HOUSTON, Jan. 25, 2018 /PRNewswire/ -- CARBO Ceramics
Inc. (NYSE: CRR) today reported financial results for the fourth
quarter and fiscal year 2017.
- Revenue for the fourth quarter of 2017 of $60.3 million, an increase of 108% year-over-year
and 20% sequentially.
- Revenue total for 2017 grew 83% compared to 2016. Revenue
generated from the Oil and Gas sector grew 84% and revenue
generated from the Industrial sector grew 76%.
- Our progress on the company's transformation strategy was
substantial in 2017. We are building a more enduring company, with
a more diversified product offering.
- Continued to improve net cash (used in) / provided by operating
activities throughout 2017, which was ($19.1) million, ($15.8)
million, ($5.2) million and
$1.3 million in Q1'17, Q2'17, Q3'17,
and Q4'17 respectively.
- Expect revenue and operating cash will continue to show
improvement in the first half of 2018 compared to the first half of
2017.
Logo -
https://mma.prnewswire.com/media/128186/carbo_logo.jpg
The Company reported revenues of $60.3
million for the quarter ended December 31, 2017 compared to revenue of
$29.1 million in the same period of
2016. Fourth quarter net cash provided by operations was
$1.3 million compared to cash used in
operations of ($12.7) million last
year.
CEO Gary Kolstad commented,
"Revenue for 2017 increased 83% compared to 2016 as we accelerated
growth in oilfield ceramic technology products, industrial
ceramics, oilfield sand and environmental product revenues.
We set out on a multi-year strategy to transform the Company and
emerge from the significant and prolonged oil and gas industry
downturn, as a more diversified company with multiple revenue
streams coming from both the Oil and Gas and Industrial
sectors. Our Industrial business growth opportunities should
lead to continued increases in their contribution to our overall
revenue. We are executing on this transformation strategy by
leveraging our leading technology, experienced operating personnel,
marketing and sales expertise, and existing asset
base.
"While we pioneered base ceramic proppant 38 years ago and
expect to continue to be the industry leader, diversification away
from our historical reliance of approximately 80% of our revenue
being generated from base ceramic is necessary given the changing
proppant buying habits of our clients during this last oil and gas
downturn. I am very proud of our efforts in 2017, when we
grew the Company's total revenue 83% and base ceramic proppant
shrank to approximately 30% of our total revenue.
"We were pleased with the fourth quarter results as revenues
increased 20% sequentially despite seeing a slowdown in oil and gas
activity in December. Oilfield ceramic technology products
and industrial ceramic products revenues increased
significantly. Fourth quarter increases in base ceramic
proppant demand resulted in the best quarter of the year for base
ceramic sales after adjusting for the Russia proppant business, which we sold in the
third quarter.
"We made many achievements in our industrial ceramics business
during 2017. New products were launched successfully, and we
achieved client growth in several end markets. New clients
accounted for roughly one quarter of industrial sales in
2017. For example, in the foundry market we continue to see
increased client interest in our industrial ceramic products as the
new OSHA silica Permissible Exposure Limits (PEL) requirements are
set to take effect in mid-2018. In addition to meeting
OSHA requirements and improving worker safety, our ceramic media
also provides our clients value through higher quality castings and
reduction in operating costs.
"As noted last quarter, due to client demand we announced
additional sand capacity utilizing an 'asset-lite' business
model. First production from this project has commenced and
we expect to ramp to a maximum annual rate of 600,000 tons as we
enter the second quarter. This project increases our total
available sand capacity to over 1.3 million tons per
year.
"As previously mentioned, increasing the utilization of our
manufacturing plants through mineral processing is important to the
company's future profitability. In December, we signed a
multi-year toll manufacturing agreement to be the exclusive toll
processor for a product in the agricultural industry. This is
a milestone for CARBO and we are
pursuing additional opportunities to further increase utilization
at our manufacturing plants.
"As part of our effort to drive cost efficiencies, we continue
to optimize both our inventoried product levels and our logistics
infrastructure; we have also redistributed production across our
manufacturing plants. As a result of the redistribution of
production, we will incur a severance charge during the first
quarter of 2018.
