-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KULQVqnkG5/P64CQ4l4f2kCywpJfMg8xhOHAgat64I3RZjaHPFCYC4Q2YOwoJijc 4wdIk0RHX6ylMWOtqN7WYg== 0000950129-97-002649.txt : 19970701 0000950129-97-002649.hdr.sgml : 19970701 ACCESSION NUMBER: 0000950129-97-002649 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TETRA TECHNOLOGIES INC CENTRAL INDEX KEY: 0000844965 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 742148293 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18335 FILM NUMBER: 97632861 BUSINESS ADDRESS: STREET 1: 25025 I-45N CITY: WOODLANDS STATE: TX ZIP: 77380 BUSINESS PHONE: 7133671983 11-K 1 TETRA TECHNOLOGIES - 12/31/96 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- FORM 11-K -------------------- ANNUAL REPORT PURSUANT TO SECTION 15(d) THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 TETRA Technologies, Inc. 401(k) Retirement Plan (Full title of the plan) -------------------- TETRA Technologies, Inc. (Name and issuer of the securities held pursuant to the plan) Commission File Number 0-18335 25025 I-45 North The Woodlands, Texas 77380 (Address of principal executive offices) -------------------- ================================================================================ 2 INDEX Financial Statements, Schedules and Exhibits. Page ---- (a) Financial Statements and Schedules: Report of Independent Auditors 1 Statements of Net Assets Available for Plan Benefits 2 Statements of Changes in Net Assets Available for Plan Benefits 3 Notes to Financial Statements 4-10 Schedule of Assets Held for Investment Purposes 11 Schedule of Reportable Transactions 12-14 All other schedules required by Section 2520.103-10 of the Department of Labor Rules for Reporting and Disclosure under ERISA have been omitted because they are not applicable or the required information is shown in the financial statements or the notes thereto. (b) Exhibits: No. 23 - Consent of Ernst & Young LLP. 3 Report of Independent Auditors Participants and Administrator of the TETRA Technologies, Inc. 401(k) Retirement Plan We have audited the accompanying statements of net assets available for plan benefits of the TETRA Technologies, Inc. 401(k) Retirement Plan (the "Plan") as of December 31, 1996 and 1995, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1996 and 1995, and the changes in its net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1996, and reportable transactions for the year ended December 31, 1996, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Houston, Texas May 30, 1997 ERNST & YOUNG LLP 1 4 TETRA Technologies, Inc. 401(k) Retirement Plan Statements of Net Assets Available for Plan Benefits
December 31 1996 1995 ---------- ---------- ASSETS Cash and cash equivalents $ 29,568 $ -- Investments at fair value 7,376,545 4,921,345 Participant loans receivable 321,045 130,970 Accrued income 139,426 132,282 Other receivables 833 -- ---------- ---------- Total investments 7,867,417 5,184,597 Employee contributions receivable 100,298 71,154 Employer contributions receivable 229,464 189,486 ---------- ---------- Total contributions 329,762 260,640 ---------- ---------- Total assets 8,197,179 5,445,237 LIABILITIES Excess contribution refunds 89,311 6,321 Distributions payable 23,870 -- ---------- ---------- Total liabilities 113,181 6,321 ---------- ---------- Net assets available for plan benefits $8,083,998 $5,438,916 ========== ==========
See accompanying notes. 2 5 TETRA Technologies, Inc. 401(k) Retirement Plan Statements of Changes in Net Assets Available for Plan Benefits
December 31 1996 1995 ----------- ----------- Additions: Contributions - employee $ 1,274,593 $ 1,368,043 Contributions - employer 242,798 206,702 ----------- ----------- Total contributions 1,517,391 1,574,745 Investment income: Interest and dividends 399,975 187,169 Net realized and unrealized gains (losses) on investments 1,204,029 1,007,893 ----------- ----------- Total investment income 1,604,004 1,195,062 ----------- ----------- Total contributions and investment income 3,121,395 2,769,807 Deductions: Withdrawals and forfeitures (387,002) (297,933) Excess contribution refunds (89,311) (6,321) ----------- ----------- Net increase 2,645,082 2,465,553 Net assets available for plan benefits at beginning of year 5,438,916 2,973,363 ----------- ----------- Net assets available for plan benefits at end of year $ 8,083,998 $ 5,438,916 =========== ===========
