We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TETRA Technologies | NYSE:TTI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.09 | -2.28% | 3.86 | 4.05 | 3.86 | 4.01 | 1,666,256 | 00:50:18 |
Delaware | 1-13455 | 74-2148293 |
(State or other jurisdiction | (Commission File Number) | (IRS Employer |
of incorporation) | Identification No.) | |
24955 Interstate 45 North | ||
The Woodlands, Texas 77380 | ||
(Address of Principal Executive Offices and Zip Code) | ||
Registrant’s telephone number, including area code: (281) 367-1983 |
• | Consolidated and Segment adjusted income before taxes, excluding the Company’s Maritech segment and special charges. Management believes that following the sale of essentially all of Maritech’s oil and gas properties, it is helpful to show the Company’s results excluding the impact of the costs and charges relating to the decommissioning of Maritech’s remaining properties since these results will show TETRA’s historical results of operations on a basis consistent with expected future operations. Management also believes that the exclusion of the special charges from the historical results of operations enables management to evaluate more effectively the Company’s operations over the prior periods and to identify operating trends that could be obscured by the excluded items. |
• | Adjusted EBITDA. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation, amortization and equity compensation expenses. Adjusted EBITDA may be presented on a consolidated and segment basis. Management uses Adjusted EBITDA as a supplemental financial measure to assess the financial performance of the Company’s assets, without regard to financing methods, capital structure or cost basis, and to assess the Company’s ability to incur and service debt and fund capital expenditures. |
• | Net Debt. Net Debt is defined as the sum of long-term and short-term debt on the Company’s consolidated balance sheet less cash, excluding restricted cash on the consolidated balance sheet and excluding the debt and cash of CSI Compressco LP. Management believes that Net Debt provides information concerning the Company’s ability to reduce debt, add to cash balances, pay dividends, repurchase stock, and fund investing and financing activities. |
• | Free cash flow. Free cash flow is cash from operations, excluding cash settlements of Maritech’s asset retirement obligations, less capital expenditures. Management believes this is an important supplemental financial measure because it allows management to assess the Company’s ability to retire debt, and evaluate the capacity to further invest and grow. |
Exhibit Number | Description | |
99.1 | Press Release, dated February 26, 2016, issued by TETRA Technologies, Inc. |
TETRA Technologies, Inc. | |
By: | /s/Stuart M. Brightman |
Stuart M. Brightman | |
President & Chief Executive Officer | |
Date: February 26, 2016 |
Exhibit Number | Description | |
99.1 | Press Release, dated February 26, 2016, issued by TETRA Technologies, Inc. |
• | TETRA fourth quarter free cash flow(1) of $52 million, excluding CSI Compressco and $5 million of Maritech asset retirement obligation (ARO) expenditures, and $3 million of costs associated with the issuance of $125 million of 11% Senior Notes completed in the fourth quarter. For the full year ending December 31, 2015, TETRA free cash flow(1) was $120 million, excluding CSI Compressco and $10 million of Maritech ARO expenditures, and $3 million of costs associated with the note issuance. |
