• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

CARBO Ceramics Inc. Announces First Quarter 2011 Earnings

Conference Call Scheduled for Today, 10:00 a.m. Central Time

- Quarterly revenues of $150.8 million were up 22 percent compared to the prior year

- Net income of $30.2 million, or $1.30 per diluted share for the quarter


News provided by

CARBO Ceramics Inc.

Apr 28, 2011, 04:30 ET

Share this article

Share this article


HOUSTON, April 28, 2011 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) today reported net income of $30.2 million, or $1.30 per diluted share, on revenues of $150.8 million for the quarter ended March 31, 2011.

President and CEO Gary Kolstad commented, "CARBO is off to a good start in 2011, achieving the best quarter in the Company's history.  Our technical marketing strategy, aimed at highlighting the benefits of Economic Conductivity®, continues to have a positive impact on increased well production and enhanced recovery.  A clear result of this strategy is the continuing demand for ceramic proppant in both natural gas and liquids-rich resource plays, such as the Haynesville, Eagle Ford, Colony Wash, Permian, and the Bakken.  Sales volumes benefited from our recently constructed third manufacturing line in Toomsboro, which quickly ramped up to full productive capacity during the quarter.  Falcon Technologies™, our business focused on reducing environmental risks, continues to build upon and leverage the foundation that it established last year."

"Clients throughout the oil and gas industry turn to CARBO to meet their proppant demands, and we remain committed to growing our proppant franchise," Mr. Kolstad stated.

First Quarter Results

Revenues for the first quarter of 2011 increased 22 percent, or $27.4 million, when compared to the first quarter of 2010.  North American (excluding Mexico) sales volume increased 11 percent while international proppant sales volume decreased 8 percent, compared to the same period last year.  

Operating profit for the first quarter of 2011 increased 60 percent, or $17.3 million, compared to the first quarter of 2010.  This increase is due to higher sales volume, an increase in the average proppant selling price and a higher contribution from Falcon Technologies™, partially offset by an increase in selling, general, administrative, and other operating expenses.

Net income for the first quarter of 2011 increased 59 percent, or $11.2 million, compared to the first quarter of 2010.


Proppant Sales Volumes

(in millions lbs)

Three Months Ended

March 31, 2011

Three Months Ended

March 31, 2010




Ceramic Volumes

376

361

Other Proppant Volumes*

23

9

Total

399

370




* Includes CARBOBOND® RCS (resin-coated sand) and API / ISO certified ceramic proppant manufactured on an outsourced basis.

Technology and Business Highlights

  • Operators in North American unconventional plays, including reservoirs such as the Bakken, Haynesville, Permian, Colony Wash and Eagle Ford, continue to report impressive results in wells utilizing CARBO's proppant, further illustrating the benefits of Economic Conductivity®.
  • Proppant capacity expansion at Toomsboro Line 4 (TMB4) and New Iberia Line 2 remain on schedule for completion before year-end.  Once completed, the two lines will increase CARBO's total annual proppant manufacturing capacity to 2.1 billion pounds.
  • CARBO's resin-coated suite of products, CARBOBOND® LITE® and CARBOBOND® RCS, continue to exhibit solid growth and have garnered widespread client acceptance.  
  • Falcon Technologies™ has successfully expanded into the Eagle Ford demonstrating a growing trend of enhanced environmental stewardship by E&P operators. 
  • CARBONRT™, a non-radioactive, environmentally responsible, traceable ceramic proppant continues to be broadly deployed, particularly in the international markets.

Outlook

CEO Gary Kolstad commented on the outlook for the Company stating, "We see industry activity remaining at high levels for the remainder of the year, which should provide continued opportunity for CARBO.  The second quarter will likely follow the historical pattern of reduced proppant sales volumes due to lower activity in Canada during spring break-up."  

"As always, CARBO is focused on the future and growing the business.  We will concentrate our efforts on three pillars of organic growth: expanding ceramic proppant capacity, resin-coating capacity and Falcon Technologies.