"Solid revenue growth and operational execution during the
fourth quarter allowed us to achieve our target of a cash neutral
position compared to the third quarter of 2017. Maintaining
cash at strong levels will allow us the freedom to continue to
execute on our transformation strategy in 2018 and provide
flexibility to increase resources to grow our business," Mr.
Kolstad said.
Fourth Quarter 2017 Results
Revenues for the fourth quarter of 2017 increased 108%, or
$31.3 million, compared to the same
period of 2016. The increase was primarily attributable to
increases in oilfield ceramic technology products, industrial
ceramics, oilfield sand and environmental product revenues.
Operating loss for the fourth quarter of 2017 decreased to
$17.3 million as compared to
$29.3 million in the same period of
2016. The decrease in operating loss was primarily
attributable to increased sales combined with a reduction in
certain fixed structural costs, and a decrease in slowing and
idling expenses.
Full Year Results
Revenues for the year ended December 31,
2017, increased 83%, or $85.7
million, compared to 2016. The increase was
primarily attributable to increases in oilfield ceramic technology
products, industrial ceramics, oilfield sand and environmental
product revenues.
Worldwide ceramic and sand proppant sales volumes totaled 2.6
billion pounds for the full year 2017, an increase of 287% compared
to 2016.
Technology and Business Highlights
- In a unique application, KRYPTOSPHERE® was used by a pre-packed
screen (PPS) manufacturer as the internal media within its slotted
liner/screen design. The PPS is deployed to prevent fines migration
associated with hydrocarbon production. KRYPTOSPHERE technology was
selected due to its uniform, single-mesh-size that creates more
uniform pore throats and more space for hydrocarbon flow.
- SCALEGUARD®, a proppant-delivered scale-inhibiting technology,
experienced a record quarter, driven by several new clients in the
Permian basin and the international market. The technology was also
used along with KRYPTOSPHERE HD in a Lower Tertiary deepwater
completion by a super major. A single scale inhibition treatment
with SCALEGUARD can prevent production losses during the life of
the well and dramatically reduce lease operating expenses.
- A previous well completion that included SALTGUARD® continues
to perform as designed and has outperformed the initial anticipated
treatment life. SALTGUARD inhibits salt formation in the frac and
wellbore, preventing production decreases, lowering lease operating
expenses and eliminating the need for costly fresh water injection
and the associated disposal of the resulting saltwater.
- A project utilizing FUSION® technology for Stimulation and
Proppant Pack Consolidation was selected for the BP 2017 Helios
Award. The technology creates a bonded, high integrity proppant
pack without closure stress. This provides the well integrity
critical to inject and produce at the ultra-high rates required to
improve well economics and increase EUR in mature, depleting
fields. FUSION deployment on this project won the "Excellence"
award with over 600 competing BP project submissions from around
the globe. The technology was successfully used on two Gulf of Mexico ultra-deepwater water injector
wells, one of which achieved the highest water injection rate in
soft sand formations globally.
- During the quarter, Northern White sand production commenced
from a North East sand processing facility. The facility is
strategically located to service the Marcellus and Utica Basins
with high quality sand.
- An update to FRACPRO® 2017 software was released that added a
new Layer Sensitive fracture model, allowing engineers using
FRACPRO to more precisely investigate fracture propagation through
multiple layers. It also enhances and extends the transfer of
information from FRACPRO to third party data information systems,
such as OpenWells® and WellView®.
- Two foundries, one in the Pacific Northwest and one in the
Great Lakes region, each made a 100% conversion to ACCUCAST®,
high-performance ceramic casting media, from silica sand. The
ACCUCAST product created castings that were much cleaner than those
produced in silica sand, thereby, significantly reducing the
cleaning hours and associated costs. Moreover, ACCUCAST
substantially outperformed silica sand in recycle and reuse
creating additional savings and value for the client. Lastly, the
ACCUCAST technology produces no silica dust and meets the newly
established OSHA Permissible Exposure Limits (PEL) to improve
worker safety.