• | During 2015, TETRA reduced total debt outstanding by $102 million and improved its debt to EBITDA leverage ratio(3) from a high of 3.38x in 2014 to 1.86x at year-end 2015. |
• | Continued strength in our Fluids Division driven by offshore activities and the continued success of our zinc-free heavy completion fluid. |
• | Adjusted EBITDA(2) of $28.4 million for CSI Compressco LP, demonstrating continued profitability in the current environment. |
• | Continued reduction in operating expenses across all of our businesses. |
• | Robust earnings in our Offshore Services segment during what is typically a seasonally slow quarter. |
(1) | Non-GAAP financial measure that is reconciled to GAAP in Schedule G. |
(2) | Adjusted EBITDA is a non-GAAP financial measure that is reconciled to GAAP in Schedule F. |
(3) | Leverage ratio is defined by TETRA’s credit agreement as outstanding debt plus letters of credit, divided by trailing twelve-month EBITDA excluding unusual charges, Maritech losses, and CSI Compressco distributions. |
Adjusted Fourth Quarter 2015 Results, Excluding Special Charges and Maritech | |||||||||
(Non-GAAP financial measures are reconciled to GAAP in the schedules below) | |||||||||
Three Months Ended | Change | ||||||||
Dec. 31, 2015 | Dec. 31, 2014 | 2015 vs. 2014 | |||||||
(In Thousands, Except per Share Amounts) | |||||||||
Adjusted revenue | $ | 257,527 | $ | 315,092 | (18)% | ||||
Adjusted income before taxes(1) | 658 | 14,203 | (95)% | ||||||
Adjusted net income attributable to TETRA shareholders(2) | 950 | 7,047 | (87)% | ||||||
Adjusted diluted EPS attributable to TETRA shareholders(3) | $ | 0.01 | $ | 0.09 | (87)% | ||||
Adjusted free cash flow | $ | 52,448 | $ | 57,042 | (8)% | ||||
Adjusted pretax operating margin | 0.3 | % | 4.5 | % | -418 bps | ||||
Adjusted EBITDA | $ | 54,306 | $ | 67,566 | (20)% |
(1) | Income before taxes, including special charges and Maritech was a loss of $(233) million in the fourth quarter of 2015 and a loss of $(120) million in the fourth quarter of 2014. |
(2) | Net income attributable to TETRA shareholders, including special charges and Maritech was a loss of $(146) million in the fourth quarter of 2015, and a loss of $(150) million in the fourth quarter of 2014. |
(3) | Diluted EPS, including special charges and Maritech, was a loss of $(1.84) in the fourth quarter of 2015, and a loss of $(1.90) in the fourth quarter of 2014. See Schedule E for details. |
Segment Results | Three Months Ended | ||||||||||||||||||||||
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Revenue | Adjusted(Loss) Income Before Taxes(1) | Adjusted Income (Loss) Before Taxes as a Percent of Revenue(2) | Adjusted EBITDA(3) | Revenue | Adjusted Income Before Taxes(1) | Adjusted Income (Loss) Before Taxes as a Percent of Revenue(2) | Adjusted EBITDA(3) | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Fluids Division | $ | 91,194 | $ | 17,213 | 18.9 | % | $ | 25,911 | $ | 110,271 | $ | 19,109 | 17.3 | % | $ | 27,523 | |||||||
Production Testing Division | 33,017 | (866 | ) | (2.6 | )% | 4,679 | 56,633 | 8,790 | 15.5 | % | 15,499 | ||||||||||||
Compression Division | 99,369 | 7,234 | 7.3 | % | 28,382 | 124,829 | 13,812 | 11.1 | % | 34,492 | |||||||||||||
