Exhibit 99.1

 

 

 

 

 

 

 

 

TETRA TECHNOLOGIES, INC. ANNOUNCES SECOND QUARTER 2020 RESULTS

GENERATES $38 MILLION OF CASH FROM OPERATING ACTIVITIES

 

THE WOODLANDS, Texas, August 4, 2020 / PR Newswire / - TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) today announced second quarter 2020 results.

 

Second quarter 2020 revenue of $192 million, decreased 14% from the first quarter of 2020 compared to a 64% decline in US onshore rig activity and a 26% decline in international rig activity. Net loss before discontinued operations for the second quarter was $34.3 million, inclusive of $18.1 million of non-recurring charges and expenses. This compares to a net loss before discontinued operations of $10.2 million in the first quarter of 2020, inclusive of $8.1 million of non-recurring charges and expenses. Net loss per share attributable to TETRA stockholders in the second quarter was $0.15.  Excluding the non-recurring charges and expenses, the net loss per share attributable to TETRA stockholders was $0.09. Consolidated Adjusted EBITDA before discontinued operations was $35.3 million and compares to $47.8 million in the first quarter. Consolidated cash provided by operating activities in the second quarter was $38 million, compared to $22 million in the first quarter of 2020. TETRA only cash from operating activities was $33 million, while TETRA only adjusted free cash flow from continuing operations was $31 million, compared to $4.7 million in the first quarter of 2020. The improvements in consolidated cash provided by operating activities and TETRA only adjusted free cash flow reflects monetization of working capital.

 

 Financial Highlights

 

 

Completion Fluids & Products income before taxes was $16.0 million, or 22.4% of revenue, while Adjusted EBITDA was $18.3 million, or 25.7% of revenue.

 

Water & Flowback Services loss before taxes was $8.4 million, while Adjusted EBITDA remained positive at $400,000 despite a 57% sequential decline in revenue and a 64% decline in the US onshore rig count.

 

TETRA only adjusted free cash flow from continuing operations was $31.2 million in the second quarter, an improvement of $26.8 million from the first quarter of 2020 reflecting improvements in working capital.  

 

Consolidated cash from operating activities was $60 million in the first half of the year while TETRA only adjusted free cash flow from continuing operations through the first half of 2020 was $36 million, a year-over-year improvement of $68 million compared to the first half of 2019.

 

This press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”): Adjusted earnings per share attributable to TETRA stockholders, Adjusted EBITDA, and Adjusted EBITDA Margin (Adjusted EBITDA as a percent of revenue) on consolidated and segment basis, Adjusted income (loss) before tax, TETRA-only adjusted free cash flow from continuing operations, and net debt.  Please see Schedules E-K for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

 

Brady Murphy, TETRA’s Chief Executive Officer, stated, “Our second quarter results reflect exceptional execution by our management team and employees.  By working safely under extraordinary conditions due to the COVID-19 pandemic and while continuing to service our customer’s requirements, we were also able to deliver strong financial results given the historical decline in drilling and completion activity during the quarter.  On a consolidated basis we were able to improve Adjusted EBITDA margins compared to the second quarter of last year while also generating stronger free cash flows.  Our Completion Fluids and Products segment and Compression Segment maintained strong Adjusted EBITDA margins relative to the first quarter while both improved year on year.  Water Management and Flowback Services maintained slightly positive Adjusted EBITDA.  Despite the rapid decline in activity, the financial stress that our customers are encountering, and restructuring costs that we incurred, we generated $38 million of consolidated cash from operations and $31 million of TETRA only adjusted free cash flow

 


The following information was filed by Tetra Technologies Inc (TTI) on Tuesday, August 4, 2020 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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