Smart Sand, Inc. Announces Second Quarter 2017 Results

 

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Revenues of approximately $29.8 million, an increase of 19% sequentially  

 

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Net Income of $2.6 million, or $0.07 per basic and $0.06 per diluted share

 

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Adjusted EBITDA of $6.5 million, an increase of 74% sequentially

THE WOODLANDS, Texas, August 10, 2017 – Smart Sand, Inc. (NASDAQ: SND) (the “Company”), a pure-play, low-cost producer of high quality Northern White raw frac sand, announced results today for the second quarter ended June 30, 2017.

Smart Sand continued to provide positive financial results during the second quarter, with revenues, net income and adjusted EBITDA all increasing over first quarter 2017 results,” stated Charles Young, Chief Executive Officer. “However, our results were not where we wanted them to be.  We experienced some unplanned downtime at our Oakdale facility due to some dust control and other operational issues as well as some operational inefficiencies due to unavailability of railcars and timing of the completion of the third rail loop.  Collectively, these issues led to our sales volumes not increasing as anticipated over first quarter results.  We believe we are getting these issues under control.  Market demand continues to be strong for our Northern White Sand and we believe we are well positioned to compete in the current marketplace going forward.”

 

Second Quarter 2017 Highlights

Revenues were approximately $29.8 million in the second quarter of 2017, compared with $8.5 million during the same period last year, a 250% increase year-over-year.  The increase in revenues was primarily due to increased sales volumes and increased freight revenues, which is due primarily to an increase in shipments to customers to whom we bill freight charges.  Revenues for the quarter increased by 19% compared to first quarter 2017 revenue of $25.1 million, primarily due to an increase in freight revenues due to shipments to customers to whom we bill freight charges.

Tons sold totaled approximately 531,000 in the second quarter of 2017, compared with approximately 193,000 tons sold during the same period last year, a 175% increase year-over-year.  Tons sold during the quarter decreased by 5% compared to first quarter 2017 tons sold of 558,500.  The sequential decrease in tons sold was predominantly due to unplanned downtime at the Oakdale facility, availability of railcars to support spot sales and railcar capacity at our Oakdale facility.

The Company generated net income of $2.6 million, or $0.07 per basic and $0.06 per diluted share, for the second quarter of 2017, compared with a net loss of $2.3 million, or ($0.11) per basic and diluted share, for the second quarter of 2016 and net income of $1 million, or $0.02 per basic and diluted share, for the first quarter of 2017.

Adjusted EBITDA for the second quarter of 2017 was $6.5 million, compared to $1.7 million during the same period last year and $3.7 million for the first quarter of 2017, increases of 291% and 74%, respectively.  The increase year-over-year was primarily due to increase sales volumes.  The increase in Adjusted EBITDA sequentially was primarily due to an increase in average selling price per ton and reduction in production cost per ton.

Capital Expenditures

Smart Sand’s capital expenditures totaled $6.1 million for the quarter ended June 30, 2017 and were associated largely with the Company’s expansion at its Oakdale sand processing facility and investment in various enhancement and cost improvement projects.  

Conference Call

Smart Sand will host a conference call and live webcast for analysts and investors this morning, August 10 at 10:00 a.m. Eastern Time to discuss the Company’s second 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 www.smartsand.com. To access the live webcast, please log in 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the call will also be available on the website following the


The following information was filed by Smart Sand, Inc. (SND) on Thursday, August 10, 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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