Exhibit 99.1

For Immediate Release

 

 

 

TETRA Technologies, Inc.

Announces Fourth Quarter and Full Year 2016 Results

 

THE WOODLANDS, Texas, March 1, 2017 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI)

today announced a consolidated fourth quarter 2016 net loss per share attributable to TETRA stockholders of $0.33, which compares to a net loss per share of $0.16 in the third quarter of 2016 and net loss per share of $1.84 in the fourth quarter of 2015.

 

TETRA's adjusted per share results attributable to TETRA stockholders for the fourth quarter of 2016, excluding Maritech and special items, were a loss of $0.16, which compares to adjusted loss per share of $0.05 in the third quarter of 2016 and adjusted earnings per share of $0.01 in the fourth quarter of 2015, also excluding Maritech and special items. Fourth quarter 2016 revenue of $173 million decreased 2% from the third quarter of 2016.  Compared to the fourth quarter of 2015 revenue declined 33% primarily as a result of reduced activity levels in the Gulf of Mexico and the lower rig count.  (Adjusted diluted earnings/(loss) per share is a non-GAAP financial measure that is reconciled to the nearest GAAP measure in the accompanying schedules.)

 

Fourth Quarter 2016 Results

 

Three Months Ended

 

December 31, 2016

 

September 30, 2016

 

December 31, 2015

 

(In Thousands, Except per Share Amounts)

Revenue

$

173,222

 

 

$

176,553

 

 

$

257,590

 

Net income (loss) attributable to TETRA stockholders

(31,554

)

 

(15,009

)

 

(146,415

)

Adjusted EBITDA(1)

14,946

 

 

36,927

 

 

55,486

 

EPS attributable to TETRA stockholders

(0.33

)

 

(0.16

)

 

(1.84

)

Adjusted diluted EPS attributable to TETRA stockholders(1)

(0.16

)

 

(0.05

)

 

0.01

 

Consolidated net cash provided (used) by operating activities

28,316

 

 

(7,933

)

 

77,724

 

TETRA only adjusted free cash flow(1)

$

16,028

 

 

$

(13,924

)

 

$

52,448

 

(1)

Non-GAAP financial measures are reconciled to GAAP in the schedules below.

 

Highlights of the 2016 fourth quarter include:

 

 

Fluids revenue increased sequentially by 2% despite the deferral of a significant Gulf of Mexico TETRA CS Neptune® completion fluids project from the fourth quarter to the first half of 2017.  The sequential increase was driven by strong U.S. onshore activity and improved international offshore volumes.  

 

Compression activity is reflecting signs of a recovery with quarter end utilization increasing sequentially by 120 basis points to 76.4%, operating horsepower in service increasing sequentially by 3,368 horsepower, and with the receipt of $20 million in orders for new equipment, the highest since late 2014.  

 

Compression results were negatively impacted by $2.6 million of cost overruns on a third party equipment project that was completed in the fourth quarter, the first such cost overrun for Compression in recent years.

 

Including CSI Compressco, the carrying value of consolidated long-term debt at the end of 2016 was $624 million compared to $738 million as of September 30, 2016.  In December, TETRA completed a $115 million equity offering to reduce debt. TETRA’s net debt was reduced from $233 million to $111 million from the equity proceeds and cash from operating activities over the same time period.  (See Schedule H for the reconciliation of TETRA net debt to GAAP.)

1

 


The following information was filed by Tetra Technologies Inc (TTI) on Wednesday, March 1, 2017 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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