See accompanying notes. 3 6 TETRA Technologies, Inc. 401(k) Retirement Plan Notes to Financial Statements December 31, 1996 1. DESCRIPTION OF THE PLAN GENERAL The TETRA Technologies, Inc. 401(k) Retirement Plan (the "Plan"), which became effective January 1, 1990, is a profit sharing plan as defined by Section 401 of the Internal Revenue Code and contains a provision for salary reduction contributions under Section 401(k) of the Internal Revenue Code ("IRC"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). All employees of TETRA Technologies, Inc. (the "Company"), and Retec/TETRA, TETRA Services, Millpark/TETRA, and Merklin System who have reached the age of 18 are eligible to join the Plan on the January 1 or July 1 first following the date of hire. Administrative expenses may be paid by either the Company or the Plan. CONTRIBUTIONS Employees may elect to contribute 1% to 15% of their gross salaries to the Plan. Contributions for each employee are limited in any calendar year to an amount as determined by IRC regulations. For calendar year 1996, the maximum contribution allowed for each employee was $9,500. The Company, at the discretion of the Board of Directors, may make matching contributions at the end of each fiscal year equal to a discretionary percentage of the contributions of each Plan participant. The Company may also, at the discretion of the Board of Directors, make a profit sharing contribution to the Plan at the end of each fiscal year. Such Company contribution will be allocated to Plan participants in the same ratio that each participant's compensation, as defined in the Plan agreement, bears to the total compensation of all participants. VESTING AND PAYMENT OF BENEFITS All participant contributions vest immediately. All Company contributions vest according to the following schedule:
YEARS OF SERVICE PERCENTAGE - ---------------- ---------- Less than two 0% Two but less than three 25% Three but less than four 50% Four but less than five 75% Five or more 100%
4 7 TETRA Technologies, Inc. 401(k) Retirement Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF THE PLAN (CONTINUED) Upon an employee's death, his/her entire account balance is payable to the named beneficiary. When eligible, benefits are payable in any of several forms. Amounts which are forfeited due to termination of employment reduce the employer's contribution under the Plan. Upon full termination of the Plan, the employer shall direct the distribution of the assets to participants in accordance with the normal procedures for benefit distributions. All participant accounts will become 100% vested in the event of a Plan termination. PARTICIPANT LOANS RECEIVABLE Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balances. Loan transactions are treated as a transfer to (from) the investment fund from (to) the participant loan fund. Loan terms range from 1 to 5 years, or up to 15 years for the purchase of a primary residence. The loans are secured by the balances in the participants' accounts and bear interest at rates commensurate with local prevailing rates as determined quarterly. Principal and interest is paid ratably through payroll deductions. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying financial statements include the fund accounts of the Plan, which are maintained on a cash basis. The accompanying financial statements have been adjusted for accruals of contributions and income receivable. VALUATION OF INVESTMENTS The fair value of the fund accounts is based on quoted market prices on the last business day of the Plan year. 5 8 TETRA Technologies, Inc. 401(k) Retirement Plan Notes to Financial Statements (continued) 3. INVESTMENTS Effective July 1, 1993, Texas Commerce Bank was named Plan trustee and, therefore, all Plan investments pass through its clearing accounts prior to final investment in one of the nine alternative investment funds, based on the employee's allocation authorization. Alex. Brown & Sons, Inc., serves as investment manager for the funds. Amounts authorized for allocation between funds at December 31, 1996 and 1995 and transferred in 1996 and 1995, respectively, are reflected as amounts due (to) from other fund accounts in the statements of net assets available for plan benefits. Effective January 2, 1997, Wells Fargo Bank (Texas), N.A., was named custodian and trustee of the Plan. 4. FEDERAL INCOME TAXES The Plan has received a determination letter from the Internal Revenue Service dated June 8, 1995 stating that the Plan, as written, is qualified under Section 401(a) of the Internal Revenue Code of 1986 (the "Code"). Continued qualification depends upon the operation of the Plan. It is the opinion of the Plan administrator and management that the Plan is operating as a qualified plan. As such, the Plan is exempt from federal income taxes under the provisions of Section 501(a) of the Code. 5. TRANSACTIONS WITH PARTIES IN INTEREST Certain legal and accounting fees and certain administrative expenses are absorbed by TETRA Technologies, Inc. 6. EXCESS CONTRIBUTION REFUNDS The IRC provides that the Plan cannot discriminate in favor of highly compensated individuals. To comply with these laws, contributions in excess of the IRC Section 401(k) and 401(m) limits and all earnings attributable to such contributions were required to be refunded to certain highly compensated participants. These amounts are designated on the statement of net assets available for benefits as "Excess contribution refunds" at December 31, 1996 and 1995 and were refunded in May 1997 and March 1996, respectively. 6 9 7. PRESENTATION OF FUND INFORMATION The statement of net assets available for benefits with fund information as of December 31, 1996 and 1995 and the statements of changes in net assets available for benefits with fund information for the years ended December 31, 1996 and 1995 are presented as follows:
DECEMBER 31, 1996 PARTICIPANT-DIRECTED ------------------------------------------------------------------ AMERICAN FUNDS TCB TETRA AMERICAN FUNDS WASHINGTON SHORT-TERM TECHNOLOGIES, GROWTH FUND OF MUTUAL INVESTMENT INC. COMMON AMERICA INVESTORS FUND FUND STOCK ------------------------------------------------------------------ ASSETS Cash and cash equivalents $ -- $ -- $ 21,147 $ 8,421 Investments at fair value 295,381 1,143,211 524,091 2,509,865 Participant loans receivable -- -- -- -- Accrued income 14,629 59,307 2,469 9 Other receivables -- -- -- 833 ---------- ---------- ---------- ---------- Total investments 310,010 1,202,518 547,707 2,519,128 Employee contributions receivable -- -- -- 100,298 Employer contributions receivable -- -- -- 229,464 ---------- ---------- ---------- ---------- Total contributions -- -- -- 329,762 ---------- ---------- ---------- ---------- Total assets 310,010 1,202,518 547,707 2,848,890 LIABILITIES Excess contribution refunds -- -- -- 89,311 Distributions payable -- -- -- 23,870 ---------- ---------- ---------- ---------- Total liabilities -- -- -- 113,181 ---------- ---------- ---------- ---------- Net assets available for plan benefits $ 310,010 $1,202,518 $ 547,707 $2,735,709 ========== ========== ========== ========== --------------------------------------------------------------------------------------------- FIDELITY AIM EQUITY ADVISOR FUND INC. AMERICAN FUNDS GROWTH INVESCO EURO-PACIFIC CONSTELLATION BOND FUND OF OPPORTUNITIES MUTUAL INTERNATIONAL PARTICIPANT FUND AMERICA FUND FUND GIC FUND LOANS TOTAL --------------------------------------------------------------------------------------------- ASSETS Cash and cash equivalents $ -- $ -- $ -- $ -- $ -- $ -- $ 29,568 Investments at fair value 1,473,728 127,230 1,171,643 124,363 7,033 -- 7,376,545 Participant loans receivable -- -- -- -- -- 321,045 321,045 Accrued income -- -- 62,936 -- 76 -- 139,426 Other receivables -- -- -- -- -- -- 833 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total investments 1,473,728 127,230 1,234,579 124,363 7,109 321,045 7,867,417 Employee contributions receivable -- -- -- -- -- -- 100,298 Employer contributions receivable -- -- -- -- -- -- 229,464 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total contributions -- -- -- -- -- -- 329,762 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total assets 1,473,728 127,230 1,234,579 124,363 7,109 321,045 8,197,179 LIABILITIES Excess contribution refunds -- -- -- -- -- -- 89,311 Distributions payable -- -- -- -- -- -- 23,870 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total liabilities -- -- -- -- -- -- 113,181 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net assets available for plan benefits $1,473,728 $ 127,230 $1,234,579 $ 124,363 $ 7,109 $ 321,045 $8,083,998 ========== ========== ========== ========== ========== ========== ==========
7 10
YEAR ENDED DECEMBER 31, 1996 PARTICIPANT-DIRECTED --------------------------------------------------------------------------- AMERICAN FUNDS WASHINGTON TETRA AIM EQUITY AMERICAN FUNDS MUTUAL TCB TECHNOLOGIES,INC. FUND INC. GROWTH FUND OF INVESTORS SHORT-TERM COMMON STOCK CONSTELLATION AMERICA FUND INVESTMENT FUND FUND --------------------------------------------------------------------------- Additions: Contributions - employee $ 2,141 $ 210,269 $ 48,334 $ 293,311 $ 350,549 Contributions - employer -- -- -- 242,798 -- ----------- ----------- ----------- ----------- ----------- Total contributions 2,141 210,269 48,334 536,109 350,549 Investment income: Interest and dividends 31,129 140,251 24,961 2,386 53,189 Net realized and unrealized gains (losses) on investments 23,343 104,366 28,430 811,829 133,025 ----------- ----------- ----------- ----------- ----------- Total investment income 54,472 244,617 53,391 814,215 186,214 ----------- ----------- ----------- ----------- ----------- Total contributions and investment income 56,613 454,886 101,725 1,350,324 536,763 Deductions: Withdrawals and forfeitures (38,200) (84,192) (21,088) (86,869) (80,176) Excess contribution refunds -- -- -- (89,311) -- Transfers in (out) (86,176) (69,862) (35,855) 6,048 77,129 ----------- ----------- ----------- ----------- ----------- Net increase (67,763) 300,832 44,782 1,180,192 533,716 Net assets available for plan benefits at beginning of year 377,773 901,686 502,925 1,555,517 940,012 ----------- ----------- ----------- ----------- ----------- Net assets available for plan benefits at end of year $ 310,010 $ 1,202,518 $ 547,707 $ 2,735,709 $ 1,473,728 =========== =========== =========== =========== ===========
YEAR ENDED DECEMBER 31, 1996 PARTICIPANT-DIRECTED ------------------------------------------------------------------------------------- FIDELITY AMERICAN ADVISOR FUNDS GROWTH INVESCO MUTUAL EURO-PACIFIC BOND FUND OF OPPORTUNITIES FUND GIC INTERNATIONAL PARTICIPANT AMERICA FUND FUND LOANS TOTAL ------------------------------------------------------------------------------------- Additions: Contributions - employee $ 29,057 $ 310,160 $ 29,922 $ 850 $ -- $ 1,274,593 Contributions - employer -- -- -- -- -- 242,798 ----------- ----------- ----------- ----------- ----------- ----------- Total contributions 29,057 310,160 29,922 850 -- 1,517,391 Investment income: Interest and dividends 10,131 129,331 8,396 201 -- 399,975 Net realized and unrealized gains (losses) on investments (1,694) 104,374 (922) 1,278 -- 1,204,029 ----------- ----------- ----------- ----------- ----------- ----------- Total investment income 8,437 233,705 7,474 1,479 -- 1,604,004 ----------- ----------- ----------- ----------- ----------- ----------- Total contributions and investment income 37,494 543,865 37,396 2,329 -- 3,121,395 Deductions: Withdrawals and forfeitures (3,614) (69,409) (2,317) -- (1,137) (387,002) Excess contribution refunds -- -- -- -- -- (89,311) Transfers in (out) (9,248) (76,927) (1,101) 4,780 191,212 -- ----------- ----------- ----------- ----------- ----------- ----------- Net increase 24,632 397,529 33,978 7,109 190,075 2,645,082 Net assets available for plan benefits at beginning of year 102,598 837,050 90,385 -- 130,970 5,438,916 ----------- ----------- ----------- ----------- ----------- ----------- Net assets available for plan benefits at end of year $ 127,230 $ 1,234,579 $ 124,363 $ 7,109 $ 321,045 $ 8,083,998 =========== =========== =========== =========== =========== ===========
See accompanying notes. 8 11
DECEMBER 31, 1995 PARTICIPANT-DIRECTED ------------------------------------------------------------------------------------- AMERICAN FUNDS WASHINGTON AMERICAN FUNDS MUTUAL ALEX BROWN TETRA AIM EQUITY GROWTH FUND OF INVESTORS FUND CASH TECHNOLOGIES, FUND INC. AMERICA RESERVE INC. COMMON CONSTELLATION FUND STOCK FUND ------------------------------------------------------------------------------------- ASSETS Investments at fair value $ 348,550 $ 840,507 $ 496,093 $ 1,363,864 $ 890,846 Participant loans receivable -- -- -- -- -- Accrued income 29,223 48,782 2,618 -- 29,761 ------------- ------------- ------------- ------------- ------------- Total investments 377,773 889,289 498,711 1,363,864 920,607 Employee contributions receivable -- 12,397 4,214 8,488 19,405 Employer contributions receivable -- -- -- 189,486 -- ------------- ------------- ------------- ------------- ------------- Total contributions receivable -- 12,397 4,214 197,974 19,405 ------------- ------------- ------------- ------------- ------------- Total assets 377,773 901,686 502,925 1,561,838 940,012 LIABILITIES -- -- -- 6,321 -- Excess contribution refunds -- -- -- -- -- Total liabilities -- -- -- -- -- ------------- ------------- ------------- ------------- ------------- Net assets available for plan benefits $ 377,773 $ 901,686 $ 502,925 $ 1,555,517 $ 940,012 ============= ============= ============= ============= ============= DECEMBER 31, 1995 PARTICIPANT-DIRECTED ---------------------------------------------------------------------------------------- FIDELITY ADVISOR AMERICAN FUNDS GROWTH BOND FUND OF OPPORTUNITIES INVESCO EURO-PACIFIC AMERICA FUND MUTUAL INTERNATIONAL PARTICIPANT FUND GIC FUND LOANS TOTAL ----------- ----------- ----------- --------- ----------- ---------- ASSETS Investments at fair value $ 99,480 $ 795,737 $ 86,268 $ -- $ -- $4,921,345 Participant loans receivable -- -- -- -- 130,970 130,970 Accrued income 719 19,816 1,363 -- -- 132,282 ----------- ----------- ----------- --------- ----------- ---------- Total investments 100,199 815,553 87,631 -- 130,970 5,184,597 Employee contributions receivable 2,399 21,497 2,754 -- -- 71,154 Employer contributions receivable -- -- -- -- -- 189,486 ----------- ----------- ----------- --------- ----------- ---------- Total contributions receivable 2,399 21,497 2,754 -- -- 260,640 ----------- ----------- ----------- --------- ----------- ---------- Total assets 102,598 837,050 90,385 -- 130,970 5,445,237 LIABILITIES -- -- -- -- -- 6,321 Excess contribution refunds -- -- -- -- -- -- Total liabilities -- -- -- -- -- -- ----------- ----------- ----------- --------- ----------- ---------- Net assets available for plan benefits $ 102,598 $ 837,050 $ 90,385 $ -- $ 130,970 $5,438,916 =========== =========== =========== ========= =========== ==========
See accompanying notes. 9 12
