Tetra Technologies Inc (TTI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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Tetra Technologies Inc
Ticker: TTI CIK: 844965

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

TETRA TECHNOLOGIES, INC.

ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013 RESULTS

The Woodlands, Texas (February 28, 2014) - TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced a fourth quarter 2013 loss from continuing operations attributable to TETRA stockholders of $(0.13) per fully diluted share compared to a loss of $(0.05) per fully diluted share reported in the fourth quarter of 2012. These fourth quarter 2013 results include a pretax loss by the Maritech segment of $(20.3) million and $(9.8) million of unusual pretax charges that aggregate to a net loss after tax of approximately $(0.25) per share, compared to special pretax charges of $(6.2) million and a pretax loss by the Maritech segment of $(22.9) million that aggregated to a net loss after tax of approximately $(0.26) per share in the fourth quarter of 2012.

Highlights of the 2013 fourth quarter and full year include:


•	adjusted fourth quarter 2013 earnings per fully diluted share attributable to TETRA stockholders of $0.12, excluding Maritech and unusual charges totaling $(0.25), are consistent with the top of the estimated earnings range provided on February 10, 2014;


•	adjusted full-year 2013 earnings per fully diluted share attributable to TETRA stockholders of $0.63, excluding Maritech and unusual charges (adjusted fourth quarter and full year results are non-GAAP financial measures that are reconciled to the nearest GAAP measures in the tables below); and


•	free cash flow excluding Maritech improved from $4.6 million in 2012 to $62.4 million in 2013 as the Company continued to progress toward the 2014 goal of generating $80 million of free cash flow excluding Maritech (free cash flow excluding Maritech is a non-GAAP financial measure that is reconciled to the nearest GAAP measure in the tables below).

Consolidated revenues for the quarter ended December 31, 2013 were $225.4 million versus $231.1 million in the fourth quarter of 2012. Total gross profit was $18.5 million in the fourth quarter of 2013 versus $32.2 million in the fourth quarter of 2012. Income (loss) before discontinued operations was $(9.1) million in the fourth quarter of 2013 versus $(3.2) million in the comparable period of 2012. Net income (loss) attributable to TETRA stockholders was $(10.3) million in 2013's fourth quarter versus $(4.0) million in 2012'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, 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 2013 were a loss of $(0.13) with 78.2 million weighted average diluted common shares outstanding versus a loss of $(0.05) with 77.5 million weighted average diluted common shares outstanding in the fourth quarter of 2012. As of December 31, 2013, total debt was $387.8 million and cash was $38.8 million.

Divisional pretax earnings (loss) from continuing operations in the fourth quarter of 2013 versus the fourth quarter of 2012 were: Fluids Division - $13.7 million in 4Q 2013 and $16.9 million in 4Q 2012; Production Testing - $0.7 million in 4Q 2013 and $11.9 million in 4Q 2012; Compressco - $6.4 million in 4Q 2013 and $6.1 million in 4Q 2012; Offshore Services - $(2.2) million in 4Q 2013 and $(1.1) million in 4Q 2012; and, Maritech - $(20.3) million in 4Q 2013 and $(22.9) million in 4Q 2012.

Financial data comparing the fourth quarter and full year 2013 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 2013 earnings of $0.12 per share are at the top of the estimated earnings range we provided in our February 10, 2014 press release.

The following information was filed by Tetra Technologies Inc (TTI) on Friday, February 28, 2014 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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