Tetra Technologies Inc 8-K/A, filed Feb 4, 2021

Tetra Technologies Inc (TTI)

8-K/A 2021-02-04 For: 2021-01-29

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Added on April 11, 2026

About this 8-K/A

Tetra Technologies Inc filed this 8-K/A on February 4, 2021, reporting on events of January 29, 2021.

Items reported

Item 9.01: Financial statements and exhibits

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Delaware	1-13455	74-2148293
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	TTI	NYSE

Exhibit Number	Description
99.1	Unaudited pro forma condensed consolidated financial statements of the Company.
104	Cover Page Interactive Date File (embedded within the Inline XBRL document).


TETRA Technologies, Inc.

By:	/s/Brady M. Murphy
	Brady M. Murphy
	President and Chief Executive Officer

TETRA Technologies, Inc. and Subsidiaries
Unaudited Pro Forma Consolidated Statements of Operations
Nine Months Ended September 30, 2020
(In Thousands, Except Per Share Amounts)

	As Reported	Discontinued Operations	Pro Forma Adjustments		Pro Forma
Revenues:
Product sales	$ 252,016	$ (42,761)	$ -		$ 209,255
Services	315,968	(222,965)	-		93,003
Total revenues	567,984	(265,726)	-		302,258
Cost of revenues:
Cost of product sales	184,512	(43,630)	-		140,882
Cost of services	201,056	(123,329)	-		77,727
Depreciation, amortization, and accretion	88,906	(59,972)	-		28,934
Impairments and other charges	14,445	(14,348)	-		97
Insurance recoveries	(643)	517	-		(126)
Total cost of revenues	488,276	(240,762)	-		247,514
Gross profit	79,708	(24,964)	-		54,744
General and administrative expense	89,807	(29,517)	-		60,290
Interest expense, net	53,073	(38,841)	(1,087)	(A)	13,145
Warrants fair value adjustment income	(327)	-	-		(327)
Other expense, net	2,141	(3,449)	9,376	(B)	8,068
Loss before taxes and discontinued operations	(64,986)	46,843	(8,289)		(26,432)
Provision for income taxes	3,800	(1,967)	(802)	(C)	1,031
Loss before discontinued operations	(68,786)	48,810	(7,487)		(27,463)
Discontinued operations:
Loss from discontinued operations, net of taxes	(155)	-	-		(155)
Net loss	(68,941)	48,810	(7,487)		(27,618)
Loss (income) attributable to noncontrolling interest	32,833	(32,957)	-		(124)
Net loss attributable to TETRA stockholders	$ (36,108)	$ 15,853	$ (7,487)		$ (27,742)
Basic and diluted net loss per common share:
Loss before discontinued operations attributable to TETRA stockholders	$ (0.29)				$ (0.22)
Loss from discontinued operations attributable to TETRA stockholders	─				─
Net loss attributable to TETRA stockholders	$ (0.29)				$ (0.22)
Average basic and diluted shares outstanding	125,789				125,789

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
	Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

TETRA Technologies, Inc. and Subsidiaries
Unaudited Pro Forma Consolidated Statements of Operations
Year Ended December 31, 2019
(In Thousands, Except Per Share Amounts)
	As Reported	Discontinued Operations	Pro Forma Adjustments		Pro Forma
Revenues:
Product sales	$ 435,768	$ (142,568)	$ -		$ 293,200
Services	602,165	(334,109)	-		268,056
Total revenues	1,037,933	(476,677)	-		561,256
Cost of revenues:
Cost of product sales	335,325	(128,734)	-		206,591
Cost of services	393,158	(188,547)	-		204,611
Depreciation, amortization, and accretion	124,226	(76,663)	-		47,563
Impairments and other charges	95,196	(3,160)	-		92,036
Insurance recoveries	(1,771)	555	-		(1,216)
Total cost of revenues	946,134	(396,549)	-		549,585
Gross profit	91,799	(80,128)	-		11,671
General and administrative expense	139,747	(43,123)	-		96,624
Goodwill impairment	25,784	-	-		25,784
Interest expense, net	73,230	(51,974)	(1,600)	(D)	19,656
Gain on Sale of Assets	(2,333)	-	-		(2,333)
Warrants fair value adjustment income	(1,624)	-	-		(1,624)
CCLP Series A Preferred Units fair value adjustment expense	1,309	(1,309)	-		-
Other (income) expense, net	(191)	556	(2,252)	(B)	(1,887)
Loss before taxes and discontinued operations	(144,123)	15,722	3,852		(124,549)
Provision (benefit) for income taxes	6,164	(3,529)	87	(E)	2,722
Loss before discontinued operations	(150,287)	19,251	3,765		(127,271)
Discontinued operations:
Loss from discontinued operations, net of taxes	(10,213)	-	-		(10,213)
Net loss	(160,500)	19,251	3,765		(137,484)
Loss (income) attributable to noncontrolling interest	13,087	(13,538)	-		(451)
Net loss attributable to TETRA stockholders	$ (147,413)	$ 5,713	$ 3,765		$ (137,935)
Basic and diluted net loss per common share:
Loss before discontinued operations attributable to TETRA stockholders	$ (1.09)				$ (1.02)
Loss from discontinued operations attributable to TETRA stockholders	(0.08)				(0.08)
Net loss attributable to TETRA stockholders	$ (1.17)				$ (1.10)
Average basic and diluted shares outstanding	125,600				125,600