"With respect to the ceramic franchise, TMB4 is on schedule for completion before year-end.  Once completed, TMB4 will expand our ceramic capacity by 250 million pounds per year.  As for future ceramic expansions, we are confident our plan will address the increasingly difficult environmental regulations in place today.  We have accelerated our efforts to pursue comparable alternative building sites and are optimistic we will overcome these hurdles."

Mr. Kolstad continued, "With respect to our resin-coating operation, the second line in New Iberia remains on schedule for completion before the end of this year.  Once completed, this line will produce up to 300 million pounds of resin-coated sand on an annual basis. Looking forward, we expect CARBO to play a significant role in the resin-coated sand (RCS) market.  Our recently acquired Marshfield, Wisconsin site is an optimal location to expand our resin-coating operations.  We are actively evaluating a building plan for a new RCS plant at this location in 2012, with a potential initial capacity of up to 600 million pounds annually."  

"We are pleased with the first quarter results of Falcon Technologies, as the foundation that was established in 2010 is starting to pay off.  We are confident Falcon is well positioned for growth over the coming years as E&Ps become increasingly focused on environmental stewardship," stated Mr. Kolstad.

"In summary, we believe the successful execution of this strategic growth plan should add value for shareholders over the long-term," Mr. Kolstad concluded.

As previously announced, a conference call to discuss the Company's first quarter results is scheduled for today at 10:00 a.m. Central Time (11:00 a.m. Eastern).  To participate in the teleconference, investors in the U.S. should dial 1-877-883-0383 at least 10 minutes before the start time and reference conference number 9640990.  Canada-based callers should dial 1-877-885-0477, and international callers outside of North America should dial 1-412-902-6506. The conference call also can be accessed by visiting the company's website, www.carboceramics.com.

CARBO is the world's largest supplier of ceramic proppant for fracturing oil and gas wells; provider of the industry's most popular fracture simulation software; and a provider of fracture design and consulting services. The Company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring.

The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995.  All forward-looking statements are based on management's current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements.  Among these factors are changes in overall economic conditions, changes in the cost of raw materials and natural gas used in manufacturing our products, changes in demand and prices charged for our products, changes in the demand for, or price of, oil and natural gas, risks of increased competition, technological, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, the risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties described in our publicly available filings with the Securities and Exchange Commission.  We assume no obligation to update forward-looking statements, except as required by law.

- tables follow -



Three Months Ended

March 31


2011

2010


(In thousands except per share data)

Revenues

$   150,830

$   123,449

Cost of sales

88,774

80,884

Gross profit

62,056

42,565

   Selling, general & administrative expenses

14,287

13,635

   Start-up costs

-

135

   Loss on disposal or impairment of assets

1,679

   3

Operating profit

46,090

28,792

Interest income, net

44

33

Foreign currency exchange (loss) gain, net

(188)

36

Other expense, net

(77)

(123)

Income before income taxes

45,869

28,738

Income taxes

15,705

9,746

Net income

$     30,164

$     18,992




Earnings per share:



   Basic

$        1.30

$        0.82

   Diluted

$        1.30

$        0.82




Average shares outstanding:



   Basic

23,015

22,967

   Diluted

23,016

22,977




Depreciation and amortization

$      8,180

$      6,734


Selected Balance Sheet Information


March 31, 2011


December 31, 2010


(In thousands)

Assets




   Cash and cash equivalents

$         54,359


$         46,656

   Other current assets

210,829


190,999

   Property, plant and equipment, net

353,952


338,483

   Intangible and other assets, net

9,195


10,380

Total assets

640,499


599,571





Liabilities and Shareholders' Equity




   Accrued income taxes

$         12,752


$              113

   Other current liabilities

51,634


51,134

   Deferred income taxes

27,994


26,345

   Shareholders' equity

548,119


521,979

Total liabilities and shareholders' equity

$       640,499


$       599,571






SOURCE CARBO Ceramics Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.