HOUSTON, Oct. 25, 2018 /PRNewswire/ -- CARBO Ceramics
Inc. (NYSE: CRR) today reported financial results for the third
quarter of 2018.
- Revenue for the third quarter of 2018 of $53.8 million, an increase of 7% year-on-year,
resulting from solid revenue growth in our industrial and
environmental business sectors.
- Cash and cash equivalents and restricted cash grew to
approximately $59 million, compared
to approximately $55 million at the
end of the second quarter of 2018.
- Continued successful execution of our long term growth strategy
of utilizing our unique technologies and assets to diversify
revenue streams into other industries, to mitigate the deep
cyclicality of the oil and gas industry.
- Improved sales mix and revenue growth contributed to a strong
Adjusted EBITDA incremental margin of 192% year-on-year in the
third quarter of 2018; an improvement from an Adjusted EBITDA
incremental margin of 55% year-on-year in the second quarter of
2018.
- Year-to-date, have experienced a strong 65% Adjusted EBITDA
incremental margin.
- Signed non-binding Letter of Intent to sell Millen, Georgia plant for $26 million. Transaction expected to close before
year-end.
- Signed non-binding Letter of Intent to contribute certain idled
assets for minority ownership in PicOnyx, Inc., developer of
M-ToneTM, a new family of functional pigments for the
plastics, paints, ink, coatings and adhesives markets. Transaction
expected to close before year-end.
Logo -
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CEO Gary Kolstad commented, "We
were pleased with the growth rates of both our industrial and
environmental business sectors as a result of our long term growth
strategy to diversify our revenue streams. I am confident we
have the right strategy, technology and assets to execute our
transformation plan. Although our oilfield sector revenue was
down year-on-year, we are very pleased to see our oilfield
technology revenue grow in what remains a tough environment.
In addition, we were able to improve our cash position from the
second quarter of 2018.
"A decline in oil and gas completion activity, along with
increases in sand supplies from new regional sand mines, impacted
our oilfield business during the third quarter. Adjusting to
this market decline, we incurred approximately $400 thousand of severance during the third
quarter of 2018.
Oilfield sector revenue declined 3% year-on-year, and comprised
approximately 75% of consolidated revenue.
"Oilfield technology ceramic
revenue increased 20% year-on-year. The year-on-year increase
was driven by strong sales of KRYPTOSPHERE® HD.
Our technology product portfolio continues to demonstrate its high
value through increased usage in oil and gas wells.
"STRATAGEN® consulting
revenue increased 31% year-on-year. Trust in our expert
field consultants to manage fracture completions, continues to
drive new client growth.
"Base ceramic revenue increased
26% year-on-year (adjusted for the sale of our Russian ceramic
business). Base ceramic is difficult to forecast due to
uncertainty regarding timing of jobs, including client's propensity
to change completion designs.
"Frac sand related revenues
decreased 18% year-on-year. The pressure on our frac sand
business increased as the quarter progressed due to the decline in
oil and gas activity and more regional sand supply coming
online. This negatively impacted both sales volumes and
average selling prices.
Industrial sector revenue grew 41% year-on-year, and comprised
approximately 8% of consolidated revenue.
"We continue to build upon the
foundry and grinding markets we have served for decades as well as
expanding into other industrial markets. Successful results
from previous conversions have provided a tailwind for the
marketing of our foundry products. We were recently awarded
four full sand-to-ceramic foundry conversions utilizing our
ACCUCAST® ceramic media. Our expanding grinding
market product offerings provides us the ability to address a
broader range of fine and ultra-fine grinding applications.
"Contract manufacturing revenue
reached a new high during the third quarter. Increasing
contract manufacturing revenue is important in achieving our goal
of returning the company to profitability, and this revenue stream
will have high incremental margins as we layer in these
opportunities.
Environmental sector revenue grew 73% year-on-year, and
comprised approximately 17% of consolidated revenue.
"ASSETGUARDTM revenues
for the third quarter of 2018 increased 73% year-on-year driven by
increased GROUNDGUARD® sales and other manufactured
products. During the quarter, GROUNDGUARD was utilized in a
new application to line a three acre recreational pond for a
client. This is another example of how we continue to expand
the applications for our products outside the oilfield," Mr.
Kolstad said.