Offshore Services segment | 36,798 | 2,577 | 7.0 | % | 5,505 | 42,296 | (3,059 | ) | (7.2 | )% | 92 | ||||||||||||
Eliminations and other | (1,108 | ) | 4 | (0.4 | )% | — | (1,392 | ) | 3 | — | — | ||||||||||||
Subtotal | 259,270 | 26,162 | 10.1 | % | 64,477 | 332,637 | 38,655 | 11.6 | % | 77,606 | |||||||||||||
Corporate and other | (1,743 | ) | (12,164 | ) | (10,171 | ) | (17,545 | ) | (11,631 | ) | (10,040 | ) | |||||||||||
Interest expense, net - Compression Division | — | (8,110 | ) | — | — | (7,662 | ) | — | |||||||||||||||
Interest expense, net - TTI, excluding Compression Division | — | (5,230 | ) | — | — | (5,159 | ) | — | |||||||||||||||
Special charges and Maritech(4) | 63 | (233,897 | ) | — | 758 | (134,070 | ) | — | |||||||||||||||
As reported | 257,590 | (233,239 | ) | (90.5 | )% | 54,306 | 315,850 | (119,867 | ) | (38.0 | )% | 67,566 |
(1) | See Schedule F for reconciliation. |
(2) | GAAP income (loss) before taxes as a percent of revenue for fourth quarter 2015 are: Fluids Division, 3.0%; Production Testing Division, (153.7)%; Compression Division, (153.7)%; and, Offshore Services segment, 4.8%. GAAP income (loss) before taxes as a percent of revenue for fourth quarter 2014 are: Fluids Division, 11.5%; Production Testing Division, (117.5)%; Compression Division, 2.6%; and, Offshore Services segment, 49.0%. Refer to Schedule B for GAAP dollar amounts. |
(3) | Adjusted income before taxes and adjusted EBITDA are non-GAAP financial measures that are defined and reconciled to the nearest GAAP financial measures in Schedule F. |
(4) | See Schedule E for special charges and reconciliations. |
• | During the fourth quarter we secured $125.0 million of 11% senior notes maturing in seven years. The proceeds from this transaction were used to pay down $115.0 million of senior notes due from April 2016 through December 2020, and associated transaction fees. Following this transaction, TETRA has $46.9 of outstanding debt maturing in December 2017, with no subsequent maturities until 2019. The strength of our balance sheet and ongoing actions to support it continue to be a primary focus for our management group. |
• | Since October 1, 2015, we have reduced headcount by 9.5% for TETRA, and 16% for CSI Compressco. In addition, we have recently implemented salary reductions in North America that approximate 5% of annual base pay, to counter continued pricing pressures. |
• | A 25% reduction in CSI Compressco LP’s distribution attributable to the fourth quarter of 2015, and a reduction of total capital expenditures from $95 million in 2015 to $20 to $30 million in 2016. Given the pricing pressures in our industry, we remain focused on capital returns and will resume investments in growth capital when market pricing supports appropriate returns. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In Thousands) | |||||||||||||||
Revenues | $ | 257,590 | $ | 315,850 | $ | 1,130,145 | $ | 1,077,567 | |||||||
Cost of sales, services, and rentals | 171,981 | 242,402 | 741,736 | 830,769 | |||||||||||
Depreciation, amortization, and accretion | 38,696 | 38,631 | 155,015 | 116,912 | |||||||||||
Impairments of long-lived assets | 44,158 | 34,842 | 44,158 | 34,842 | |||||||||||
Total cost of revenues | 254,835 | 315,875 | 940,909 | 982,523 | |||||||||||
Gross profit (loss) | 2,755 | (25 | ) | 189,236 | 95,044 | ||||||||||
