FREDERICK, Md., Dec. 22, 2014 /PRNewswire/ -- U.S. Silica
Holdings, Inc. (NYSE: SLCA) announced today that its Board of
Directors has authorized an increase in the Company's share
repurchase program from $25 million
to up to $50 million. The repurchase
program will be funded over the next twelve months using the
Company's available cash.
"The decision to upsize our stock repurchase program reflects
our confidence in U.S. Silica's long-term strategy and growth
prospects as well as a commitment to delivering increased value to
shareholders," said Bryan Shinn,
president and chief executive officer. "We remain focused on using
our strong balance sheet and cash flows to continue investing in
organic growth initiatives and other high-return business
development activities that create value for our shareholders."
The Company is authorized to repurchase, from time to time,
shares of its outstanding common stock on the open market or in
privately negotiated transactions. The timing and the amount of any
repurchases of common stock will be determined by U.S. Silica
management based on its evaluation of market conditions and other
factors. Repurchases of common stock may also be made under a
Rule 10b5-1 plan, which would permit common stock to be repurchased
when U.S. Silica might otherwise be precluded from doing so under
insider trading laws. The share repurchase program may be
suspended, modified or discontinued at any time and the Company has
no obligation to repurchase any amount of its common stock under
the program. The Company intends to make all repurchases in
compliance with applicable regulatory guidelines and to administer
the plan in accordance with applicable laws, including Rule 10b-18
of the Securities Exchange Act of 1934, as amended.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a
leading producer of commercial silica used in the oil and gas
industry, and in a wide range of industrial applications. Over its
114-year history, U.S. Silica has developed core competencies in
mining, processing, logistics and materials science that enable it
to produce and cost-effectively deliver over 250 products to
customers across our end markets. The company currently operates
nine industrial sand production plants and seven oil and gas sand
production plants. The company is headquartered in Frederick, Maryland and also has offices
located in Chicago, Illinois,
Houston, Texas and Shanghai, China. The company operates on
a platform of ethics, safety and sustainability. U.S. Silica is a
founding member of Wisconsin Industrial Sand Association (WISA) and
has been recognized by the Wisconsin Department of Natural
Resources (WDNR) as a partner in the WDNR Green Tier program. In
becoming a Green Tier participant, U.S. Silica demonstrates its
commitment to achieving superior environmental and economic
performance.
Forward-looking Statements
Certain statements in this press release are "forward-looking
statements" made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and speak only as
of this date. Forward-looking statements made include any statement
that does not directly relate to any historical or current fact and
may include, but are not limited to, statements regarding U.S.
Silica's growth opportunities, strategy, future financial results,
forecasts, projections, plans and capital expenditures, and the
commercial silica industry. Forward-looking statements are based on
our current expectations and assumptions, which may not prove to be
accurate. These statements are not guarantees and are subject to
risks, uncertainties and changes in circumstances that are
difficult to predict. Many factors could cause actual results to
differ materially and adversely from these forward-looking
statements. Among these factors are: (1) fluctuations in demand for
commercial silica; (2) the cyclical nature of our customers'
businesses; (3) operating risks that are beyond our control; (4)
federal, state and local legislative and regulatory initiatives
relating to hydraulic fracturing; (5) our ability to implement our
capacity expansion plans within our current timetable and budget;
(6) loss of, or reduction in, business from our largest customers;
(7) increasing costs or a lack of dependability or availability of
transportation services or infrastructure; (8) our substantial
indebtedness and pension obligations; (9) our ability to attract
and retain key personnel; (10) silica-related health issues and
corresponding litigation; (11) seasonal and severe weather
conditions; and (12) extensive and evolving environmental, mining,
health and safety, licensing, reclamation and other regulation (and
changes in their enforcement or interpretation). Additional
information concerning these and other factors can be found in U.S.
Silica's filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.