Third Quarter 2018 Results
Revenues for the third quarter of $53.8
million increased 7%, or $3.6
million, compared to revenue of $50.2
million in the same period of 2017. The largest
contributors to this increase were oilfield technology products,
environmental products and industrial products.
The year-on-year increase in revenue combined with a more
favorable sales mix contributed to an incremental gross margin of
268%.
Operating loss for the third quarter of 2018 improved to
$14.8 million as compared to
$177.1 million in the same period of
2017, primarily due to prior year charges that did not reoccur, a
reduction in certain fixed structural costs combined with the
increase in revenues. Approximately 67% of the operating loss
for the third quarter of 2018 consisted of non-cash expenses.
Cash and cash equivalents and restricted cash grew sequentially
by approximately $4 million to
$59 million.
Technology and Business Highlights
- KRYPTOSPHERE ultra-conductive ceramic proppant technology
continues to gain adoption and interest with clients. During
the quarter, KRYPTOSPHERE LD saw additional client interest and
geographic expansion in North
America, Europe,
Middle East and South
America. In addition, KRYPTOSPHERE HD continues to be the
proppant of choice in the Lower Tertiary Gulf of Mexico, due to its
contribution to production performance compared to traditional
bauxite-based proppant in high profile wells. The superior
shape and smooth surface of the mono mesh KRYPTOSPHERE has also
allowed for more proppant to be placed per tool run, saving time
and money for the operator.
- During the quarter, SCALEGUARD® proppant-delivered
scale-inhibiting technology continued its expansion with clients as
part of their completion programs throughout the Permian and Uinta
basins, as well as Canada. SCALEGUARD continues to provide
long-term inhibition in treated wells across North America, inhibiting millions of barrels
of water with some wells exceeding two years of scale-free
production, proving its value as the most efficient technology for
long-term scale inhibition.
- As part of expanding the GUARD® technology
portfolio, SALTGUARD® proppant-delivered salt-inhibiting
technology was commercialized during the quarter. A large
operator employed SALTGUARD in the Northeastern US which eliminated
freshwater injections and sustained much higher production levels
than their untreated wells. The operator plans to employ
SALTGUARD in its new wells in the area.
- The use of CARBOAIR® ultra low-density ceramic
proppant for open hole gravel packs applications continued to
expand in the quarter, now having been placed in over 30 gravel
packs. All reporting 100% success rate with zero instances of
incomplete placements. The client also reported that CARBOAIR
technology reduced pumping rate and frac pressures, and expanded
their gravel pack fluid selection. CARBOAIR is 25% lower
density than sand which improves proppant placement.
- In Western Canada, a large
operator used CARBONRT® inert tracer technology within
their cement slurry for identifying cement top location. The
improved detection with lighter weight cements helped to address
local regulation requirements and avoid costs and time associated
with cement squeezes.
- The first use of CARBONRT inert tracer technology in a
horizontal well was recently documented and presented to a full
house at the 2018 Society of Petroleum Engineers Annual Technical
Conference and Exhibition (SPE ATCE). This technology has
been used extensively for nearly ten years in vertical wells to
detect proppant height location without the need for hazardous
radioactive materials. In this new application, the operator
was able to determine cluster efficiency while deploying diverters
on multiple stages.
- QUANTUM™, a proprietary Propped Reservoir Volume™ (PRV™)
imaging service, completed another field trial in the STACK play in
Oklahoma during the quarter as the
technology and service continues to be enhanced and
perfected. QUANTUM technology is designed to visualize the
location of the PRV to optimize vertical and horizontal well
spacing as well as stimulation design.
- At this same SPE ATCE conference, STRATAGEN consultants
presented a paper illustrating the impact of fracture effectiveness
on well economics in the Haynesville shale. Using both
modeling and field results, the paper presents how fractures lose
effectiveness over time due to stress on proppant and production
drawdown. It further shows that life of well economics can be
improved by replacing 40% of the sand with low density ceramic, due
to improved effective fracture conductivity.
- During the quarter, four full sand-to-ceramic conversions using
ACCUCAST high-performance ceramic casting media were awarded as the
industry continues to address OSHA Permissible Exposure Limits
(PEL) to improve worker safety. By utilizing ACCUCAST as
their casting media, clients can eliminate employees' exposure to
respirable silica dust while improving overall casting quality and
reducing costs.
- The CARBOGRIND® portfolio of high-performance
industrial grinding media has expanded further during the quarter,
now offering over 60 products varying in size and density.