TETRA Technologies, Inc. and Subsidiaries
Unaudited Pro Forma Consolidated Balance Sheet
September 30, 2020
(In Thousands)

	As Reported	Discontinued Operations	Pro Forma Adjustments		Pro Forma
ASSETS
Current assets:
Cash and cash equivalents	$ 75,165	$ (16,699)	$ 9,047	(F)	$ 67,513
Restricted cash	59	-	-		59
Trade accounts receivable, net of allowances	108,222	(56,521)	-		51,701
Inventories	113,020	(33,981)	-		79,039
Prepaid expenses and other current assets	21,176	(6,584)	-		14,592
Total current assets	317,642	(113,785)	9,047		212,904
Property, plant, and equipment:
Land and building	39,534	(13,259)	-		26,275
Machinery and equipment	1,341,905	(978,422)	-		363,483
Automobiles and trucks	26,581	(7,904)	-		18,677
Chemical plants	60,195	-	-		60,195
Construction in progress	10,819	(8,817)	-		2,002
Total property, plant, and equipment	1,479,034	(1,008,402)	-		470,632
Less accumulated depreciation	(804,466)	435,902	-		(368,564)
Net property, plant, and equipment	674,568	(572,500)	-		102,068
Other assets:
Patents, trademarks and other intangible assets, net of accumulated amortization	68,350	(25,797)	-		42,553
Deferred tax assets	24	(24)	-		-
Operating lease right-of-use assets	78,867	(34,680)	-		44,187
Other assets	22,089	(4,638)	4,662	(G)	22,113
Total other assets	169,330	(65,139)	4,662		108,853
Total assets	$ 1,161,540	$ (751,424)	$ 13,709		$ 423,825

TETRA Technologies, Inc. and Subsidiaries
Unaudited Pro Forma Consolidated Balance Sheet
September 30, 2020
(In Thousands)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$ 42,406	$ (19,404)	$ -		$ 23,002
Unearned income	7,310	(6,463)	-		847
Accrued liabilities	80,500	(44,750)	-		35,750
Current liabilities of discontinued operations	1,852	-	-		1,852
Total current liabilities	132,068	(70,617)	-		61,451
Long-term debt, net	843,216	(636,943)	(19,100)	(H)	187,173
Deferred income taxes	3,421	(1,620)	331	(I)	2,132
Asset retirement obligation	12,973	-	-		12,973
Warrants liability	123	-	-		123
Operating lease liabilities	64,200	(25,896)	-		38,304
Other liabilities	10,364	(17)	-		10,347
Total long-term liabilities	934,297	(664,476)	(18,769)		251,052
Equity:
TETRA stockholders' equity
Common stock	1,289	-	-		1,289
Additional paid-in capital	471,146	-	-		471,146
Treasury stock, at cost	(19,484)	-	-		(19,484)
Accumulated other comprehensive income loss	(54,634)	-	-		(54,634)
Retained deficit	(398,630)	78,719	32,478	(J)	(287,433)
Total TETRA stockholders' equity	(313)	78,719	32,478		110,884
Non-controlling interests	95,488	(95,050)	-		438
Total equity	95,175	(16,331)	32,478		111,322
Total liabilities and equity	$ 1,161,540	$ (751,424)	$ 13,709		$ 423,825