General and administrative expense | 44,161 | 39,900 | 157,812 | 142,689 | |||||||||||
Goodwill impairment | 177,006 | 64,295 | 177,006 | 64,295 | |||||||||||
Interest expense, net | 13,087 | 12,805 | 50,514 | 31,998 | |||||||||||
Other (income) expense, net | 1,740 | 2,842 | 5,667 | 13,933 | |||||||||||
Income (loss) before taxes and discontinued operations | (233,239 | ) | (119,867 | ) | (201,763 | ) | (157,871 | ) | |||||||
Provision (benefit) for income taxes | (1,293 | ) | 27,601 | 7,704 | 9,704 | ||||||||||
Net income (loss) | (231,946 | ) | (147,468 | ) | (209,467 | ) | (167,575 | ) | |||||||
Net income (loss) attributable to noncontrolling interest | 85,531 | (2,282 | ) | 83,284 | (2,103 | ) | |||||||||
Net income (loss) attributable to TETRA stockholders | $ | (146,415 | ) | $ | (149,750 | ) | $ | (126,183 | ) | $ | (169,678 | ) | |||
Basic per share information: | |||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | (1.84 | ) | $ | (1.90 | ) | $ | (1.59 | ) | $ | (2.16 | ) | |||
Weighted average shares outstanding | 79,380 | 78,877 | 79,169 | 78,600 | |||||||||||
Diluted per share information: | |||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | (1.84 | ) | $ | (1.90 | ) | $ | (1.59 | ) | $ | (2.16 | ) | |||
Weighted average shares outstanding | 79,380 | 78,877 | 79,169 | 78,600 |
Three Months Ended December 31, 2015 | Twelve Months Ended December 31, 2015 | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In Thousands) | |||||||||||||||
Revenues by segment: | |||||||||||||||
Fluids Division | $ | 91,194 | $ | 110,271 | $ | 424,044 | $ | 437,362 | |||||||
Production Testing Division | 33,017 | 56,633 | 133,904 | 192,824 | |||||||||||
Compression Division | 99,369 | 124,829 | 457,639 | 282,505 | |||||||||||
Offshore Division | |||||||||||||||
Offshore Services | 36,798 | 42,296 | 122,194 | 195,372 | |||||||||||
Maritech | 63 | 758 | 2,438 | 4,722 | |||||||||||
Intersegment eliminations | (1,108 | ) | (17,542 | ) | (4,669 | ) | (30,595 | ) | |||||||
Offshore Division total | 35,753 | 25,512 | 119,963 | 169,499 | |||||||||||
Eliminations and other | (1,743 | ) | (1,395 | ) | (5,405 | ) | (4,623 | ) | |||||||
Total revenues | $ | 257,590 | $ | 315,850 | $ | 1,130,145 | $ | 1,077,567 | |||||||
Gross profit (loss) by segment: | |||||||||||||||
Fluids Division | $ | 4,545 | $ | 21,161 | $ | 111,969 | $ | 97,806 | |||||||
Production Testing Division | (10,749 | ) | (1,959 | ) | (3,046 | ) | 12,610 | ||||||||
Compression Division | 7,035 | 25,606 | 73,135 | 66,527 | |||||||||||
Offshore Division | |||||||||||||||
Offshore Services | 4,585 | (13,943 | ) | 10,602 | (10,314 | ) | |||||||||
Maritech | (2,493 | ) | (30,634 | ) | (2,523 | ) | (69,861 | ) | |||||||
Intersegment eliminations | — | — | — | ||||||||||||
Offshore Division total | 2,092 | (44,577 | ) | 8,079 | (80,175 | ) | |||||||||
Corporate overhead and eliminations | (168 | ) | (256 | ) | (901 | ) | (1,724 | ) | |||||||
Total gross profit | $ | 2,755 | $ | (25 | ) | $ | 189,236 | $ | 95,044 | ||||||
Income (loss) before taxes by segment: | |||||||||||||||
Fluids Division | $ | (2,746 | ) | $ | 12,628 | $ | 80,789 | $ | 64,705 | ||||||
Production Testing Division | (50,759 | ) | (66,547 | ) | (55,720 | ) | (66,156 | ) | |||||||
Compression Division | (152,772 | ) | 3,237 | (146,798 | ) | 7,340 | |||||||||
Offshore Division | |||||||||||||||