The recent expansion of products supports clients' needs to mill a
range of soft to hard minerals, within fine and ultra-fine grinding
applications.
- GROUNDGUARD® pre-fabricated liner from ASSETGUARD
was selected to line a large-scale, three-acre recreational pond
used for fishing and other activities. The owner of the
recreational pond selected GROUNDGUARD over other available
products in the market due to its durability, impermeability and
ease of installation. This is the first application of this
type for GROUNDGUARD with plans to provide the client a second
order in early 2019.
Outlook
CEO Gary Kolstad commented on the
outlook for CARBO stating, "Year-to-date, we have experienced a
very strong 65% Adjusted EBITDA incremental margin. Although
reduced completion activity, along with seasonality, will impact
fourth quarter revenue, we expect to see improved year-on-year
margins in the fourth quarter of 2018 as well.
"In North America, the combination of lower completion activity,
customers' budget exhaustion, and additional regional sand capacity
coming online, leads us to estimate our full year 2018 consolidated
revenue will approximate $210
million. The main driver for the reduced revenue
forecast for the full year 2018, is softening industry demand for
both our base ceramic and frac sand proppants. In
addition, this decline in industry activity has shifted our path to
positive EBITDA into next year.
"We continue to be very encouraged by customer interest in our
three sectors' technology products, increasing international
activity, and the expected recovery in the North American oilfield
in 2019. This, combined with continued reduction in
structural costs gives us confidence in reaching positive
EBITDA. We expect our efforts to reduce working capital
levels and the sale of the Millen
plant to strengthen cash levels and maintain a strong balance
sheet.
Oilfield Sector:
"We expect our ceramic technology
sales to finish the year strong relative to the third quarter of
2018 driven by sales of KRYPTOSPHERE, the Guard family, NRT and
CARBOAIR products.
"Demand for STRATAGEN's consulting
services is expected to stay healthy during the fourth quarter of
2018. We have seen our client list expand as operators rely
on STRATAGEN to provide consulting services to optimize their well
completions and enhance production.
"Our software business is expected
to be steady during the fourth quarter of 2018, following the
modest growth pattern we have seen in Fracpro® sales
throughout the year. We continue to look for new
opportunities to grow our software business.
Due to the well-publicized lower
completion activity in the industry, we now believe our full year
revenues for base ceramic and sand proppants to be down 20% to 25%
from where we anticipated as we exited the second quarter of
2018. In base ceramic proppants, one of our strategies
to reduce working capital is to change the traditional business
model from manufacturing and stocking of inventory, to one which
incorporates production on demand along with upfront cash
commitments. For frac sand, we are pleased to have signed a
contract for an estimated 550,000 tons of annual capacity during
the third quarter of 2018, which will offset some of the softening
demand we encountered during the quarter. The benefits of the
contract include the use of our sand facility, rail cars and
distribution center.
Industrial Sector:
"We anticipate our industrial
revenues to increase year-on-year during the fourth quarter driven
by increased industrial ceramic media sales along with continued
contract manufacturing revenue.
"The client gains we have made in
industrial ceramic and contract manufacturing is building a growing
base of business for 2019. The Industrial sector outlook
through 2019 is positive and we should continue to see double digit
revenue growth along with strong margins.
Environmental Sector:
"ASSETGUARD continues to perform
well and its profitability has significantly improved
year-on-year. Given the recent slowdown in oil and gas
activity, we believe the fourth quarter will result in more modest
growth year-on-year than what we witnessed in the third quarter of
2018. We expect continued growth in industrial applications
for ASSETGUARD's products.
"As demonstrated by our evolving revenue mix, our long term
growth strategy to diversify our revenue streams across multiple
industries is proving to be successful. Swings in oilfield
activity have a significant impact on us today but successful
execution of our transformation strategy will help lessen the
negative impact of those swings and improve our
profitability. Maintaining healthy cash levels during this
transformation is key and we continue to take actions to maintain a
strong balance sheet," Mr. Kolstad concluded.
Conference Call
As previously announced, a conference call to discuss CARBO's
third quarter 2018 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/10125107
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 November
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 10125107.
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. The Company has two
reportable operating segments: 1) oilfield and industrial
technologies and services and 2) environmental technologies and
services.
