Tetra Technologies Inc. (TTI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Tetra Technologies Inc. has a market cap of $816.42 million; its shares were traded at around $10.8 with a P/E ratio of 13.33 and P/S ratio of 0.93. Tetra Technologies Inc. had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Tetra Technologies Inc. the business predictability rank of 2.5-star.TTI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates.
Fluids Division income before taxes during the first quarter of 2010 totaled $6.2 million compared to $12.2 million in the corresponding prior year period, a decrease of $6.0 million or 49.1%. This decrease was generated by the $6.1 million decrease in gross profit discussed above, as approximately $0.8 million of decreased administrative expenses was offset by approximately $0.7 million of decreased other income, primarily from decreased foreign currency gains.
Offshore Division β Revenues from our Offshore Division increased from $81.6 million during the first quarter of 2009 to $92.9 million during the first quarter of 2010, an increase of $11.3 million or 13.8%. Offshore Division gross profit during the first quarter of 2010 totaled $10.9 million compared to $10.2 million during the prior year first quarter, an increase of $0.6 million or 6.1%. Offshore Division income before taxes was $6.7 million during the first quarter of 2010 compared to $8.2 million during the prior year period, a decrease of $1.5 million or 18.7%.
Maritech reported gross profit of $8.5 million during the first quarter of 2010 compared to $7.7 million of gross profit during the first quarter of 2009, an increase of $0.8 million or 10.6%. Maritech s gross profit as a percentage of revenues decreased during the quarter to 18.2% from 18.6% during the prior year period. Largely offsetting the impact of increased revenues was the impact of increased lease operating expense, primarily due to approximately $3.8 million of increased excess decommissioning costs incurred during the current year period. In addition, Maritech recorded approximately $3.2 million of decreased insurance settlement gains during the current year period, despite crediting earnings for $2.2 million upon the first quarter 2010 receipt of $39.8 million of insurance settlement and claim proceeds from Hurricane Ike damages.
Production Enhancement Division β Production Enhancement Division revenues decreased from $50.0 million during the first quarter of 2009 to $46.9 million during the current year quarter, a decrease of $3.1 million or 6.1%. Production Enhancement Division gross profit decreased from $16.8 million during the first quarter of 2009 to $14.0 million during the current year period, a decrease of $2.8 million or 16.5%. Production Enhancement Division gross profit as a percentage of revenue also decreased from 33.6% during the first quarter of 2009 to 29.9% during the first quarter of 2010. Production Enhancement Division income before taxes decreased during the first quarter of 2010 to $9.1 million compared to $12.4 million during the first quarter of 2009, a decrease of $3.3 million or 26.5%.
Corporate Overhead β Corporate Overhead includes corporate general and administrative expense, interest income and expense, and other income and expense. Such expenses and income are not allocated to our operating divisions, as they relate to our general corporate activities. Corporate Overhead decreased from $14.6 million during the first quarter of 2009 to $13.5 million during the first quarter of 2010, primarily due to decreased administrative expense. Corporate administrative costs decreased approximately $1.1 million due to approximately $0.3 million of decreased salaries and other general employee expenses, approximately $0.3 million of decreased office related expense, and approximately $0.5 million of decreased general expenses. These decreases were partially offset by approximately $0.1 million of increased professional fee expense. In addition to decreased administrative expense, other expense decreased by approximately $0.8 million, primarily due to decreased hedge ineffectiveness losses. These decreases were partially offset by increased corporate interest expense of approximately $0.6 million during the first quarter of 2010 due to a decrease in the amount of interest capitalized on construction projects during the period, particularly following the completion of the El Dorado, Arkansas, calcium chloride facility.
