CARBO Ceramics Inc. Announces First Quarter Earnings; Approval of China Manufacturing Facility; and Dividend Declaration

Conference Call Scheduled for Today, 3:30 p.m. Central Time



Apr 10, 2001, 01:00 ET from CARBO Ceramics Inc.

    IRVING, Texas, April 10 /PRNewswire/ -- CARBO Ceramics Inc., (NYSE:   CRR) a
 manufacturer of ceramic proppants for use in the hydraulic fracturing of
 natural gas and oil wells, announced first quarter net income of $6.2 million
 or $0.41 per share (on a diluted basis) on record revenues of $34.2 million,
 for the quarter ended March 31, 2001.  Net income increased 151 percent from
 the first quarter of 2000 and 48 percent versus the fourth quarter of 2000.
 Revenues for the first quarter increased 55 percent from the same period a
 year earlier and increased 43 percent from last year's fourth quarter.
     The company established a new record for sales volume in the quarter,
 exceeding the previous quarterly record by 24 percent.  The increase in sales
 volume was attributable to the continued strength in North American natural
 gas drilling activity.  Sales volume in the US was 39 percent higher than
 sales volume in the same region during the first quarter 2000, while sales in
 Canada increased by 32 percent versus the same period.  The average selling
 price for the company's products also improved during the first quarter due to
 a January 1, 2001 price increase.  The average selling price for the first
 quarter of 2001 was 13 percent higher than last year's first quarter and
 5 percent higher than the fourth quarter of 2000.
     Operating margins for the first quarter of 2001 improved substantially
 versus last year's first quarter due to the increase in selling prices and
 improved performance in manufacturing operations.  While last year's first
 quarter was hindered by high production costs incurred during the start-up of
 the company's McIntyre, Georgia facility, the company's three production
 facilities operated at approximately 85 percent of capacity in this year's
 first quarter.  While operating margins benefited from the improved
 throughput, production costs were adversely impacted by high natural gas
 prices in the early part of this year's first quarter.  Selling, general and
 administrative expenses increased $0.9 million versus the first quarter of
 2000.  The increase in expenses was due primarily to an increase in variable
 expenses associated with higher sales volumes.
     Commenting on the first quarter, C. Mark Pearson, President and Chief
 Executive Officer of CARBO Ceramics, stated, "Our results for the first
 quarter reflect the extremely strong market conditions in the natural gas
 industry as well as the success of our technical marketing program.  A growing
 number of natural gas well operators are looking to improve production quickly
 in the current environment and we are successfully demonstrating that our
 products help them achieve that goal.  We expect the demand for our products
 to remain strong for the remainder of the year and we are currently running
 each of our manufacturing facilities at full capacity in anticipation of this
 strong demand.  Based on recent results and the strong backlog of jobs our
 customers have in hand, we believe sales volume for 2001 can exceed last
 year's total by at least 25 percent."
     The company also announced that its Board of Directors approved the
 construction of a manufacturing facility in Louyang, China.  The plant will be
 the company's first production facility outside of the United States and is
 expected to have annual capacity of 40 million pounds.  Construction of the
 facility is expected to begin in the second half of this year with completion
 expected in late 2002.  The company's total investment in China is expected to
 be approximately $9.5 million.
     Dr. Pearson commented, "We are very excited about our international
 expansion plans.  The demand for our products in Asia is sufficient to justify
 a plant of this size and we expect the market to grow as more natural gas
 reserves are developed in China.  We have identified an excellent plant site
 with access to significant quantities of raw material and are looking forward
 to starting construction later this year."
     The company also announced that its Board of Directors increased the
 dividend to $0.09 per share payable on May 15, 2001 to shareholders of record
 on April 30, 2001.
     As previously announced, a conference call to discuss the company's first
 quarter results has been scheduled for Tuesday, April 10, at 3:30 p.m. central
 time.  To participate in the call, dial (913) 981-4900 and refer to
 confirmation code 767622.  The call can also be accessed live or on a delayed
 basis via the company's Web site, www.carboceramics.com.
     Carbo Ceramics Inc. is based in Irving, Texas.
     This news release contains forward-looking statements that involve risks
 and uncertainties including price volatility, operation and other risks and
 other factors described in the Company's publicly available SEC reports, which
 could cause actual results to differ materially from those indicated in the
 forward-looking statements.
 
 
                                                        Three Months Ended
                                                             March 31
                                                         2001       2000
                                                       (In thousands except
                                                          per share data)
     Revenues                                         $ 34,174    $ 22,101
     Operating expenses:
       Cost of goods sold                               21,128      15,354
       Selling, general & administrative                 3,685       2,824
       Plant start-up costs                                  0          27
         Total operating expenses                       24,813      18,205
     Operating income                                    9,361       3,896
     Net interest income/(expense)                         218         (28)
     Other income (expense)                                 27         (19)
     Income before income taxes                          9,606       3,849
     Income taxes                                        3,426       1,387
     Net income                                       $  6,180    $  2,462
 
 
     Earnings per share:
       Basic                                             $0.42      $0.17
       Diluted                                           $0.41      $0.17
 
     Average shares outstanding:
       Basic                                            14,800     14,602
       Diluted                                          14,966     14,720
 
                                                       Mar. 31,  Dec. 31,
                                                        2001       2000
                                                    (dollars in thousands)
     Total current assets                             $ 59,622   $ 47,415
     Property, plant and equipment, net                 75,892     78,007
     Total assets                                      135,514    125,422
     Total current liabilities                           9,406      9,415
     Deferred income taxes                              10,437      9,867
     Shareholders' equity                              115,671    106,140
     Total liabilities and shareholders' equity      $ 135,514  $ 125,422
 