Offshore Services | 1,782 | (20,713 | ) | (195 | ) | (26,251 | ) | ||||||||
Maritech | (2,846 | ) | (30,948 | ) | (3,833 | ) | (71,154 | ) | |||||||
Intersegment eliminations | — | — | — | — | |||||||||||
Offshore Division total | (1,064 | ) | (51,661 | ) | (4,028 | ) | (97,405 | ) | |||||||
Corporate overhead and eliminations | (25,898 | ) | (17,524 | ) | (76,005 | ) | (66,355 | ) | |||||||
Total income (loss) before taxes | $ | (233,239 | ) | $ | (119,867 | ) | $ | (201,763 | ) | $ | (157,871 | ) |
December 31, 2015 | December 31, 2014 | ||||||
(In Thousands) | |||||||
Balance Sheet: | |||||||
Cash (excluding restricted cash) | $ | 23,057 | $ | 48,384 | |||
Accounts receivable, net | 182,343 | 226,966 | |||||
Inventories | 117,009 | 189,357 | |||||
Other current assets | 31,166 | 35,752 | |||||
PP&E, net | 1,048,004 | 1,124,192 | |||||
Other assets | 239,413 | 444,182 | |||||
Total assets | $ | 1,640,992 | $ | 2,068,833 | |||
Current portion of decommissioning liabilities | $ | 14,570 | $ | 12,758 | |||
Other current liabilities | 168,847 | 365,702 | |||||
Long-term debt (1) | 873,402 | 844,961 | |||||
Long-term portion of decommissioning liabilities | 42,879 | 49,983 | |||||
Other long-term liabilities | 27,114 | 29,828 | |||||
Equity | 514,180 | 765,601 | |||||
Total liabilities and equity | $ | 1,640,992 | $ | 2,068,833 |
December 31, 2015 | December 31, 2014 | ||||||
(In Thousands) | |||||||
TETRA | |||||||
Bank revolving line of credit facility | $ | 22,850 | $ | 90,000 | |||
TETRA Senior Notes at various rates | 270,071 | 305,000 | |||||
Other debt | 50 | 74 | |||||
TETRA total debt | 292,971 | 395,074 | |||||
Less current portion | (50 | ) | (90,074 | ) | |||
TETRA total long-term debt | $ | 292,921 | $ | 305,000 | |||
CSI Compressco LP | |||||||
CCLP Bank Credit Facility | $ | 235,000 | $ | 195,000 | |||
CCLP 7.25% Senior Notes | 345,481 | 344,961 | |||||
CCLP total debt | 580,481 | 539,961 | |||||
Less current portion | — | — | |||||
CCLP total long-term debt | $ | 580,481 | $ | 539,961 | |||
Consolidated total long-term debt | $ | 873,402 | $ | 844,961 |
• | assess the Company’s ability to retire debt; |
• | evaluate the capacity of the Company to further invest and grow; and |
• | to measure the performance of the Company as compared to its peer group of companies. |
Three Months Ended | ||||||||||
December 31, 2015 | ||||||||||
Income (Loss) Before Tax | Provision (Benefit) for Tax | Noncont. Interest | Net Income Attributable to TETRA Stockholders | Diluted EPS | ||||||
(In Thousands, Except per Share Amounts) | ||||||||||
Income attributable to TETRA stockholders, excluding special charges and Maritech | 658 | 199 | (491 | ) | 950 | 0.01 | ||||
Transaction related costs | — | — | — | — | — | |||||
Asset impairment, including inventory adjustments | (44,182 | ) | (13,255 | ) | (6,612 | ) | (24,315 | ) | (0.30 | ) |
Goodwill impairments | (177,006 | ) | (53,102 | ) | (78,151 | ) | (45,753 | ) | (0.57 | ) |
Effect of deferred tax valuation allowance and other related tax adjustment | — | 67,824 | — | (67,824 | ) | (0.84 | ) | |||
Other charges | (9,862 | ) | (2,959 | ) | (277 | ) | (6,626 | ) | (0.10 | ) |
Maritech profit (loss) | (2,847 | ) | — | — | (2,847 | ) | (0.04 | ) | ||
Net income (loss) attributable to TETRA stockholders, as reported | (233,239 | ) | (1,293 | ) | (85,531 | ) | (146,415 | ) | (1.84 | ) |
December 31, 2014 | ||||||||||