- A large European mining operation tested our new CARBOGRIND
products against two major competitors. These tests showed
CARBO product outperformed the
competition by over 30%. Savings realized by the mining company
resulted in an annual supply contract with CARBO.
- A large manufacturing company based in the Middle East, approved CARBOBEAD™ ceramic media
as a replacement for silica sand in its production of pigments.
CARBOBEAD LT delivered a significant reduction in scour equipment
wear that will translate into less equipment repair, less down
time, and extended equipment life. The CARBOBEAD ceramic product
more than doubled the scour media cycle life in comparison to
silica sand scour media, which dramatically lowers media
consumption, media transportation costs and spent material disposal
costs. Moreover, the CARBOBEAD LT product achieved world class
pigment brightness levels, a critical measurement for pigment
quality.
Outlook
CEO Gary Kolstad commented on the
outlook for CARBO stating, "A key
goal in 2018 is continued progress on our transformation strategy
to diversify revenue streams. It is our belief that execution
on this transformation strategy will result in profitable growth
and positive cash from operating activities. Although
seasonality will impact the first half of 2018, we believe our
revenue and operating cash will show improvement in the first half
of 2018 compared to the first half of 2017.
"We believe revenues from the Oil and Gas and Industrial sectors
will grow in 2018. Looking at them separately, revenue from
the Oil and Gas sector should follow industry activity while
revenue from the Industrial sector should see strong double-digit
growth year over year.
"If the recent strengthening in oil price continues in 2018, we
believe base ceramic demand could improve in 2018. In
addition, early indications from clients point to increased ceramic
technology sales in our KRYPTOSPHERE and GUARDTM family
of products. We anticipate KRYPTOSPHERE HD sales will be down
slightly in 2018 due to a decrease in Gulf of Mexico activity, while KRYPTOSPHERE LD
sales should exhibit solid growth globally. SCALEGUARD, a
scale inhibiting production assurance product, continues to see
success through its ability to prevent scale buildup and lower
lease operating expense for E&P operators. The pipeline
of opportunities is promising and we have been awarded additional
work in 2018 for a client's Permian basin wells, which should
result in increased revenues compared to 2017.
"Regarding our sand business, first sales for our North East
project have begun in January. We will continue to utilize
various business models, including an 'asset-lite' model like this,
to serve client demand.
"We achieved solid growth in our industrial ceramics business
during 2017, and we believe we will significantly grow this
business in 2018 and in the foreseeable future. It is
important that we continue to expand in the markets we serve today
as well as develop new markets. We expect to add additional
resources in 2018 to meet our objectives to grow this business by
strong double digits again in 2018.
"We expect to develop additional opportunities in mineral
processing during 2018, for our underutilized manufacturing
plants. Our recent signing of a multi-year agreement to toll
process an agricultural product is a positive step forward.
"ASSETGUARDTM, our environmental business, bounced
back from the weather impacts of the third quarter. Given the
majority of this business is related to the Oil and Gas sector, we
believe it should also follow industry activity in 2018. However,
we are targeting revenue streams in the Industrial sector and
expect strong year-over-year growth in those sales.
"Over multiple decades CARBO
has found new and innovative ways to bring value to our
clients. We believe 2018 will be an exciting year, filled
with meeting the challenges of our existing clients as well as
those of new clients. Execution on our transformation
strategy continues, and we expect it will result in an enduring,
diversified company," Mr. Kolstad concluded.
Conference Call
As previously announced, a conference call to discuss
CARBO's fourth quarter 2017
results is scheduled for today at 10:30 a.m.
Central Time (11:30 a.m.
Eastern). Due to historical high call volume, CARBO is offering participants the opportunity
to register in advance for the conference by accessing the
following website:
http://dpregister.com/10115898
Registered participants will immediately receive an email with a
calendar reminder and a dial-in number and PIN that will allow them
immediate access to the call.
Participants who do not wish to pre-register for the call may
dial in using (877) 232-2832 (for U.S. callers),
(855) 669-9657 (for Canadian callers) or (412) 542-4138
(for international callers) and ask for the "CARBO Ceramics" call. The conference
call also can be accessed through CARBO's website, www.carboceramics.com.
