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THE WOODLANDS, Texas (AP) -- Oil and gas services company Tetra Technologies Inc. said Monday its third-quarter profit tumbled 87 percent as impairment and other charges offset revenue growth. The news sent Tetra shares down $1.34, or 7 percent, to $17.90 in morning trading, after falling as low as $17.76 earlier in the day. Over the past 52 weeks, Tetra shares have traded between $17.10 and $30.20. Tetra earned $3.9 million, or 5 cents per share, compared with $29.4 million, or 39 cents per share, for the same quarter in 2007. Earnings from continuing operations fell to $3.8 million, or 5 cents per share, from $29.4 million, or 39 cents per share, for the 2006 quarter. Revenue rose 12 percent to $243.1 million from $216.8 million in the year-ago period. Analysts polled by Thomson Financial expected a profit of 37 cents per share on $280.9 million in revenue. Tetra said the results included $24 million in pretax charges mainly related to expensing of uncollectible insurance receivables, increased costs associated with asset retirement obligations and impairments of properties.
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