) with 77.5 million weighted average common shares outstanding versus a loss of $(0.33) with 76.9 million weighted average common shares outstanding in the fourth quarter of 2011. As of December 31, 2012, total debt, including the current portion of long-term debt, was $366.7 million and cash was $74.0 million.
Divisional pretax earnings (loss) from continuing operations in the fourth quarter of 2012 versus the fourth quarter of 2011 were: Fluids Division – $16.9 million in 4Q 2012 and $8.2 million in 4Q 2011; Production Testing – $11.9 million in 4Q 2012 and $11.3 million in 4Q 2011; Compressco – $6.1 million in 4Q 2012 and $4.1 million in 4Q 2011; Offshore Services – a loss of $(1.1) million in 4Q 2012 and a loss of $(4.2) million in 4Q 2011; and, Maritech – a loss of $(22.9) million in 4Q 2012 and a loss of $(44.7) million in 4Q 2011.
Financial data comparing the fourth quarter and full year 2012 to prior quarterly and annual periods is available in the financial tables set forth below.
Stuart M. Brightman, TETRA’s President and Chief Executive Officer, stated, “Our adjusted fourth quarter 2012 earnings of $0.21 per share are slightly above the range noted in our estimated fourth quarter earnings as announced on February 1.
The following information was filed by Tetra Technologies Inc (TTI) on Thursday, February 28, 2013 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: 0000844965-13-000017
Submitted to the SEC: Fri Mar 01 2013 5:31:26 PM EST
Accepted by the SEC: Mon Mar 04 2013
Period: Monday, December 31, 2012
Industry: Crude Petroleum And Natural Gas
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