A telephonic replay of the earnings conference call will be
available through February 1st, 2018
at 9:00 a.m. Eastern Time. To
access the replay, please dial (877)-344-7529 (for U.S. callers),
(855) 669-9658 (for Canadian callers) or (412) 317-0088
(for international callers). Please reference conference
number 10115898. Interested parties may also access the
archived webcast of the earnings teleconference through
CARBO's website approximately two
hours after the end of the call.
About CARBO
CARBO (NYSE: CRR) is a
global technology company that provides products and services to
the oil and gas and industrial markets to enhance value for its
clients.
CARBO Oilfield
Technologies - is a global leader that provides engineered
solutions in its Design, Build, and Optimize the Frac® technology
businesses, delivering important value to E&P operators by
increasing well production and EUR. Oilfield Technologies is
the world's largest producer of high quality ceramic proppant,
provides one of the industry's most widely used fracture simulation
software, has proprietary technology that provides fracture
diagnostics and production assurance, and offers consulting
services for fracture design and completion optimization. The
Company also provides a range of technology solutions for spill
prevention and containment.
Its products and services are sold to operators of oil and
natural gas wells and to oilfield service companies for use in the
hydraulic fracturing of natural gas and oil wells.
CARBO Industrial
Technologies - is a leading provider of high-performance
industrial ceramic media products that are engineered to increase
process efficiency, improve end-product quality and reduce
operating costs.
Its products and services are primarily sold to industrial
companies that work in manufacturing and mineral processing.
For more information, please visit www.carboceramics.com.
Forward-Looking Statements
The statements in this news release that are not historical
statements, including statements regarding our future financial and
operating performance and liquidity and capital resources, are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements describe future expectations, plans, results or
strategies and can often be identified by the use of terminology
such as "may", "will", "estimate", "intend", "continue", "believe",
"expect", "anticipate", "should", "could", "potential",
"opportunity", or other similar terminology. 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 demand
for, or price of, oil and natural gas, changes in the cost of raw
materials and natural gas used in manufacturing our products, risks
related to our ability to access needed cash and capital, our
ability to meet our current and future debt service obligations,
including our ability to maintain compliance with our debt
covenants, our ability to manage distribution costs effectively,
changes in demand and prices charged for our products, risks of
increased competition, technological, manufacturing and product
development risks, our dependence on and loss of key customers and
end users, changes in foreign and domestic government regulations,
including environmental restrictions on operations and regulation
of hydraulic fracturing, changes in foreign and domestic political
and legislative risks, 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. Additional factors that could
affect our future results or events are described from time to time
in our reports filed with the Securities and Exchange Commission
(the "SEC"). Please see the discussion set forth under the
caption "Risk Factors" in our most recent annual report on Form
10-K, and similar disclosures in subsequently filed reports with
the SEC. We assume no obligation to update forward-looking
statements, except as required by law.
Note on Non-GAAP Financial Measures
This press release includes unaudited non-GAAP financial
measures, including EBITDA and Adjusted EBITDA. We present
non-GAAP measures when our management believes that the additional
information provides useful information about our operating
performance. Non-GAAP financial measures do not have any
standardized meaning and are therefore unlikely to be comparable to
similar measures presented by other companies. The
presentation of non-GAAP financial measures is not intended to be a
substitute for, and should not be considered in isolation from, the
financial measures reported in accordance with GAAP. See the
table entitled "Reconciliation of Reported Net Loss to EBITDA and
Adjusted EBITDA" below and the accompanying text for an explanation
of the non-GAAP financial measures and a reconciliation of the
non-GAAP financial measures to the comparable GAAP
measures.
