Exhibit 99.1

FOR IMMEDIATE RELEASE

 

 

 

 

 

 

 

TETRA Technologies, Inc. Announces First Quarter 2019 Results

 

THE WOODLANDS, Texas, May 9, 2019 / PR Newswire / - TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) today announced consolidated

first quarter 2019 net loss per share before discontinued operations attributable to TETRA stockholders of $0.09.  This compares to consolidated fourth quarter 2018 earnings per share before discontinued operations attributable to TETRA stockholders of $0.04, and a consolidated net loss per share before discontinued operations attributable to TETRA stockholders of $0.10 in the first quarter of 2018.

 

TETRA's adjusted per share(1) results attributable to TETRA stockholders for the first quarter of 2019, before discontinued operations excluding special items, were a net loss per share of $0.04.  This compares to an adjusted net loss per share(1) of $0.01 in the fourth quarter of 2018 and an adjusted net loss per share(1) of $0.06 in the first quarter of 2018, all before discontinued operations, which exclude special items detailed later in this press release.

 

First quarter 2019 revenue before discontinued operations was $244 million, a decrease of 14% from the fourth quarter of 2018 but an increase of 22% from the first quarter of last year.  

 

 

(1)

Adjusted earnings/loss per share is not in accordance with generally accepted accounting principles in the United States (“GAAP”). Please see Schedule F for the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure.)

 

First Quarter 2019 Results

 

Three Months Ended

 

March 31, 2019

 

December 31, 2018

 

March 31, 2018

 

(In Thousands, Except per Share Amounts)

Revenue

$

243,728

 

 

$

282,471

 

 

$

199,381

 

Profit (loss) before discontinued operations

(18,674

)

 

3,316

 

 

(21,057

)

Adjusted EBITDA before discontinued operations(2)

36,331

 

 

46,609

 

 

26,222

 

GAAP EPS before discontinued operations attributable to TETRA stockholders

(0.09

)

 

0.04

 

 

(0.10

)

Adjusted EPS attributable to TETRA stockholders(2)

(0.04

)

 

(0.01

)

 

(0.06

)

GAAP net cash provided (used) by operating activities

7,412

 

 

44,953

 

 

(31,261

)

TETRA only adjusted free cash flow from continuing operations(2)

$(34,920)

 

$

15,598

 

 

$

(29,917

)

 

 

(2)

These measures are not presented in accordance with GAAP. Please see the accompanying schedules for the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

 

 

 

1

 


The following information was filed by Tetra Technologies Inc (TTI) on Thursday, May 9, 2019 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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