CARBO Oilfield Technologies – is a leading provider
of market-leading technologies to create engineered production
enhancements solutions that help E&P operators to design, build
and optimize the frac – increasing well production and estimated
ultimate recovery, and lower finding and development cost per
barrel of oil equivalent.
CARBO Industrial Technologies - is a leading provider of
high-performance ceramic media and industrial technologies
engineered to increase process efficiency, improve end-product
quality and reduce operating cost. Our minerals processing and
custom manufacturing services help bring new products to market
faster and meet customer demands while minimizing investment.
CARBO Environmental Technologies – is a leading provider
of spill prevention and containment solutions that provide the
highest level of protection for clients' assets and the environment
in oil and gas and industrial applications. Our range of innovative
products feature a proprietary polyurea coating technology that
creates a seamless, impermeable, maintenance-free layer of
protection.
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
|
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
(In thousands
except per
share)
|
|
|
(In thousands
except per
share)
|
Revenues
|
|
$
|
53,819
|
|
|
$
|
50,173
|
|
|
$
|
161,175
|
|
|
$
|
128,415
|
Cost of sales
(exclusive of depreciation and amortization shown below)
|
|
|
50,514
|
|
|
|
53,805
|
|
|
|
152,303
|
|
|
|
142,830
|
Depreciation and
amortization
|
|
|
8,058
|
|
|
|
10,891
|
|
|
|
24,793
|
|
|
|
32,999
|
Gross loss
|
|
|
(4,753)
|
|
|
|
(14,523)
|
|
|
|
(15,921)
|
|
|
|
(47,414)
|
SG&A expenses
(exclusive of depreciation and amortization shown below)
|
|
|
10,121
|
|
|
|
9,494
|
|
|
|
30,412
|
|
|
|
29,272
|
Depreciation and
amortization
|
|
|
625
|
|
|
|
641
|
|
|
|
1,859
|
|
|
|
1,924
|
Loss on sale of
Russian proppant business
|
|
|
—
|
|
|
|
26,728
|
|
|
|
350
|
|
|
|
26,728
|
Other operating
(income) expense
|
|
|
(718)
|
|
|
|
125,738
|
|
|
|
(777)
|
|
|
|
125,738
|
Operating
loss
|
|
|
(14,781)
|
|
|
|
(177,124)
|
|
|
|
(47,765)
|
|
|
|
(231,076)
|
Other expense,
net
|
|
|
(2,126)
|
|
|
|
(1,657)
|
|
|
|
(6,220)
|
|
|
|
(5,182)
|
Loss before income
taxes
|
|
|
(16,907)
|
|
|
|
(178,781)
|
|
|
|
(53,985)
|
|
|
|
(236,258)
|
Income tax
benefit
|
|
|
(171)
|
|
|
|
(316)
|
|
|
|
(164)
|
|
|
|
(527)
|
Net loss
|
|
$
|
(16,736)
|
|
|
$
|
(178,465)
|
|
|
$
|
(53,821)
|
|
|
$
|
(235,731)
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.62)
|
|
|
$
|
(6.69)
|
|
|
$
|
(2.00)
|
|
|
$
|
(8.84)
|
Diluted
|
|
$
|
(0.62)
|
|
|
$
|
(6.69)
|
|
|
$
|
(2.00)
|
|
|
$
|
(8.84)
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
27,169
|
|
|
|
26,691
|
|
|
|
26,964
|
|
|
|
26,655
|
Diluted
|
|
|
27,169
|
|
|
|
26,691
|
|
|
|
26,964
|
|
|
|
26,655
|
Disaggregated
Revenue
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
(in
thousands)
|
|
September 30,
|
|
|
September 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Technology products
and services
|
|
$
|
12,922
|
|
|
$
|
10,813
|
|
|
$
|
35,578
|
|
|
$
|
28,543
|
Industrial products
and services
|
|
|
4,153
|
|
|
|
2,955
|
|
|
|
10,714
|
|
|
|
7,372
|
Base ceramic and sand
proppants
|
|
|
27,520
|
|
|
|
31,079
|
|
|
|
90,558
|
|
|
|
75,754