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Tetra Technologies Inc. has a market cap of $816.42 million; its shares were traded at around $10.8 with a P/E ratio of 13.33 and P/S ratio of 0.93. Tetra Technologies Inc. had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Tetra Technologies Inc. the business predictability rank of 2.5-star.TTI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
General and Administrative Expenses β General and administrative expenses were $22.8 million during the first quarter of 2010 compared to $24.6 million during the first quarter of 2009, a decrease of $1.8 million or 7.3%. This decrease was primarily due to approximately $1.9 million of decreased bad debt expense, $0.2 million of decreased office related expense, and $0.8 million of decreased insurance, taxes, and other general expenses. These decreases were partially offset by approximately $0.7 million of increased salary, benefits, contract labor costs, and other associated employee expenses, and approximately $0.4 million of increased professional fees. General and administrative expenses as a percentage of revenue were 11.1% during the first quarter of 2010 compared to 12.6% during the prior year period.Fluids Division income before taxes during the first quarter of 2010 totaled $6.2 million compared to $12.2 million in the corresponding prior year period, a decrease of $6.0 million or 49.1%. This decrease was generated by the $6.1 million decrease in gross profit discussed above, as approximately $0.8 million of decreased administrative expenses was offset by approximately $0.7 million of decreased other income, primarily from decreased foreign currency gains.
Offshore Division β Revenues from our Offshore Division increased from $81.6 million during the first quarter of 2009 to $92.9 million during the first quarter of 2010, an increase of $11.3 million or 13.8%. Offshore Division gross profit during the first quarter of 2010 totaled $10.9 million compared to $10.2 million during the prior year first quarter, an increase of $0.6 million or 6.1%. Offshore Division income before taxes was $6.7 million during the first quarter of 2010 compared to $8.2 million during the prior year period, a decrease of $1.5 million or 18.7%.
Maritech reported gross profit of $8.5 million during the first quarter of 2010 compared to $7.7 million of gross profit during the first quarter of 2009, an increase of $0.8 million or 10.6%. Maritech s gross profit as a percentage of revenues decreased during the quarter to 18.2% from 18.6% during the prior year period. Largely offsetting the impact of increased revenues was the impact of increased lease operating expense, primarily due to approximately $3.8 million of increased excess decommissioning costs incurred during the current year period. In addition, Maritech recorded approximately $3.2 million of decreased insurance settlement gains during the current year period, despite crediting earnings for $2.2 million upon the first quarter 2010 receipt of $39.8 million of insurance settlement and claim proceeds from Hurricane Ike damages.
Production Enhancement Division β Production Enhancement Division revenues decreased from $50.0 million during the first quarter of 2009 to $46.9 million during the current year quarter, a decrease of $3.1 million or 6.1%. Production Enhancement Division gross profit decreased from $16.8 million during the first quarter of 2009 to $14.0 million during the current year period, a decrease of $2.8 million or 16.5%. Production Enhancement Division gross profit as a percentage of revenue also decreased from 33.6% during the first quarter of 2009 to 29.9% during the first quarter of 2010. Production Enhancement Division income before taxes decreased during the first quarter of 2010 to $9.1 million compared to $12.4 million during the first quarter of 2009, a decrease of $3.3 million or 26.5%.
Corporate Overhead β Corporate Overhead includes corporate general and administrative expense, interest income and expense, and other income and expense. Such expenses and income are not allocated to our operating divisions, as they relate to our general corporate activities. Corporate Overhead decreased from $14.6 million during the first quarter of 2009 to $13.5 million during the first quarter of 2010, primarily due to decreased administrative expense. Corporate administrative costs decreased approximately $1.1 million due to approximately $0.3 million of decreased salaries and other general employee expenses, approximately $0.3 million of decreased office related expense, and approximately $0.5 million of decreased general expenses. These decreases were partially offset by approximately $0.1 million of increased professional fee expense. In addition to decreased administrative expense, other expense decreased by approximately $0.8 million, primarily due to decreased hedge ineffectiveness losses. These decreases were partially offset by increased corporate interest expense of approximately $0.6 million during the first quarter of 2010 due to a decrease in the amount of interest capitalized on construction projects during the period, particularly following the completion of the El Dorado, Arkansas, calcium chloride facility.
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