TETRA Technologies Updates Q2 Results On Bad Debt Expense - Quick Facts

(RTTNews) - TETRA Technologies, Inc. (TTI) said, as one of TETRA's offshore completion fluids customers had filed for reorganization under Chapter 11, the company recorded bad debt expense of approximately $2.8 million in the three and six months ended June 30, 2020. TETRA recorded this charge in the general and administrative expense line of the Consolidated Statements. The company noted that the bad debt expense does not impact its previously reported revenues, adjusted EBITDA, adjusted EBITDA margins, cash from operations or adjusted free cash flow.

For the second quarter, loss per share before discontinued operations attributable to stockholders was $0.17 compared to a loss of $0.06, prior year. Revenues declined to $192.44 million from $288.80 million.