|
Oilfield and
Industrial Technologies and Services Segment
|
|
|
44,595
|
|
|
|
44,847
|
|
|
|
136,850
|
|
|
|
111,669
|
Environmental
Technologies and Services Segment
|
|
|
9,224
|
|
|
|
5,326
|
|
|
|
24,325
|
|
|
|
16,746
|
Total
|
|
$
|
53,819
|
|
|
$
|
50,173
|
|
|
$
|
161,175
|
|
|
$
|
128,415
|
(Loss) income
before income taxes
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
(in
thousands)
|
|
September 30,
|
|
|
September 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Oilfield and
Industrial Technologies and Services Segment
|
|
$
|
(17,904)
|
|
|
$
|
(178,603)
|
|
|
$
|
(56,217)
|
|
|
$
|
(235,803)
|
Environmental
Technologies and Services Segment
|
|
|
997
|
|
|
|
(178)
|
|
|
|
2,232
|
|
|
|
(455)
|
Total
|
|
$
|
(16,907)
|
|
|
$
|
(178,781)
|
|
|
$
|
(53,985)
|
|
|
$
|
(236,258)
|
Reconciliation of
Reported Net Loss to EBITDA and
Adjusted EBITDA
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
(In
thousands)
|
|
September 30,
|
|
|
September 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net
loss
|
|
$
|
(16,736)
|
|
|
$
|
(178,465)
|
|
|
$
|
(53,821)
|
|
|
$
|
(235,731)
|
Interest expense,
net
|
|
|
2,292
|
|
|
|
1,915
|
|
|
|
6,393
|
|
|
|
5,630
|
Income tax
benefit
|
|
|
(171)
|
|
|
|
(316)
|
|
|
|
(164)
|
|
|
|
(527)
|
Depreciation and
amortization
|
|
|
8,683
|
|
|
|
11,532
|
|
|
|
26,652
|
|
|
|
34,923
|
EBITDA
|
|
$
|
(5,932)
|
|
|
$
|
(165,334)
|
|
|
$
|
(20,940)
|
|
|
$
|
(195,705)
|
(Gain) loss on
disposal or impairment of assets
|
|
|
(1,038)
|
|
|
|
125,738
|
|
|
|
(1,097)
|
|
|
|
125,738
|
Loss on sale of
Russian proppant business
|
|
|
—
|
|
|
|
26,728
|
|
|
|
350
|
|
|
|
26,728
|
Other
charges
|
|
|
1,048
|
|
|
|
—
|
|
|
|
1,390
|
|
|
|
3
|
(Gain) loss on
derivative instruments
|
|
|
(217)
|
|
|
|
(285)
|
|
|
|
(847)
|
|
|
|
916
|
Adjusted
EBITDA
|
|
$
|
(6,139)
|
|
|
$
|
(13,153)
|
|
|
$
|
(21,144)
|
|
|
$
|
(42,320)
|
|
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.
|
Balance Sheet
Information
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2018
|
|
|
2017
|
|
|
(in
thousands)
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
48,872
|
|
|
$
|
68,169
|
Restricted cash
(current)
|
|
|
5,932
|
|
|
|
6,935
|
Other current
assets
|
|
|
134,760
|
|
|
|
120,693
|
Restricted cash
(long-term)
|
|
|
3,780
|
|
|
|
3,281
|
Property, plant and
equipment, net
|
|
|
281,323
|
|
|
|
324,186
|
Goodwill
|
|
|
3,500
|
|
|
|
3,500
|
Intangible and other
assets, net
|
|
|
8,576
|
|
|
|
13,834
|
Total
assets
|
|
$
|
486,743
|
|
|
$
|
540,598
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Derivative
instruments
|
|
$
|
563
|
|
|
$
|
2,537
|
Notes payable, related
parties (current)
|
|
|
27,040
|
|
|
|
—
|
Other current
liabilities
|
|
|
34,181
|
|
|
|
39,894
|
Deferred income
taxes
|
|
|
63
|
|
|
|
230
|
Long-term debt and
notes payable, related parties, net
|
|
|
61,211
|
|
|
|
87,738
|
Other long-term
liabilities
|
|
|
6,492
|
|
|
|
4,434
|
Shareholders'
equity
|
|
|
357,193
|
|
|
|
405,765
|
Total liabilities
and shareholders' equity
|
|
$
|
486,743
|
|
|
$
|
540,598
|
Contact:
Mark Thomas,
Director, Investor Relations
(281) 921-6458
View original
content:http://www.prnewswire.com/news-releases/carbo-announces-third-quarter-2018-results-300737554.html
SOURCE CARBO Ceramics Inc.