Income (Loss) Before Tax | Provision (Benefit) for Tax | Noncont. Interest | Net Income Attributable to TETRA Stockholders | Diluted EPS | ||||||
(In Thousands, Except per Share Amounts) | ||||||||||
Income attributable to TETRA stockholders, excluding Special charges and Maritech | 14,203 | 4,324 | 2,832 | 7,047 | 0.09 | |||||
Transaction related costs | (1,687 | ) | (597 | ) | (550 | ) | (540 | ) | (0.01 | ) |
Asset impairment, including inventory adjustments | (37,140 | ) | (12,784 | ) | — | (24,356 | ) | (0.31 | ) | |
Goodwill impairments | (64,295 | ) | (15,682 | ) | — | (48,613 | ) | (0.62 | ) | |
Effect of deferred tax valuation allowance and other related adjustments | — | 63,172 | — | (63,172 | ) | (0.79 | ) | |||
Maritech loss | (30,948 | ) | (10,832 | ) | — | (20,116 | ) | (0.26 | ) | |
Net income (loss) attributable to TETRA stockholders, as reported | (119,867 | ) | 27,601 | 2,282 | (149,750 | ) | (1.90 | ) | ||
Twelve Months Ended | ||||||||||
December 31, 2015 | ||||||||||
Income (Loss) Before Tax | Provision (Benefit) for Tax | Noncont. Interest | Net Income Attributable to TETRA Stockholders | Diluted EPS | ||||||
Income attributable to TETRA stockholders, excluding Special charges and Maritech | 39,512 | 11,802 | 1,962 | 25,748 | 0.32 | |||||
Transaction related costs | (208 | ) | (62 | ) | (73 | ) | (73 | ) | — | |
Asset impairment, including inventory adjustments | (44,158 | ) | (13,247 | ) | (6,612 | ) | (24,299 | ) | (0.30 | ) |
Goodwill impairments | (177,006 | ) | (53,102 | ) | (78,193 | ) | (45,711 | ) | (0.57 | ) |
Effect of deferred tax valuation allowance and other related tax adjustments | — | 67,082 | — | (67,082 | ) | (0.85 | ) | |||
Other charges | (16,071 | ) | (4,769 | ) | (368 | ) | (10,934 | ) | (0.14 | ) |
Maritech profit (loss) | (3,832 | ) | — | — | (3,832 | ) | (0.05 | ) | ||
Net Income (loss) attributable to TETRA stockholders, as reported | (201,763 | ) | 7,704 | (83,284 | ) | (126,183 | ) | (1.59 | ) |
December 31, 2014 | ||||||||||
Income (Loss) Before Tax | Provision (Benefit) for Tax | Noncont. Interest | Net Income Attributable to TETRA Stockholders | Diluted EPS | ||||||
Income attributable to TETRA stockholders, excluding Special charges and Maritech | 34,968 | 6,325 | 6,822 | 21,821 | 0.27 | |||||
Transaction related costs | (15,060 | ) | (5,389 | ) | (4,719 | ) | (4,952 | ) | (0.06 | ) |
Asset impairment, including inventory adjustments | (37,140 | ) | (12,784 | ) | — | (24,356 | ) | (0.31 | ) | |
Goodwill impairments | (64,295 | ) | (15,682 | ) | — | (48,613 | ) | (0.61 | ) | |
Severance expense | (784 | ) | (290 | ) | — | (494 | ) | (0.01 | ) | |
Federal and State deferred tax valuation allowance and other related adjustments | — | 60,500 | — | (60,500 | ) | (0.76 | ) | |||
Maritech loss | (71,154 | ) | (21,346 | ) | — | (49,808 | ) | (0.63 | ) | |
Other | (4,406 | ) | (1,630 | ) | — | (2,776 | ) | (0.05 | ) | |
Net Income (loss) attributable to TETRA stockholders, as reported | (157,871 | ) | 9,704 | 2,103 | (169,678 | ) | (2.16 | ) |
Three Months Ended | |||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||
Income (Loss) Before Tax, as Reported | Impairments & Special Charges | Adjusted Income Before Tax | Interest Expense, Net | Depreciation & Amortization | Equity Comp. Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | (2,745 | ) | $ | 19,958 | $ | 17,213 | $ | (158 | ) | $ | 8,856 | $ | — | $ | 25,911 | |||||
