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T-3 Energy Services, Inc. Announces Second Quarter 2010 Earnings

Date : 07/29/2010 @ 5:05PM
Source : GlobeNewswire Inc.
Stock : T-3 Energy Services (MM) (TTES)
Quote : 44.9  0.0 (0.00%) @ 2:05AM
T-3 Energy Services (MM) share price Chart

T-3 Energy Services, Inc. Announces Second Quarter 2010 Earnings

T-3 Energy Services (MM) (NASDAQ:TTES)
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T-3 Energy Services, Inc. (Nasdaq:TTES) reported that second quarter 2010 income from continuing operations increased to $3.3 million, or $0.25 per diluted share, compared to $2.0 million, or $0.15 per diluted share for the first quarter of 2010.

Revenues for the second quarter of 2010 increased 8% to $48.4 million, compared with $45.0 million in the first quarter of 2010. During the quarter, the Company benefitted from improvements in the United States market, which accounted for 57% of total revenues for the quarter.

Gross profit margins for the second quarter of 2010 improved to 35.8%, compared with 34.8% for the first quarter of 2010. Operating income for the second quarter of 2010 increased 79% to $5.0 million, compared with $2.8 million in the first quarter of 2010.

Steve Krablin, T-3's Chairman, President and Chief Executive Officer commented, "We are pleased to have achieved sequential improvements in revenues, operating income, bookings and backlog this quarter. A favorable product mix improved margins across all business units and contributed to a 65% incremental increase in our operating income from the increased revenues.

"Despite delays caused by the potential impact of new rules for Gulf Coast offshore drilling, we slightly increased quarterly bookings to $50.8 million. This represents the fourth consecutive quarterly increase in our bookings and also increased our backlog to $42.1 million at June 30, 2010. Of particular note, bookings for U.S. land activities began to increase toward the end of the quarter, and we are now seeing an uptick in bookings for service and certification work on items that may be used in both surface and subsea offshore operations.

"Looking forward, we believe recent events in the Gulf of Mexico will lead to an increase in demand for pressure control equipment and for the servicing of existing equipment. This should provide enhanced revenue opportunities for us once the timing and content of regulations is fully known. We welcome these changes and look forward to continuing to participate in the servicing, certification and upgrading of equipment to meet new requirements and customer needs."

T-3 Energy Services, Inc. provides a broad range of oilfield products and services primarily to customers in the drilling and completion of new oil and gas wells, the workover of existing wells and the production and transportation of oil and gas.

Except for historical information, statements made in this release, including those relating to potential future revenues, bookings, cash flow, backlog, growth, business trends and prospects constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Whenever possible, the Company has identified these "forward-looking" statements by words such as "believe", "encouraged", "expect", "expected", "anticipate", "should" and similar phrases. The forward-looking statements are based upon management's expectations and beliefs and, although these statements are based upon reasonable assumptions, actual results might differ materially from expected results due to a variety of factors including, but not limited to, overall demand for and pricing of the Company's products, changes in the level of oil and natural gas exploration and development, the impact of new laws and regulations affecting the Company and its products and services, and variations in global business and economic conditions. The Company assumes no obligation to update or revise publicly any forward-looking statements whether as a result of new information, future events or otherwise. For a discussion of additional risks and uncertainties that could impact the Company's results, review the T-3 Energy Services, Inc. Annual Report on Form 10-K for the year ended December 31, 2009 and other filings of the Company with the Securities and Exchange Commission. 

 
T-3 ENERGY SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
 
  Three Months Ended Six Months Ended
  June 30, March 31, June 30,
  2010 2009 2010 2010 2009
Revenues:          
 Products  $ 39,630  $ 49,206  $ 36,632  $ 76,262  $ 102,547
 Services   8,803   6,542   8,370   17,173   15,987
   48,433  55,748  45,002  93,435  118,534
Cost of revenues:          
 Products  26,032  31,226  24,130  50,162  64,407
 Services   5,066   3,860   5,207   10,273   9,439
   31,098  35,086  29,337  60,435  73,846
           
Gross profit  17,335  20,662  15,665  33,000  44,688
           
Selling, general and administrative expenses   12,745  13,468   12,957   25,702   31,546
           
Equity in earnings of unconsolidated affiliates   458   359   106   564   553
           
Income from operations  5,048  7,553  2,814  7,862  13,695
           
Interest expense   (175)    (232)  (167)  (342)  (482)
           
Other income, net   75   225   62   137   250
           
Income from continuing operations before provision for income taxes    4,948    7,546  2,709     7,657     13,463
           
Provision for income taxes   1,643   2,658   729   2,372   4,755
           
Income from continuing operations  3,305  4,888   1,980  5,285  8,708
           
Income from discontinued operations, net of tax   76   --   --    76   --
           
Net income  $ 3,381  $ 4,888  $ 1,980  $ 5,361  $ 8,708
           
Basic earnings per common share:          
 Continuing operations  $ .25  $ .39  $ .15  $ .41  $ .69
 Discontinued operations  $ .01  $  --  $  --  $  --  $  --
 Net income per common share  $ .26  $ .39  $ .15  $ .41  $ .69
           
Diluted earnings per common share:          
 Continuing operations  $ .25  $ .38  $ .15  $ .40  $ .69
 Discontinued operations  $ .01  $  --  $  --  $ .01  $  --
 Net income per common share  $ .26  $ .38  $ .15  $ .41  $ .69
           
Weighted average common shares outstanding:          
 Basic   13,022   12,638   12,915   12,969   12,583
 Diluted   13,195   12,744   13,093   13,143   12,698
 
T-3 ENERGY SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except for share amounts)
 
  June 30, December 31,
  2010 2009
  (unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents  $ 7,833  $ 11,747
Accounts receivable – trade, net  32,713  28,450
Inventories  62,412  53,689
Deferred income taxes  3,114  2,485
Prepaids and other current assets   6,516   7,311
Total current assets  112,588  103,682
     
Property and equipment, net  49,093  49,353
Goodwill, net  88,699  88,779
Other intangible assets, net  30,877  32,091
Other assets    5,699    5,916
  Total assets  $ 286,956  $ 279,821
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable – trade  $ 15,166  $ 17,213
Accrued expenses and other  12,138  14,359
Current maturities of long-term debt    --   --
Total current liabilities  27,304  31,572
     
Long-term debt, less current maturities  --  --
Other long-term liabilities   959   1,144
Deferred income taxes  8,710  8,009
     
Commitments and contingencies    
     
Stockholders' equity:    
Preferred stock, $.001 par value, 25,000,000 shares authorized, no shares issued or outstanding    --    --
Common stock, $.001 par value, 50,000,000 shares authorized,  13,337,819 and 13,038,143 shares issued and outstanding at  June 30, 2010 and December 31, 2009     13  13
Warrants, 10,157 issued and outstanding at June 30, 2010 and  December 31, 2009 20  20
Additional paid-in capital  186,835 181,115
Retained earnings   61,562   56,201
Accumulated other comprehensive income   1,553   1,747
Total stockholders' equity   249,983   239,096
Total liabilities and stockholders' equity  $ 286,956  $ 279,821
CONTACT: T-3 Energy Services, Inc.
         James M. Mitchell, Senior Vice President
          and Chief Financial Officer
         713-996-4118


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