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T3 Energy Services, Inc. Announces Second Quarter 2010 Earnings

Jay Mitchell — Thu, 29 Jul 2010 21:00:00 GMT

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

HOUSTON, July 29, 2010 (GLOBE NEWSWIRE) -- 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

29-Jul-10 4:00 PM

T3 Announces Second Quarter 2010 Conference Call

Jay Mitchell — Tue, 20 Jul 2010 18:00:00 GMT

HOUSTON, July 20, 2010 (GLOBE NEWSWIRE) -- T-3 Energy Services, Inc. (Nasdaq:TTES) has scheduled a conference call to discuss second quarter 2010 results on Friday, July 30, 2010 at 10:00 a.m. Central Time.

	Date:	July 30, 2010
 Time:	10:00 AM CT

Listen via Internet: http://www.t3energy.com/Investor/Relations/

Telephone: 970-315-0426

The call will be broadcast live through the Investor Relations link on T-3's website at www.t3energy.com, and a replay will be available on the site for 30 days following the conference. Participants may also join the conference by dialing 970-315-0426 ten minutes prior to the scheduled start time and asking for the T-3 Energy Services conference call.

T-3 Energy Services, Inc. provides a broad range of oilfield products and services 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. For further information, see www.t3energy.com.

Certain statements and answers to questions during the conference call may contain "forward-looking statements." These statements, and all phases of the Company's operations, are subject to risks and uncertainties, any one of which could cause actual results to differ materially from those described in the forward-looking statements. Investors are reminded that these forward-looking statements must be considered in conjunction with the cautionary warnings and risk factors, which are detailed in the Company's most recent Annual Report on Form 10-K and other documents filed with the SEC and available from the Company.

	CONTACT:  T-3 Energy Services, Inc.
          Jay Mitchell (Sr. Vice President & CFO)
          713-996-4118

20-Jul-10 1:00 PM

T3 Energy Services, Inc. Announces Receipt of ABS ISO 9001:2008 Certification for Middle East Operations

Deborah McDonald — Mon, 03 May 2010 18:00:00 GMT

HOUSTON, TEXAS, – 3 May 2010. T3 Energy Services, Inc. (“T3 Energy”) announced today that it has received the ABS Certificate of Conformance for their Middle East Facilities located in Dubai, U.A.E.

T3 Energy Services’ Middle East facility was assessed by ABS Quality Evaluations, Inc. and found to be in conformance with the requirements set forth by ISO 9001:2008. The Quality Management System is applicable to the repair, remanufacture, and manufacture of blowout preventers, valves, choke & kill manifold assemblies, as well as oilfield related assemblies & components.

T3 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 work over of existing wells and the production and transportation of oil and gas throughout the world.

Contact: Deborah McDonald

Marketing Manager

713-996-4110

dmcdonald@t3energy.com

PCG Middle East

Dubai Investment Park

P O Box 31550

Dubai, U.A.E.

Branch Manager: Keith Rice

97-14-885-1300 PH

97-14-885-1301 FAX

3-May-10 1:00 PM

T3 Energy Services, Inc. Announces First Quarter 2010 Earnings

Fri, 30 Apr 2010 13:00:00 GMT

HOUSTON, TEXAS, (GLOBE NEWSWIRE) – April 29, 2010. T-3 Energy Services, Inc. (NASDAQ:TTES) reported first quarter 2010 net income of $2.0 million, or $0.15 per diluted share, compared to $3.4 million, or $0.26 per diluted share for the fourth quarter of 2009.

Revenues for the first quarter of 2010 were $45.0 million, compared with $52.4 million in the fourth quarter of 2009. The fourth quarter of 2009 revenues included a large international shipment, representing over $9.0 million in revenues, which did not repeat for the first quarter of 2010. International revenues represented 50% of total revenues for the quarter.

Gross profit margins for the first quarter of 2010 were unchanged from the fourth quarter of 2009 at 34.8%. Operating income for the first quarter of 2010 was $2.8 million, compared with $4.7 million in the fourth quarter of 2009.

Steve Krablin, T-3’s Chairman, President and Chief Executive Officer commented, “Led by stronger industry activity, our quarterly bookings increased sequentially by over 10% to $50.3 million, which is our highest bookings level since 2008. During the quarter, our book-to-bill ratio of 1.1 allowed us to increase our March 31^st backlog to $39.7 million, which reflects the first sequential quarterly increase in six quarters. We continue to believe that a recovery has started, and we expect improving results throughout 2010 as our revenues and earnings begin to benefit.”

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, 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.

Contact: James M. Mitchell

Senior Vice President and Chief Financial Officer

713-996-4118

First Quarter Earnings_2010

30-Apr-10 8:00 AM

T3 Energy Services, Inc. Announces Opening of New Facility

Deborah McDonald — Fri, 16 Oct 2009 19:00:00 GMT

HOUSTON, TEXAS, – 16 October, 2009. T3 Energy Services, Inc. (“T3 Energy”) announced today that is has opened a new Wellhead & Production Systems Facility in Fort Nelson, BC Canada.

The primary purpose of the Fort Nelson facility is to serve as a field support base for the recently discovered Horn River Basin gas shale. The facility will have test, assembly, and repair capabilities which will be supported by manufacturing capabilities from the T3 Nisku Operation. The Fort Nelson facility will maintain a full complement of service tools in addition to a full range of wellhead and gate valve spare parts.

Robert Angus Campbell, Senior Vice President & General Manager of T3 Energy’s Wellhead and Production Systems, stated, “We feel confident this new facility will allow us to better serve our WPS clients in the Northern Rocky Mountain region and surrounding areas. Our Engineering team is designing unique wellhead equipment as well as frac manifold systems toward this purpose. “

16-Oct-09 2:00 PM

T3 Energy Services, Inc. Announces Receipt of Outstanding Vendor Award

Deborah McDonald — Tue, 06 Oct 2009 22:00:00 GMT

HOUSTON, TEXAS, – 6 October 2009. T3 Energy Services, Inc. (“T3 Energy”) announced today that is has received an award from drilling contractor Ensco Offshore, a division of Ensco International Corporation, recognizing the T3 Jennings Facility, with the presentation of the Ensco Outstanding Vendor Service Award.

T3 was recognized for outstanding performance in exceeding Ensco expectations in the quality and expedited delivery of well control equipment. T3 Jennings, Louisiana and the T3 Main facility in Houma, Louisiana were recognized for contributions in quality and service to Ensco. The award was presented to T3 by Ensco Operations and Procurement personnel at the T3 Jennings facility.

Keith Klopfenstein, T3 Energy’s Senior Vice President of Pressure Control, commented, “This award was in recognition for their consistent contributions on multiple orders critical to the success of key projects for Ensco as well as their excellent customer service. The vote of confidence shown by Ensco only serves to cause all our pressure control facilities to work that much harder at keeping our clients satisfied.”

T3 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.

Ensco International Incorporated ("Ensco") is a premier global offshore oil and gas drilling contractor, a service which is essential to oil companies in their worldwide exploration and development efforts.

6-Oct-09 5:00 PM

T-3 Energy Services, Inc. Receives Purchase Order from Petroleos Mexicanos - Exploracion & Produccion

Deborah McDonald — Mon, 05 Oct 2009 21:00:00 GMT

HOUSTON, September 2009 – T-3 Energy Services, Inc. has been awarded a contract by Mexican energy company Petroleos Mexicanos - Exploracion & Produccion (PEMEX) for two 29 ½” 500 psi Model 7012 Diverters.

T-3 Energy qualified technically in an international public tender issued by Pemex earlier this year and subsequently received a purchase order for these products from Pemex’ regional offices located in Comalcalco and Ciudad Pemex, both in the State of Tabasco.

Both units recently shipped from T-3’s Cypress, Texas facility. The diverters will be used on jackups in the Gulf of Mexico.

Steve Krablin, T-3 Energy’s Chairman, President and Chief Executive Officer, remarked, “This order demonstrates T-3 Energy's successful execution of its targeted international sales strategy. Our customer-driven product offering and attractive delivery capabilities continue to be key success factors in our international sales strategy. Regardless of the region, T-3 continues to excel as a name-brand provider of customer-driven products and services while building and maintaining lasting relationships with our customers.”

Pemex, Mexico's state-owned petroleum company, is the 10th largest oil company in the world in terms of revenue and ranks 42nd on the list of Fortune 500 companies.

5-Oct-09 4:00 PM