Production Testing Division | (50,759 | ) | 49,893 | (866 | ) | (98 | ) | 5,643 | — | 4,679 | |||||||||||
Compression Division | (152,772 | ) | 151,896 | (876 | ) | 8,110 | 20,643 | 505 | 28,382 | ||||||||||||
Offshore Services Segment | 1,782 | 795 | 2,577 | 2,928 | — | 5,505 | |||||||||||||||
Eliminations and other | 4 | 4 | (4 | ) | — | — | |||||||||||||||
Subtotal | (204,490 | ) | 222,542 | 18,052 | 7,854 | 38,066 | 505 | 64,477 | |||||||||||||
Corporate and other | (25,902 | ) | 8,508 | (17,394 | ) | 5,230 | 171 | 1,822 | (10,171 | ) | |||||||||||
TETRA excl Maritech | (230,392 | ) | 231,050 | 658 | 13,084 | 38,237 | 2,327 | 54,306 | |||||||||||||
Maritech | (2,847 | ) | — | (2,847 | ) | 3 | 435 | — | (2,409 | ) | |||||||||||
Consolidated | $ | (233,239 | ) | $ | 231,050 | $ | (2,189 | ) | $ | 13,087 | $ | 38,672 | $ | 2,327 | $ | 51,897 | |||||
December 31, 2014 | |||||||||||||||||||||
Income (Loss) Before Tax, As Reported | Impairments & Special Charges | Adjusted Income Before Tax | Interest Expense, net | Depreciation & Amortization | Equity Comp. Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 12,628 | $ | 6,481 | $ | 19,109 | $ | (14 | ) | $ | 8,428 | $ | — | $ | 27,523 | ||||||
Production Testing Division | (66,547 | ) | 75,337 | 8,790 | (2 | ) | 6,711 | — | 15,499 | ||||||||||||
Compression Division | 3,237 | 2,913 | 6,150 | 7,662 | 20,055 | 625 | 34,492 | ||||||||||||||
Offshore Services Segment | (20,713 | ) | 17,654 | (3,059 | ) | — | 3,151 | — | 92 | ||||||||||||
Eliminations and other | 3 | — | 3 | — | (3 | ) | — | — | |||||||||||||
Subtotal | (71,392 | ) | 102,385 | 30,993 | 7,646 | 38,342 | 625 | 77,606 | |||||||||||||
Corporate and other | (17,527 | ) | 737 | (16,790 | ) | 5,159 | 250 | 1,341 | (10,040 | ) | |||||||||||
TETRA excl Maritech | (88,919 | ) | 103,122 | 14,203 | 12,805 | 38,592 | 1,966 | 67,566 | |||||||||||||
Maritech | (30,948 | ) | — | (30,948 | ) | — | 39 | — | (30,909 | ) | |||||||||||
Consolidated | $ | (119,867 | ) | $ | 103,122 | $ | (16,745 | ) | $ | 12,805 | $ | 38,631 | $ | 1,966 | $ | 36,657 |
Year Ended | |||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||
Income (Loss) Before Tax, as Reported | Impairments & Special Charges | Adjusted Income Before Tax | Interest Expense, Net | Depreciation & Amortization | Equity Comp. Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 80,789 | $ | 20,599 | $ | 101,388 | $ | (258 | ) | $ | 35,125 | $ | — | $ | 136,255 | ||||||
Production Testing Division | (55,720 | ) | 54,530 | (1,190 | ) | (89 | ) | 24,094 | — | 22,815 | |||||||||||
Compression Division | (146,798 | ) | 152,390 | 5,592 | 32,178 | 82,024 | 2,164 | 121,958 | |||||||||||||
Offshore Services Segment | (195 | ) | 1,344 | 1,149 | — | 11,500 | — | 12,649 | |||||||||||||
Eliminations and other | (1,000 | ) | — | (1 | ) | (14 | ) | — | (15 | ) | |||||||||||
Subtotal | (121,925 | ) | 228,863 | 106,938 | 31,831 | 152,729 | 2,164 | 293,662 | |||||||||||||
Corporate and other | (76,005 | ) | 8,579 | (67,426 | ) | 18,654 | 911 | 7,978 | (39,883 | ) | |||||||||||
TETRA excl Maritech | (197,930 | ) | 237,442 | 39,512 | 50,485 | 153,640 | 10,142 | 253,779 | |||||||||||||
Maritech | (3,833 | ) | — | (3,833 | ) | 29 | 1,375 | — | (2,429 | ) | |||||||||||
Consolidated | $ | (201,763 | ) | $ | 237,442 | $ | 35,679 | $ | 50,514 | $ | 155,015 | $ | 10,142 | $ | 251,350 | ||||||