-tables follow –
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
(In thousands
except per share)
|
|
|
(In thousands
except per share)
|
|
Revenues
|
|
$
|
60,341
|
|
|
$
|
29,058
|
|
|
$
|
188,756
|
|
|
$
|
103,051
|
|
Cost of sales (see
Cost of Sales Detail table below)
|
|
|
66,252
|
|
|
|
49,553
|
|
|
|
242,081
|
|
|
|
188,065
|
|
Gross loss
|
|
|
(5,911)
|
|
|
|
(20,495)
|
|
|
|
(53,325)
|
|
|
|
(85,014)
|
|
SG&A expenses and
start-up costs
|
|
|
11,336
|
|
|
|
8,851
|
|
|
|
42,533
|
|
|
|
39,999
|
|
Loss (gain) on
disposal or impairment of assets
|
|
|
40
|
|
|
|
(21)
|
|
|
|
125,778
|
|
|
|
889
|
|
Loss on sale of
Russian proppant business
|
|
|
19
|
|
|
|
—
|
|
|
|
26,747
|
|
|
|
—
|
|
Operating
loss
|
|
|
(17,306)
|
|
|
|
(29,325)
|
|
|
|
(248,383)
|
|
|
|
(125,902)
|
|
Other expense,
net
|
|
|
(1,578)
|
|
|
|
(1,580)
|
|
|
|
(6,760)
|
|
|
|
(5,306)
|
|
Loss before income
taxes
|
|
|
(18,884)
|
|
|
|
(30,905)
|
|
|
|
(255,143)
|
|
|
|
(131,208)
|
|
Income tax
benefit
|
|
|
(1,500)
|
|
|
|
(15,708)
|
|
|
|
(2,027)
|
|
|
|
(51,081)
|
|
Net loss
|
|
$
|
(17,384)
|
|
|
$
|
(15,197)
|
|
|
$
|
(253,116)
|
|
|
$
|
(80,127)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.65)
|
|
|
$
|
(0.57)
|
|
|
$
|
(9.49)
|
|
|
$
|
(3.29)
|
|
Diluted
|
|
$
|
(0.65)
|
|
|
$
|
(0.57)
|
|
|
$
|
(9.49)
|
|
|
$
|
(3.29)
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
26,692
|
|
|
|
26,542
|
|
|
|
26,664
|
|
|
|
24,378
|
|
Diluted
|
|
|
26,692
|
|
|
|
26,542
|
|
|
|
26,664
|
|
|
|
24,378
|
|
Depreciation and
amortization
|
|
$
|
9,532
|
|
|
$
|
11,952
|
|
|
$
|
45,337
|
|
|
$
|
48,451
|
|
Cost of Sales
Detail
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
(In
thousands)
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Primary cost of
sales
|
|
$
|
58,202
|
|
|
$
|
37,185
|
|
|
$
|
200,213
|
|
|
$
|
133,431
|
|
Slowing and idling
production
|
|
|
7,765
|
|
|
|
11,251
|
|
|
|
40,664
|
|
|
|
47,318
|
|
Loss (gain) on
derivative instruments
|
|
|
1
|
|
|
|
(1,799)
|
|
|
|
917
|
|
|
|
(1,886)
|
|
Railcar lease
termination fee
|
|
|
—
|
|
|
|
1,500
|
|
|
|
—
|
|
|
|
1,500
|
|
Lower of cost or
market inventory adjustment
|
|
|
—
|
|
|
|
1,400
|
|
|
|
—
|
|
|
|
1,515
|
|
Severance and other
charges
|
|
|
284
|
|
|
|
16
|
|
|
|
287
|
|
|
|
6,187
|
|
Total Cost of
Sales
|
|
$
|
66,252
|
|
|
$
|
49,553
|
|
|
$
|
242,081
|
|
|
$
|
188,065
|
|
Product Sales
Volumes
(in million
lbs)
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Ceramic
|
|
|
104
|
|
|
|
96
|
|
|
|
389
|
|
|
|
356
|
|
Northern White
Sand
|
|
|
706
|
|
|
|
150
|
|
|
|
2,190
|
|
|
|
311
|
|
Total
|
|
|
810
|
|
|
|
246
|
|
|
|
2,579
|
|
|
|
667
|
|
Reconciliation of
Reported Net Loss to EBITDA and
Adjusted EBITDA
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
(In
thousands)
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Net
loss
|
|
$
|
(17,384)
