Exhibit 99.1

 

TETRA TECHNOLOGIES, INC. ANNOUNCES FIRST QUARTER

RESULTS AND PROVIDES TOTAL YEAR GUIDANCE

 

THE WOODLANDS, Texas, May 8, 2018 / PR Newswire / - TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) today announced consolidated first quarter 2018 net loss per share from continuing operations attributable to TETRA stockholders of $0.10, which compares to consolidated net loss of $0.23 per share from continuing operations attributable to TETRA stockholders in the fourth quarter of 2017, and an earnings per share from continuing operations attributable to TETRA stockholders of $0.04 in the first quarter of 2017.

 

TETRA's adjusted per share results attributable to TETRA stockholders for the first quarter of 2018, from continuing operations excluding special items, were a loss per share of $0.06, which compares to adjusted loss per share of $0.02 in the fourth quarter of 2017 and adjusted loss per share of $0.04 in the first quarter of 2017, also from continuing operations and excluding special items. First quarter 2018 revenue from continuing operations were $199 million, a decrease of 0.4% from the fourth quarter of 2017 and increase of 25% from the first quarter of last year.  

(Adjusted earnings/loss per share is a non-GAAP financial measure that is reconciled to the nearest GAAP measure in the accompanying schedules.)

First Quarter 2018 Results

 

 

Three Months Ended

 

March 31, 2018

 

December 31, 2017

 

March 31, 2017

 

(In Thousands, Except per Share Amounts)

Revenue

$

199,381

 

 

$

200,081

 

 

$

159,409

 

Net loss before discontinued operations

(21,057

)

 

(31,727

)

 

(4,245

)

Adjusted EBITDA before discontinued operations(1)

26,222

 

 

29,632

 

 

21,820

 

GAAP EPS before discontinued operations attributable to TETRA stockholders

(0.10

)

 

(0.22

)

 

0.04

 

Adjusted EPS attributable to TETRA stockholders(1)

(0.06

)

 

(0.02

)

 

(0.04

)

GAAP Net cash provided (used) by operating activities

 

(31,261

)

 

 

27,761

 

 

 

(20,538

)

TETRA only adjusted free cash flow from continuing operations(1)

$

(29,917

)

 

$

4,360

 

 

$

(8,484

)

 

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

 

First Quarter Highlights include:

 

Completed the acquisition of SwiftWater Energy Services to expand its Permian Basin water management operations.

 

Completed the divestiture of TETRA’s Offshore Decommissioning Services and Maritech business.

 

CSI Compressco LP completed a $350 million offering of senior secured notes to retire its bank revolver and increase liquidity for growth capital.

 

Announced the addition of Brady Murphy as TETRA’s President and Chief Operating Officer.

 

Following the acquisition of SwiftWater and divestiture of the decommissioning and Maritech operations, TETRA will report its financial results through three operating divisions: Completion Fluids & Products, Water & Flowback Services, and Compression. The results of the decommissioning and Maritech operations are now reported as discontinued operations.

1


The following information was filed by Tetra Technologies Inc (TTI) on Tuesday, May 8, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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