Carbo Ceramics Inc (CRR) 10-Q Quarterly Report October 2018

•	Revenue for the third quarter of 2018 of $53.8 million, an increase of 7% year-on-year, resulting from solid revenue growth in our industrial and environmental business sectors.

•	Cash and cash equivalents and restricted cash grew to approximately $59 million, compared to approximately $55 million at the end of the second quarter of 2018.

•	Continued successful execution of our long term growth strategy of utilizing our unique technologies and assets to diversify revenue streams into other industries, to mitigate the deep cyclicality of the oil and gas industry.

•	Improved sales mix and revenue growth contributed to a strong Adjusted EBITDA incremental margin of 192% year-on-year in the third quarter of 2018; an improvement from an Adjusted EBITDA incremental margin of 55% year-on-year in the second quarter of 2018.

•	Year-to-date, have experienced a strong 65% Adjusted EBITDA incremental margin.

•	Signed non-binding Letter of Intent to sell Millen, Georgia plant for $26 million. Transaction expected to close before year-end.

•	Signed non-binding Letter of Intent to contribute certain idled assets for minority ownership in PicOnyx, Inc., developer of M-Tone^TM, a new family of functional pigments for the plastics, paints, ink, coatings and adhesives markets. Transaction expected to close before year-end.

CEO Gary Kolstad commented, “We were pleased with the growth rates of both our industrial and environmental business sectors as a result of our long term growth strategy to diversify our revenue streams. I am confident we have the right strategy, technology and assets to execute our transformation plan. Although our oilfield sector revenue was down year-on-year, we are very pleased to see our oilfield technology revenue grow in what remains a tough environment. In addition, we were able to improve our cash position from the second quarter of 2018.

“A decline in oil and gas completion activity, along with increases in sand supplies from new regional sand mines, impacted our oilfield business during the third quarter. Adjusting to this market decline, we incurred approximately $400 thousand of severance during the third quarter of 2018.

Oilfield sector revenue declined 3% year-on-year, and comprised approximately 75% of consolidated revenue.

“Oilfield technology ceramic revenue increased 20% year-on-year. The year-on-year increase was driven by strong sales of KRYPTOSPHERE® HD. Our technology product portfolio continues to demonstrate its high value through increased usage in oil and gas wells.

“STRATAGEN® consulting revenue increased 31% year-on-year. Trust in our expert field consultants to manage fracture completions, continues to drive new client growth.

CARBO Ceramics Inc.

Energy Center II, 575 N. Dairy Ashford, Suite 300, Houston, Texas 77079 | +1 281 921 6400 | carboceramics.com

The following information was filed by Carbo Ceramics Inc (CRR) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Carbo Ceramics Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
The Industrial sector outlook through 2019 is positive and we should continue to see double digit revenue growth along with strong margins.

Revenue - Product Highlight
As of December 31, 2017, our critical accounting policies included revenue recognition, estimating the recoverability of accounts receivable, inventory valuation, accounting for income taxes, accounting for long-lived assets, accounting for derivative instruments, and accounting for abnormally low production levels.
Financial - Earnings Highlight
This increase in gross profit was primarily the result of the increase in sales.
Financial - Earnings Highlight
This increase in gross profit was primarily the result of the increase in sales.
Financial - Expense Highlight
Our environmental technologies and services segment is intended to protect operators assets, minimize environmental risks, and lower lease operating expense LOE .
Revenue - Product
Due to the well-publicized lower...Read more
Revenue - Product
We anticipate our industrial revenues...Read more
Revenue - Product
Contract manufacturing has led to...Read more
Financial - Earnings
ASSETGUARD continues to perform well...Read more
Financial - Expense
The higher initial cost of...Read more
Financial - Expense
potential declines or increased volatility...Read more
Revenue - Product
Environmental technologies and services segment...Read more
Revenue - Product
Environmental technologies and services segment...Read more
Other - Other
The client gains we have...Read more
Revenue - Product
We expect our ceramic technology...Read more
Revenue - Product
As demonstrated by our evolving...Read more
Revenue - Geography
In North America, the combination...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Carbo Ceramics Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 95: Ex-95

Ticker: CRR
CIK: 1009672
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025045
Submitted to the SEC: Thu Oct 25 2018 11:01:26 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Abrasive Asbestos And Misc Nonmetallic Mineral Prods