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Carbo Ceramics Inc (CRR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Carbo Ceramics Inc

CIK: 1009672 Ticker: CRR

Exhibit 99.1

 

 

NEWS RELEASE

 

#18-10

 

CARBO® Announces Third Quarter 2018 Results

Conference Call Scheduled for Today, 10:30 a.m. Central Time

HOUSTON, TX (October 25, 2018) – CARBO Ceramics Inc. (NYSE: CRR) today reported financial results for the third quarter of 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-ToneTM, 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
Computation Of Basic And Diluted Loss Per Share Under Two-Class Method (Detail)
Disaggregated Revenue
Disaggregated Revenue (Tables)
Disaggregated Revenue - Schedule Of Disaggregates Revenue By Product Line (Detail)
Equity Offering
Equity Offering - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Of Financial Assets And Liabilities On Recurring And Non Recurring Basis (Detail)
Legal Proceedings
Long-Term Debt And Notes Payable
Long-Term Debt And Notes Payable - Additional Information (Detail)
Loss Per Share
Loss Per Share (Tables)
Natural Gas Derivative Instruments
Natural Gas Derivative Instruments - Additional Information (Detail)
New Accounting Pronouncements
Schedule Of Financial Information For Operating Segments (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Additional Information (Detail)
Stock Based Compensation - Summary Of Restricted Stock Activity And Related Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
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

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