<PAGE> 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)
--------------------
================================================================================
<PAGE> 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.
<PAGE> 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
<PAGE> 4
TETRA Technologies, Inc. 401(k) Retirement Plan
Statements of Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
December 31
1996 1995
---------- ----------
<S> <C> <C>
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
========== ==========
</TABLE>
See accompanying notes.
2
<PAGE> 5
TETRA Technologies, Inc. 401(k) Retirement Plan
Statements of Changes in Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
December 31
1996 1995
----------- -----------
<S> <C> <C>
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
=========== ===========
</TABLE>
See accompanying notes.
3
<PAGE> 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:
<TABLE>
<CAPTION>
YEARS OF SERVICE PERCENTAGE
- ---------------- ----------
<S> <C>
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%
</TABLE>
4
<PAGE> 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
<PAGE> 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
<PAGE> 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:
<TABLE>
<CAPTION>
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
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
========== ========== ========== ==========
<CAPTION>
---------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
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
========== ========== ========== ========== ========== ========== ==========
</TABLE>
7
<PAGE> 10
<TABLE>
<CAPTION>
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
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
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
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
=========== =========== =========== =========== =========== ===========
</TABLE>
See accompanying notes.
8
<PAGE> 11
<TABLE>
<CAPTION>
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
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
============= ============= ============= ============= =============
<CAPTION>
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
----------- ----------- ----------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
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
=========== =========== =========== ========= =========== ==========
</TABLE>
See accompanying notes.
9
<PAGE> 12
<TABLE>
<CAPTION>
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
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
=========== =========== =========== =========== ===========
<CAPTION>
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
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
========= ========= ========= ========= ========== ==========
</TABLE>
See accompanying notes.
10
<PAGE> 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
<TABLE>
<CAPTION>
DESCRIPTION OF
IDENTITY OF ISSUE, BORROWER, INVESTMENT
LESSOR, OR SIMILAR PARTY (SHARES OR UNITS) COST MARKET
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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.
</TABLE>
11
<PAGE> 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
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET AT NET
SELLING PURCHASE COST OF DATE OF GAIN
DESCRIPTION OF ASSETS PRICE PRICE ASSET TRANSACTION (LOSS)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
12
<PAGE> 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
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET AT
SELLING PURCHASE COST OF DATE OF GAIN
DESCRIPTION OF ASSETS PRICE PRICE ASSET TRANSACTION (LOSS)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
13
<PAGE> 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
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET AT NET
SELLING PURCHASE COST OF DATE OF GAIN
DESCRIPTION OF ASSETS PRICE PRICE ASSET TRANSACTION (LOSS)
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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 --
</TABLE>
14
<PAGE> 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
<PAGE> 18
INDEX TO EXHIBIT
EXHIBIT NO. PAGE
----------- ----
23. Consent of Ernst & Young LLP 17
16
<PAGE> 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
