Server: Netscape-Commerce/1.12 Date: Friday, 21-Nov-97 01:03:43 GMT Last-modified: Friday, 01-Aug-97 19:35:35 GMT Content-length: 7391 Content-type: text/html
Revenues for the six months ended June 30, 1997 were $38.7 million, as compared to $30.4 million for the six months ended June 30, 1996. Net income for the six months ended June 30, 1997, was $10.0 million ($.67 per share), an increase of 72 percent from pro forma net income of $5.8 million ($.40 per share) from the same period a year earlier.
The Company continued to benefit from strong natural gas drilling activity in the U.S. and export markets. The number of rigs drilling for natural gas in the second quarter was 20 percent higher than the same period a year earlier.
The Company has also announced that construction on its new manufacturing facility will begin this month. The facility will be located in Wilkinson County, Georgia and will have annual capacity of 150 million pounds. Completion of the facility is expected in the fourth quarter of 1998.
Terry P. Keefe has been promoted to the new position of Vice President, Manufacturing and will have responsibility for overseeing the construction of the new plant and the operations of the Company's existing plants. Mr. Keefe has been the plant manager at the Company's Eufaula, Alabama plant since its construction in 1984.
The Company has also announced the signing of an exclusive worldwide market development agreement with the Foundry Products Division of Ashland Chemical Company to jointly develop the use of ceramic products in the foundry industry. Ashland is a leading material supplier to the foundry industry.
Carbo Ceramics Inc. is an Irving, Texas based manufacturer of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells. Company information can be accessed on the Internet at http://www.carboceramics.com.
Three Months Ended June 30 | Six Months Ended June 3 | |||
---|---|---|---|---|
1997 | 1996 | 1997 | 1996 | |
Revenues | $20,892,548 | $17,399,464 | $38,733,156 | $30,432,403 |
Income before taxes(a) | $8,519,456 | $5,024,657 | $15,689,531 | $9,399,741 |
Net income | $5,448,511 | $4,021,367 | $10,034,779 | $8,396,451 |
Pro forma net income (b) | $5,448,511 | $3,115,287 | $10,034,779 | $5,827,839 |
Average shares outstanding | ||||
(Pro forma for 1996) | 14,865,303 | 14,729,863 | 14,865,303 | 14,665,932 |
Net income per share | ||||
(Pro forma for 1996) | .37 | .21 | .67 | .40 |
(a) Income before taxes for 1996 was decreased in the second quarter by a $1.1 million charge relating to the recognition of additional compensation expense for the issuance of restricted stock in connection with the Company's initial public offering.
(b) Pro forma net income based on the Company's effective tax rate of 38%. Prior to April 24, 1996 the Company and its shareholders had elected S Corporation status under the Internal Revenue Code.
![]() ![]() ![]() ![]() ![]() CARBO Ceramics Inc. Suite 1520 600 East Las Colinas Blvd. Irving, Texas 75039 Telephone: 972-401-0090 Fax: 972-401-0705
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