YEAR ENDED DECEMBER 31, 1995 PARTICIPANT-DIRECTED ------------------------------------------------------------------------------- AMERICAN FUNDS WASHINGTON AMERICAN FUNDS MUTUAL ALEX BROWN TETRA AIM EQUITY GROWTH FUND OF INVESTORS FUND CASH TECHNOLOGIES, INC. FUND INC. AMERICA RESERVE COMMON STOCK CONSTELLATION FUND FUND ------------------------------------------------------------------------------- Additions: Contributions - employee $ -- $ 189,236 $ 206,225 $ 165,068 $ 395,076 Contributions - employer -- -- -- 206,702 -- ----------- ----------- ----------- ----------- ----------- Total contributions -- 189,236 206,225 371,770 395,076 Investment income: Interest and dividends 29,175 67,062 28,088 -- 31,847 Net realized and unrealized gains (losses) on investments 116,417 195,728 -- 416,508 133,123 ----------- ----------- ----------- ----------- ----------- Total investment income 145,592 262,790 28,088 416,508 164,970 ----------- ----------- ----------- ----------- ----------- Total contributions and investment income 145,592 452,026 234,313 788,278 560,046 Deductions: Withdrawals and forfeitures (34,844) (77,085) (30,018) (74,848) (31,807) Excess contribution refunds -- -- -- (6,321) -- Transfers in (out) (629,448) (237,454) (179,504) 13,851 411,773 ----------- ----------- ----------- ----------- ----------- Net increase (518,700) 137,487 24,791 720,960 940,012 Net assets available for plan benefits at beginning of year 896,473 764,199 478,134 834,557 -- =========== =========== =========== =========== =========== Net assets available for plan benefits at end of year $ 377,773 $ 901,686 $ 502,925 $ 1,555,517 $ 940,012 =========== =========== =========== =========== =========== YEAR ENDED DECEMBER 31, 1995 PARTICIPANT-DIRECTED ------------------------------------------------------------------------------------- FIDELITY ADVISOR AMERICAN FUNDS GROWTH INVESCO MUTUAL BOND FUND OF OPPORTUNITIES FUND EURO-PACIFIC AMERICA FUND GIC INTERNATIONAL PARTICIPANT FUND LOANS TOTAL ------------------------------------------------------------------------------------- Additions: Contributions - employee $ 45,342 $ 315,574 $ 51,522 $ -- $ -- $1,368,043 Contributions - employer -- -- -- -- -- 206,702 --------- --------- --------- --------- ---------- ---------- Total contributions 45,342 315,574 51,522 -- -- 1,574,745 Investment income: Interest and dividends 5,315 21,308 4,374 -- -- 187,169 Net realized and unrealized gains (losses) on investments 5,924 140,193 -- -- -- 1,007,893 --------- --------- --------- --------- ---------- ---------- Total investment income 11,239 161,501 4,374 -- -- 1,195,062 --------- --------- --------- --------- ---------- ---------- Total contributions and investment income 56,581 477,075 55,896 -- -- 2,769,807 Deductions: Withdrawals and forfeitures (435) (46,026) (1,836) -- (1,034) (297,933) Excess contribution refunds -- -- -- -- -- (6,321) Transfers in (out) 46,452 406,001 36,325 -- 132,004 -- --------- --------- --------- --------- ---------- ---------- Net increase 102,598 837,050 90,385 -- 130,970 2,465,553 Net assets available for plan benefits at beginning of year -- -- -- -- -- 2,973,363 ========= ========= ========= ========= ========== ========== Net assets available for plan benefits at end of year $ 102,598 $ 837,050 $ 90,385 $ -- $ 130,970 $5,438,916 ========= ========= ========= ========= ========== ==========
See accompanying notes. 10 13 Supplemental Schedules TETRA Technologies, Inc. 401(k) Retirement Plan Item 27(a) - Schedule of Assets Held for Investment Purposes EIN 74-2148293 PN 001 December 31, 1996
DESCRIPTION OF IDENTITY OF ISSUE, BORROWER, INVESTMENT LESSOR, OR SIMILAR PARTY (SHARES OR UNITS) COST MARKET - ------------------------------------------------------------------------------------------ AIM Equity Fund Inc. Constellation Fund 60,317 $1,314,366 $1,473,728 American Funds Bond Fund of America 9,253 124,216 127,230 American Funds Growth Fund of America 17,826 235,232 295,381 Euro-Pacific International Fund 275 7,130 7,033 American Funds Washington Mutual Investor Fund 46,586 933,091 1,143,211 *TCB - Short-Term Investment Fund 524,091 524,091 524,091 Fidelity Advisor Growth Opportunities Fund 33,191 994,764 1,171,643 Invesco Mutual Fund GIC 124,363 124,363 124,363 *Tetra Technologies, Inc Common Stock 101,767 1,212,259 2,509,865 *Loans to participants (maturities approximate 3 years at rates ranging from 9% to 10% per annum) -- -- 321,045 * Party in interest.
11 14 TETRA Technologies, Inc. 401(k) Retirement Plan Item 27(d) -D Schedule of Reportable Transactions EIN 74-2148293 PN 001 Year ended December 31, 1996
CURRENT VALUE OF ASSET AT NET SELLING PURCHASE COST OF DATE OF GAIN DESCRIPTION OF ASSETS PRICE PRICE ASSET TRANSACTION (LOSS) - ------------------------------------------------------------------------------------------------- AIM EQUITY FUNDS INC. CONSTELLATION FUND 41 Purchases of 22,008.037 $ -- $540,607 $540,607 $540,607 $ -- 23 Sales of 5,731.292 138,121 -- 119,188 138,121 18,933 ALEX. BROWN CASH RESERVE FUND 4 Purchases of 10,417.39 -- 10,417 10,417 10,417 -- 1 Sale of 6,077.44 6,077 -- 6,077 6,077 -- AMERICAN FUNDS BOND FUND AMERICA 28 Purchases of 2,774.161 -- 37,261 37,261 37,261 -- 17 Sales of 2,364.02 32,089 -- 31,652 32,089 437 EURO-PACIFIC INTERNATIONAL FUND 10 Purchases of 274.983 -- 7,130 7,130 7,130 -- FIDELITY ADVISOR GROWTH OPPORTUNITIES FUND 40 Purchases of 12,274.879 -- 423,564 423,564 423,564 -- 30 Sales of 20,777.911 235,625 -- 206,689 235,625 28,936
12 15 TETRA Technologies, Inc. 401(k) Retirement Plan Item 27(d) -D Schedule of Reportable Transactions (continued) EIN 74-2148293 PN 001 Year ended December 31, 1996
CURRENT VALUE OF ASSET AT SELLING PURCHASE COST OF DATE OF GAIN DESCRIPTION OF ASSETS PRICE PRICE ASSET TRANSACTION (LOSS) - ---------------------------------------------------------------------------------------------------------- AMERICAN FUNDS GROWTH FUND OF AMERICA 10 Purchases of 1,056.433 $ -- $ 18,778 $ 18,778 $ 18,778 $ -- 11 Sales of 3,824.53 120,251 -- 96,894 120,251 23,357 INVESCO MUTUAL FUND GIC 31 Purchases of 54,631.66 -- 54,632 54,632 54,632 -- 11 Sales of 51,321.837 51,322 -- 51,216 51,322 106 TETRA TECHNOLOGIES INC. COMMON STOCK 3 Purchases of 2,949 -- 50,489 50,489 50,489 -- 29 Purchases of 11,344 -- 218,966 218,966 218,966 -- 27 Sales of 7,823 150,251 -- 91,208 150,251 59,043 AMERICAN FUNDS WASHINGTON MUTUAL INVESTOR FUND 34 Purchases of 13,406.441 -- 321,651 321,651 321,651 -- 27 Sales of 6,689.807 178,011 -- 161,210 178,011 16,801
13 16 TETRA Technologies, Inc. 401(k) Retirement Plan Item 27(d) -D Schedule of Reportable Transactions (continued) EIN 74-2148293 PN 001 Year ended December 31, 1996
CURRENT VALUE OF ASSET AT NET SELLING PURCHASE COST OF DATE OF GAIN DESCRIPTION OF ASSETS PRICE PRICE ASSET TRANSACTION (LOSS) - ------------------------------------------------------------------------------------- TCB - SHORT-TERM INVESTMENT FUND 34 Purchases of 698,266.50 $ -- $698,267 $698,267 $698,267 $ -- 18 Sales of 174,175.11 174,175 -- 174,175 174,175 -- 2 Purchases of 4,900.85 -- 4,901 4,901 4,901 -- 1 Sale of 2,446.69 2,447 -- 2,447 2,447 -- TCB - MONEY MARKET TRUST 6 Purchases of 103,215 -- 103,215 103,215 103,215 -- 4 Sales of 103,215 103,215 -- 103,215 103,215 -- 4 Purchases of 588 -- 588 588 588 -- 2 Sales of 588 588 -- 588 588 --
14 17 Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. TETRA Technologies, Inc. 401(k) Retirement Plan Date: June 27, 1997 By: /s/ BASS C. WALLACE, JR. ------------------------------ Bass C. Wallace, Jr. Committee Member 15 18 INDEX TO EXHIBIT EXHIBIT NO. PAGE ----------- ---- 23. Consent of Ernst & Young LLP 17 16 EX-23 2 CONSENT OF ERNST & YOUNG LLP 1 Exhibit No. 23 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 Nos. 33-41337 and 333-04284) pertaining to the TETRA Technologies, Inc. 401(k) Retirement Plan of our report dated May 30, 1997, with respect to the financial statements and schedules of the TETRA Technologies, Inc. 401(k) Retirement Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1996. Houston, Texas June 26, 1997 ERNST & YOUNG LLP 17 -----END PRIVACY-ENHANCED MESSAGE-----