December 31, 2014 | |||||||||||||||||||||
Income (Loss) Before Tax, as Reported | Impairments & Special Charges | Adjusted Income Before Tax | Interest Expense, Net | Depreciation & Amortization | Equity Comp. Expense | Adjusted EBITDA | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Fluids Division | $ | 64,705 | $ | 4,229 | $ | 68,934 | $ | (250 | ) | $ | 31,279 | $ | — | $ | 99,963 | ||||||
Production Testing Division | (66,168 | ) | 77,095 | 10,927 | (31 | ) | 29,336 | — | 40,232 | ||||||||||||
Compression Division | 7,340 | 17,022 | 24,362 | 12,964 | 41,097 | 1,544 | 79,967 | ||||||||||||||
Offshore Services Segment | (26,251 | ) | 19,784 | (6,467 | ) | 36 | 13,327 | — | 6,896 | ||||||||||||
Eliminations and other | 12 | — | 12 | — | (12 | ) | — | — | |||||||||||||
Subtotal | (20,362 | ) | 118,130 | 97,768 | 12,719 | 115,027 | 1,544 | 227,058 | |||||||||||||
Corporate and other | (66,355 | ) | 3,554 | (62,801 | ) | 19,268 | 1,725 | 5,231 | (36,577 | ) | |||||||||||
TETRA excl Maritech | (86,717 | ) | 121,684 | 34,967 | 31,987 | 116,752 | 6,775 | 190,481 | |||||||||||||
Maritech | (71,154 | ) | — | (71,154 | ) | 11 | 160 | — | (70,983 | ) | |||||||||||
Consolidated | $ | (157,871 | ) | $ | 121,684 | $ | (36,187 | ) | $ | 31,998 | $ | 116,912 | $ | 6,775 | $ | 119,498 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In Thousands) | |||||||||||||||
TETRA Consolidated | |||||||||||||||
Cash from operations | $ | 77,724 | $ | 56,708 | $ | 195,951 | $ | 108,645 | |||||||
ARO settlements | 5,109 | 23,010 | 10,305 | 63,319 | |||||||||||
Capital expenditures, net of sales proceeds | (22,221 | ) | (34,994 | ) | (113,462 | ) | (114,082 | ) | |||||||
Free cash flow before ARO settlements | 60,612 | 44,724 | 92,794 | 57,882 | |||||||||||
CSI Compressco LP | |||||||||||||||
Cash from operations | 38,351 | 13,478 | 101,893 | 44,819 | |||||||||||
Capital expenditures, net of sales proceeds | (19,274 | ) | (19,317 | ) | (95,272 | ) | (48,137 | ) | |||||||
Free cash flow | 19,077 | (5,839 | ) | 6,621 | (3,318 | ) | |||||||||
TTI Only | |||||||||||||||
Cash from operations | 39,373 | 43,230 | 94,058 | 63,826 | |||||||||||
ARO settlements | 5,109 | 23,010 | 10,305 | 63,319 | |||||||||||
Capital expenditures, net of sales proceeds | (2,947 | ) | (15,677 | ) | (18,190 | ) | (65,945 | ) | |||||||
Free cash flow before ARO settlements | 41,535 | 50,563 | 86,173 | 61,200 | |||||||||||
Distributions from CSI Compressco LP | 7,877 | 6,479 | 30,544 | 24,118 | |||||||||||
Free cash flow before ARO settlements and after distributions from CSI Compressco LP | 49,412 | 57,042 | 116,717 | 85,318 | |||||||||||
Debt restructuring costs | $ | 3,036 | $ | — | $ | 3,036 | $ | — | |||||||
Adjusted free cash flow before ARO settlements and after distributions from CSI Compressco LP | 52,448 | 57,042 | 119,753 | 85,318 |
December 31, 2015 | December 31, 2014 | ||||||||||||||
TETRA | CCLP | TETRA | CCLP | ||||||||||||
(In Millions) | |||||||||||||||
Non-restricted cash | $ | 12.4 | $ | 10.6 | $ | 14.3 | $ | 34.1 | |||||||
Revolver debt outstanding | 22.9 | 235.0 | 90.0 | 195.0 | |||||||||||
Senior Notes outstanding | 270.1 | 345.5 | 305.0 | 345.0 | |||||||||||
Net debt | $ | 280.6 | $ | 569.9 | $ | 380.7 | $ | 505.9 |
1 Year TETRA Technologies Chart |
1 Month TETRA Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions