T-3 Announces Third Quarter 2009 Earnings

HOUSTON, Nov. 4, 2009 (GLOBE NEWSWIRE) -- T-3 Energy Services, Inc. (Nasdaq:TTES) reported third quarter 2009 net income of $4.1 million, or $0.32 per diluted share, compared to $4.9 million, or $0.38 per diluted share for the second quarter of 2009. The current quarter results include the benefit of an insurance claim settlement related to Hurricane Ike of just under $1.1 million, or $0.05 per diluted share after tax.

Revenues for the third quarter decreased to $47.5 million from $55.7 million in the second quarter of 2009. While backlog decreased to $41.2 million at September 30 versus $45.4 million at June 30, 2009, net bookings for the quarter increased slightly to $43.3 million compared to $41.8 million in the prior quarter.

Steve Krablin, T-3's Chairman, President and Chief Executive Officer commented, "Our revenues, earnings and backlog continue to benefit from relatively stronger offshore and international markets. Third quarter revenues on products destined for international delivery represented 50% of total revenues, down from 61% in the prior quarter. Deliveries destined for international markets made up 75% of third quarter backlog, compared to 60% at the end of the second quarter. One large international order that we had anticipated completing and shipping in the third quarter was delayed into the fourth quarter of 2009, and will represent over $5 million in revenues for us in that period.

"We were pleased to record an uptick in bookings in the quarter, especially for our early cycle items including remanufacturing, repair and service. Since the end of the quarter, we have had continued success with international orders, which we believe indicates the bottoming process for our business has begun. While we anticipate that fourth quarter bookings may be affected by an expected seasonal year-end slowdown, we believe the longer-term strengthening trend should remain. For the fourth quarter, we anticipate earnings to be in the range of $0.22 to $0.26 per share."

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, 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, 2008 and other filings of the Company with the Securities and Exchange Commission.

CONTACT:  T-3 Energy Services, Inc.
          Jay Mitchell, Senior Vice President and Chief Financial 
           Officer
          713-996-4118