UPDATE 1-Tetra Tech Q4 loss widens on impairment charges

Fri Feb 27, 2009 9:00am EST
 
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* Q4 loss/shr from cont ops $0.79 vs $0.60

* Revenue falls 3 pct to $230.4 mln

* Sticks to lower outlook

Feb 27 (Reuters) - Tetra Technologies Inc (TTI.N), which provides oil and gas services and also has producing properties, reported a wider fourth-quarter loss, hurt by impairment charges.

For the quarter ended Dec. 31, loss from continuing operations widened by 34 percent to $59.3 million, or 79 cents a share.

The company recorded impairments of about $54.4 million related to the overall assessment of assets, and charges at its Maritech division of $45.7 million, primarily impairments caused by lower commodity prices, in the latest quarter.

For 2009, Tetra reiterated its lowered earnings outlook of 70 cents to 90 cents a share.

"Based on our estimates, we do not foresee any issues in complying with the covenants on our long-term notes or bank debt," Tetra Chief Executive Geoffrey Hertel said in a statement.

Shares of the company closed at $2.96 Thursday on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB8115] (Reporting by Arup Roychoudhury in Bangalore; Editing by Deepak Kannan)