TETRA Reports 3Q Results

THE WOODLANDS, Texas -- TETRA Technologies, Inc. (NYSE:TTI) has announced third quarter 2009 earnings of $0.30 per share, compared to $0.16 per share reported in the third quarter of 2008. The $0.30 per share reported for the third quarter of 2009 includes a negative $0.04 per share special charge resulting from repair related expenses incurred by Maritech during the quarter.

Consolidated revenues for the quarter were $254 million versus $249.1 million in the third quarter of 2008. Total gross profit was $62.8 million in the third quarter of 2009 versus $43.7 million in the third quarter of 2008. Income before discontinued operations was $22.8 million in the third quarter of 2009 versus $12.1 million in the comparable period of 2008. Net income was $22.7 million in 2009’s third quarter versus $11.7 million in 2008’s third quarter.

Stuart M. Brightman, President and CEO, stated, “The third quarter of 2009 was another excellent quarter for TETRA. Our strong results were driven by another record quarterly earnings performance by our Offshore Services segment and continued strong performances by several of our other businesses. We ended the third quarter with a cash balance of $8.4 million and long-term debt of $414.2 million, significantly below our projected peak long-term debt level, but slightly higher than our June 30, 2009 long-term debt position. This modest increase in long-term debt is predominately due to timing of capital expenditures, and the magnitude of Maritech’s decommissioning expenditures. We anticipate a reduction in debt during the fourth quarter, and we expect to end the year below the $400 million target debt level which was announced in our February 10 press release."

“In conclusion, we are very pleased with our third quarter performance, highlighted again by the results in our Offshore Services segment. Offshore Services continues to benefit from the cumulative impact of our efforts over the last several years in improving execution and marketing, as well as from further integration of our previous acquisitions. Furthermore, we are beginning to believe that we have seen the bottom of the downward trend in the domestic markets for our fluids and testing businesses, both in activity and pricing. Our major capital investment, the calcium chloride facility in El Dorado, Arkansas, is expected to start commercial production in the fourth quarter. Looking forward, we believe we are very well positioned for long-term success in all of our businesses, and we will continue to focus on cash flow and liquidity,” Brightman said.

Source: TETRA Technologies, Inc.