 

SOURCE CARBO Ceramics Inc.
    IRVING, Texas, April 10 /PRNewswire/ -- CARBO Ceramics Inc., (NYSE:   CRR) a
 manufacturer of ceramic proppants for use in the hydraulic fracturing of
 natural gas and oil wells, announced first quarter net income of $6.2 million
 or $0.41 per share (on a diluted basis) on record revenues of $34.2 million,
 for the quarter ended March 31, 2001.  Net income increased 151 percent from
 the first quarter of 2000 and 48 percent versus the fourth quarter of 2000.
 Revenues for the first quarter increased 55 percent from the same period a
 year earlier and increased 43 percent from last year's fourth quarter.
     The company established a new record for sales volume in the quarter,
 exceeding the previous quarterly record by 24 percent.  The increase in sales
 volume was attributable to the continued strength in North American natural
 gas drilling activity.  Sales volume in the US was 39 percent higher than
 sales volume in the same region during the first quarter 2000, while sales in
 Canada increased by 32 percent versus the same period.  The average selling
 price for the company's products also improved during the first quarter due to
 a January 1, 2001 price increase.  The average selling price for the first
 quarter of 2001 was 13 percent higher than last year's first quarter and
 5 percent higher than the fourth quarter of 2000.
     Operating margins for the first quarter of 2001 improved substantially
 versus last year's first quarter due to the increase in selling prices and
 improved performance in manufacturing operations.  While last year's first
 quarter was hindered by high production costs incurred during the start-up of
 the company's McIntyre, Georgia facility, the company's three production
 facilities operated at approximately 85 percent of capacity in this year's
 first quarter.  While operating margins benefited from the improved
 throughput, production costs were adversely impacted by high natural gas
 prices in the early part of this year's first quarter.  Selling, general and
 administrative expenses increased $0.9 million versus the first quarter of
 2000.  The increase in expenses was due primarily to an increase in variable
 expenses associated with higher sales volumes.
     Commenting on the first quarter, C. Mark Pearson, President and Chief
 Executive Officer of CARBO Ceramics, stated, "Our results for the first
 quarter reflect the extremely strong market conditions in the natural gas
 industry as well as the success of our technical marketing program.  A growing
 number of natural gas well operators are looking to improve production quickly
 in the current environment and we are successfully demonstrating that our
 products help them achieve that goal.  We expect the demand for our products
 to remain strong for the remainder of the year and we are currently running
 each of our manufacturing facilities at full capacity in anticipation of this
 strong demand.  Based on recent results and the strong backlog of jobs our
 customers have in hand, we believe sales volume for 2001 can exceed last
 year's total by at least 25 percent."
     The company also announced that its Board of Directors approved the
 construction of a manufacturing facility in Louyang, China.  The plant will be
 the company's first production facility outside of the United States and is
 expected to have annual capacity of 40 million pounds.  Construction of the
 facility is expected to begin in the second half of this year with completion
 expected in late 2002.  The company's total investment in China is expected to
 be approximately $9.5 million.
     Dr. Pearson commented, "We are very excited about our international
 expansion plans.  The demand for our products in Asia is sufficient to justify
 a plant of this size and we expect the market to grow as more natural gas
 reserves are developed in China.  We have identified an excellent plant site
 with access to significant quantities of raw material and are looking forward
 to starting construction later this year."
     The company also announced that its Board of Directors increased the
 dividend to $0.09 per share payable on May 15, 2001 to shareholders of record
 on April 30, 2001.
     As previously announced, a conference call to discuss the company's first
 quarter results has been scheduled for Tuesday, April 10, at 3:30 p.m. central
 time.  To participate in the call, dial (913) 981-4900 and refer to
 confirmation code 767622.  The call can also be accessed live or on a delayed
 basis via the company's Web site, www.carboceramics.com.
     Carbo Ceramics Inc. is based in Irving, Texas.
     This news release contains forward-looking statements that involve risks
 and uncertainties including price volatility, operation and other risks and
 other factors described in the Company's publicly available SEC reports, which
 could cause actual results to differ materially from those indicated in the
 forward-looking statements.
 
 
                                                        Three Months Ended
                                                             March 31
                                                         2001       2000
                                                       (In thousands except
                                                          per share data)
     Revenues                                         $ 34,174    $ 22,101
     Operating expenses:
       Cost of goods sold                               21,128      15,354
       Selling, general & administrative                 3,685       2,824
       Plant start-up costs                                  0          27
         Total operating expenses                       24,813      18,205
     Operating income                                    9,361       3,896
     Net interest income/(expense)                         218         (28)
     Other income (expense)                                 27         (19)
     Income before income taxes                          9,606       3,849
     Income taxes                                        3,426       1,387
     Net income                                       $  6,180    $  2,462
 
 
     Earnings per share:
       Basic                                             $0.42      $0.17
       Diluted                                           $0.41      $0.17
 
     Average shares outstanding:
       Basic                                            14,800     14,602
       Diluted                                          14,966     14,720
 
                                                       Mar. 31,  Dec. 31,
                                                        2001       2000
                                                    (dollars in thousands)
     Total current assets                             $ 59,622   $ 47,415
     Property, plant and equipment, net                 75,892     78,007
     Total assets                                      135,514    125,422
     Total current liabilities                           9,406      9,415
     Deferred income taxes                              10,437      9,867
     Shareholders' equity                              115,671    106,140
     Total liabilities and shareholders' equity      $ 135,514  $ 125,422
 
 SOURCE  CARBO Ceramics Inc.

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