|
|
|
$
|
(15,197)
|
|
|
$
|
(253,116)
|
|
|
$
|
(80,127)
|
|
Interest expense,
net
|
|
|
2,070
|
|
|
|
1,577
|
|
|
|
7,700
|
|
|
|
5,435
|
|
Income tax
benefit
|
|
|
(1,500)
|
|
|
|
(15,708)
|
|
|
|
(2,027)
|
|
|
|
(51,081)
|
|
Depreciation and
amortization (1)
|
|
|
9,359
|
|
|
|
11,952
|
|
|
|
44,282
|
|
|
|
48,451
|
|
EBITDA
|
|
$
|
(7,455)
|
|
|
$
|
(17,376)
|
|
|
$
|
(203,161)
|
|
|
$
|
(77,322)
|
|
Loss (gain) on
disposal or impairment of assets
|
|
|
40
|
|
|
|
(21)
|
|
|
|
125,778
|
|
|
|
889
|
|
Loss on sale of
Russian proppant business
|
|
|
19
|
|
|
|
—
|
|
|
|
26,747
|
|
|
|
—
|
|
Severance and other
charges
|
|
|
284
|
|
|
|
16
|
|
|
|
287
|
|
|
|
6,426
|
|
Loss (gain) on
derivative instruments
|
|
|
1
|
|
|
|
(1,799)
|
|
|
|
917
|
|
|
|
(1,886)
|
|
Lower of cost or
market inventory adjustment
|
|
|
—
|
|
|
|
1,400
|
|
|
|
—
|
|
|
|
1,515
|
|
Adjusted
EBITDA
|
|
$
|
(7,111)
|
|
|
$
|
(17,780)
|
|
|
$
|
(49,432)
|
|
|
$
|
(70,378)
|
|
|
Adjusted EBITDA is
used by management to evaluate and assess our operational results,
and we believe that Adjusted EBITDA allows investors to evaluate
and assess our operational results. Adjusted EBITDA excludes
various charges primarily related to the downturn in the energy
industry and the sale of our Russian proppant business.
|
|
(1)
|
Depreciation and
amortization for the three and twelve months ended December 31,
2017 excludes $173 and $1,055, respectively, of amortization of
debt issuance costs and debt discount, which is included in
interest expense, net, above.
|
Balance Sheet
Information
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
(in
thousands)
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
68,169
|
|
|
$
|
91,680
|
|
Restricted cash
(current)
|
|
|
6,935
|
|
|
|
—
|
|
Other current
assets
|
|
|
120,693
|
|
|
|
125,543
|
|
Restricted cash
(long-term)
|
|
|
3,281
|
|
|
|
—
|
|
Property, plant and
equipment, net
|
|
|
324,186
|
|
|
|
494,103
|
|
Goodwill
|
|
|
3,500
|
|
|
|
3,500
|
|
Intangible and other
assets, net
|
|
|
13,834
|
|
|
|
8,631
|
|
Total
assets
|
|
$
|
540,598
|
|
|
$
|
723,457
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
Long-term debt,
current
|
|
$
|
—
|
|
|
$
|
13,000
|
|
Derivative
instruments
|
|
|
2,537
|
|
|
|
1,599
|
|
Other current
liabilities
|
|
|
39,894
|
|
|
|
20,205
|
|
Deferred income
taxes
|
|
|
230
|
|
|
|
1,236
|
|
Long-term debt and
related parties notes payable
|
|
|
87,738
|
|
|
|
67,404
|
|
Other long-term
liabilities
|
|
|
4,434
|
|
|
|
3,443
|
|
Shareholders'
equity
|
|
|
405,765
|
|
|
|
616,570
|
|
Total liabilities
and shareholders' equity
|
|
$
|
540,598
|
|
|
$
|
723,457
|
|
Contact:
Mark Thomas,
Director, Investor Relations
(281) 921-6458
View original
content:http://www.prnewswire.com/news-releases/carbo-announces-fourth-quarter-and-fiscal-year-2017-results-300588016.html
SOURCE CARBO Ceramics Inc.