Smart Sand, Inc. Announces First Quarter 2017 Results

 

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Revenues of approximately $25.0 million

 

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Tons sold totaled approximately 558,500, an increase of 103% sequentially

 

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Net Income of $1.0 million, or $0.02 per basic and diluted share

 

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Adjusted EBITDA of $3.7 million

THE WOODLANDS, Texas, May 11, 2017 – Smart Sand, Inc. (NASDAQ: SND) (the “Company”), a pure-play, low-cost producer of high quality Northern White raw frac sand, today announced results for the first quarter ended March 31, 2017.

“Smart Sand had a strong first quarter, substantially increasing our sales volume sequentially and year over year,” stated Charles Young, Chief Executive Officer. “We believe this is evidence that oil and gas industry activity is continuing to improve and demand for frac sand is continuing to increase.  As a result of the increased market demand for our high quality, finer mesh Northern White frac sand, we have decided to move forward with an expansion to 5.5 million tons of nameplate annual capacity by year-end.  We also believe there are cost efficiencies we can realize as the result of building two dry plants and a wet plant in an integrated design.  While our primary focus remains on growing our Oakdale facility and enhancing its logistics and operational capabilities, we will continue to explore regional sand, in-basin transloads and last mile logistical opportunities.  We believe that as we operate near full-capacity, we will see cost improvements and pricing increases which will help us in continuing to deliver strong financial results for our investors.”

First Quarter 2017 Highlights

Revenues were approximately $25.0 million in the first quarter of 2017, compared with $10.4 million during the same period last year, a 141% increase year over year.  The increase in revenues was primarily due to increased sales volumes.  Revenues for the quarter decreased by 15% compared to fourth quarter 2016 revenue of $29.5 million, primarily due to shortfall payments recognized during the previous quarter, partially offset by higher sales volumes.

Tons sold totaled approximately 558,500 in the first quarter of 2017, compared with approximately 129,300 tons sold during the same period last year and 274,500 tons for the fourth quarter of 2016, increases of 332% and 103%, respectively.

The Company generated net income of $1.0 million, or $0.02 per basic and diluted share, for the first quarter of 2017, compared with net income of $0.4 million, or $0.02 per basic and $0.01 per diluted share, for the first quarter of 2016 and a net income of $12.4 million, or $0.32 per basic and diluted share, for the fourth quarter of 2016.

Adjusted EBITDA for the first quarter of 2017 was $3.7 million, compared to $4.7 million during the same period last year and $27.0 million for the fourth quarter of 2016, decreases of 21% and 86%, respectively.  The decrease year-over-year was primarily due to shortfall payments recognized during the first quarter of 2016 as the result of customer contract renegotiations.  We had no shortfall payments in the first quarter of 2017.  The decrease in Adjusted EBITDA sequentially was primarily due to shortfall payments and other income recognized from the assignment of a bankruptcy claim during the previous quarter.  

Capital Expenditures

Smart Sand’s capital expenditures totaled $1.6 million for the quarter ended March 31, 2017 and were associated largely with the Company’s investment in various enhancement and cost improvement projects.  The Company estimates that capital expenditures for the year will be approximately $85 million, up from $55 million previously announced, as a result of plans to expand the Company’s Oakdale facility to 5.5 million tons of annual nameplate capacity.

Conference Call

Smart Sand will host a conference call and live webcast for analysts and investors this morning, May 11 at 11:00 a.m. Eastern Time to discuss the Company’s first quarter 2017 financial results. Investors are invited to listen to a live audio webcast of the conference call which will be accessible on the “Investors” section of the Company’s website at


The following information was filed by Smart Sand, Inc. (SND) on Thursday, May 11, 2017 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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