U.S. CONCRETE ANNOUNCES 2012 FOURTH QUARTER AND FULL YEAR RESULTS
Full Year Highlights
Consolidated revenue increased 19.1% to $531.0 million
Ready-mixed concrete volume rose 19.6% to 4.8 million cubic yards
Ready-mixed concrete average sales price improved 3.3%
Adjusted EBITDA increased 225.5% to $24.9 million
Fourth Quarter 2012 Year-over-Year Highlights
Consolidated revenue increased 14.5% to $134.9 million
Ready-mixed concrete volume rose 15.7% to 1.2 million cubic yards
Ready-mixed concrete average sales price improved 1.1%
Adjusted EBITDA increased 24.3% to $5.7 million
EULESS, TEXAS – MARCH 7, 2012 – U.S. Concrete, Inc. (NASDAQ: USCR) today reported a net loss of $12.0 million, or $(0.98) per diluted share, for the fourth quarter of 2012, compared to net income of $0.9 million, or $0.07 per diluted share, in the fourth quarter of 2011. Included in the fourth quarter 2012 net loss amount was a non-cash loss related to the fair value change in the Company’s derivatives of $13.2 million, $0.2 million of expense related to the recently completed relocation of the corporate headquarters to Euless, Texas and $0.2 million of non-cash stock compensation expense. Included in fourth quarter 2011 net income was a non-cash gain related to the fair value change in the Company’s derivatives of $3.6 million, $0.4 million of expense related to the departure of our former President and Chief Executive Officer as well as the hiring of our new President and Chief Executive Officer in August 2011, and $0.7 million of non-cash stock compensation expense. Excluding the loss on derivatives, relocation related expenses, and non-cash stock compensation expense, net income and net earnings per diluted share for the fourth quarter of 2012 would have been $1.6 million, or $0.13 per diluted share. Excluding the gain on derivatives, expenses related to the departure of the Company’s former President and Chief Executive Officer and the hiring of our new President and
The following information was filed by Us Concrete Inc (USCR) on Thursday, March 7, 2013 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: USCR CIK: 1073429 Form Type:10-K Annual Report Accession Number: 0001073429-13-000040 Submitted to the SEC: Fri Mar 08 2013 1:38:13 PM EST Accepted by the SEC: Fri Mar 08 2013 Period: Monday, December 31, 2012 Industry: Concrete Products Except Block And Brick