KATY, Texas, April 30, 2021 /PRNewswire/ -- U.S. Silica
Holdings, Inc. (NYSE: SLCA), a diversified industrial minerals
company and the leading last-mile logistics provider to the oil and
gas industry (the "Company"), today announced a net loss of
$20.8 million, or $(0.28) per basic and diluted share, for the
first quarter ended March 31, 2021,
compared with net income of $4.6
million, or $0.06 per basic
and diluted share, for the fourth quarter of 2020.
Bryan Shinn, Chief Executive
Officer, commented, "I am pleased with our strong financial and
operational performance during the first quarter. We
delivered impressive results which exceeded both revenue and
Adjusted EBITDA expectations. Our volumes grew in both
operating segments and we recently announced another price increase
for our industrial and specialty products effective as of May
1st.
Industrial activity and commodity prices have rebounded from
earlier this year and we are optimistic that markets are in the
early stages of a broader recovery, particularly as we look ahead
to the second half of 2021 and into 2022. We are well-positioned to
benefit from and respond to this improving market dynamic."
Shinn continued "As a leader in the industrial minerals market,
we are poised to monetize a compelling new pipeline of specialty
and performance products that serve traditional end markets such as
housing, food and beverage, automotive, biopharma and energy as
well as emerging sustainable industries including solar energy,
wind power, cleaner air, green diesel, food quality, and
energy-efficient buildings.
For our valued customers, we will continue to focus on ensuring
that we consistently deliver the operational excellence you have
come to expect from us."
First Quarter 2021 Highlights
Total Company
- Revenue of $234.4 million for the
first quarter of 2021 decreased 13% when compared with the first
quarter of 2020 and increased 3% compared with $227.3 million in the fourth quarter of 2020.
However, excluding the $27.2 million
benefit in the Oil & Gas segment related to customer shortfall
penalties in the fourth quarter, revenue increased 17%
sequentially.
- Overall tons sold of 3.561 million for the first quarter of
2021 increased 26% compared with 2.827 million tons sold in the
fourth quarter of 2020 and decreased 14% when compared with the
first quarter of 2020.
- Contribution margin of $61.6
million for the first quarter of 2021 decreased 19% when
compared with the first quarter of 2020 and decreased 31% compared
with $89.9 million in the fourth
quarter of 2020. However, excluding the $27.2 million benefit in the Oil & Gas
segment related to customer shortfall penalties in the fourth
quarter, contribution margin decreased 2% sequentially. In
addition, costs associated with winter weather events as well as
empty railcar moves and trucking inflation negatively impacted the
first quarter.
- Adjusted EBITDA of $38.3 million
for the first quarter of 2021 decreased 40% compared with
$63.6 million in the fourth quarter
of 2020. However, excluding the $27.2
million benefit in the Oil & Gas segment related to
customer shortfall penalties in the fourth quarter, adjusted EBITDA
increased 5% sequentially.
Industrial & Specialty Products (ISP)
- Revenue of $112.7 million for the
first quarter of 2021 increased 5% compared with $106.9 million in the fourth quarter of 2020, and
was virtually flat when compared with the first quarter of
2020.
- Tons sold totaled 0.984 million for the first quarter of 2021
increased 6% compared with 0.926 million tons sold in the fourth
quarter of 2020, and increased 3% when compared with the first
quarter of 2020.
- Segment contribution margin of $40.0
million, or $40.69 per ton,
for the first quarter of 2021 increased 4% compared with
$38.4 million in the fourth quarter
of 2020, and decreased 8% when compared with the first quarter of
2020.
Oil & Gas
- Revenue of $121.7 million for the
first quarter of 2021 decreased 22% when compared with the first
quarter of 2020 and was virtually flat when compared with
$120.3 million in the fourth quarter
of 2020. However, excluding the $27.2
million benefit in the Oil & Gas segment related to
customer shortfall penalties in the fourth quarter, revenue
increased 31% sequentially.
- Tons sold of 2.577 million for the first quarter of 2021
increased 36% compared with 1.901 million tons sold in the fourth
quarter of 2020, and decreased 20% when compared with the first
quarter of 2020.
- Segment contribution margin of $21.5
million, or $8.36 per ton,
decreased 35% when compared with the first quarter of 2020 and
decreased 58% when compared with $51.5
million in the fourth quarter of 2020. However, excluding
the $27.2 million benefit in the Oil
& Gas segment related to customer shortfall penalties in the
fourth quarter, segment contribution margin decreased 11%
sequentially.
- The reduction in contribution margin is primarily related to
positive accounting items discussed above and is consistent with
the Company's fourth quarter comments on the expected contribution
margin for the first quarter of this year.
Capital Update
As of March 31, 2021, the Company had $154.4 million in cash and cash equivalents and
total debt was $1.240 billion.
Capital expenditures in the first quarter totaled $3.5 million. During the first quarter of 2021,
the Company generated $13.6 million
in cash flow from operations aided by a $16
million tax refund. The Company remains focused on
building on its fundamental operating successes, its disciplined
approach to expanding its business, ensuring that it generates
sustainable free cash flow and continuing to de-lever its balance
sheet.
Outlook and Guidance
Looking ahead in 2021 and beyond, the Company is well positioned
for sustainable, long-term growth. The Company has a strong
portfolio of industrial and specialty products, supported by a
robust pipeline of new products under development. It has
implemented measures to leverage and further develop this
industrial core, placing the Company on a long-term financially
rewarding path.
In 2021, the Company is reinforcing its commitment to three
strategic priorities: 1) growing its Industrial &
Specialty Products segment, 2) repositioning its Oil & Gas
segment, and 3) prioritizing free cash flow.
The Industrial & Specialty Products segment continues to
prove its resiliency through cycles and is expected to consistently
outpace U.S. GDP growth. In the second quarter, the Company expects
Industrial & Specialty Products segment contribution margin to
increase 5% to 10% sequentially.
The oil and gas industry is emerging from the worst downturn in
recent oilfield history. As we progress through the year and into
2022 and economic activity rebounds and gains momentum, the Company
expects a robust energy recovery. Given this backdrop, the Company
anticipates second quarter sequential Oil & Gas contribution
margin to be up 30 – 35%.
The Company fully expects to deliver positive free cash flow
this year and reduce net debt by year end.
Conference Call
U.S. Silica will host a conference call for investors today,
April 30, 2021 at 7:30 a.m. Central Time to discuss these results.
Hosting the call will be Bryan
Shinn, Chief Executive Officer and Don Merril, Executive Vice President and Chief
Financial Officer. Investors are invited to listen to a live
webcast of the conference call by visiting the "Investors" section
of the Company's website at www.ussilica.com. The webcast
will be archived for one year. The call can also be accessed
live over the telephone by dialing (877) 869-3847 or for
international callers, (201) 689-8261. A replay will be
available shortly after the call and can be accessed by dialing
(877) 660-6853 or for international callers, (201) 612-7415.
The conference ID for the replay is 13718876. The replay will be
available through May 30, 2021.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company
and is a member of the Russell 2000. The Company is a leading
producer of commercial silica used in the oil and gas industry, and
in a wide range of industrial applications. Over its 121-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 500 diversified products
to customers across our end markets. U.S. Silica's
wholly-owned subsidiaries include EP Minerals and SandBox
Logistics™. EP Minerals is an industry leader in the
production of products derived from diatomaceous earth, perlite,
engineered clays, and non-activated clays. SandBox Logistics™
is a state-of-the-art leader in proppant storage, handling and
well-site delivery, dedicated to making proppant logistics cleaner,
safer and more efficient. The Company currently operates 24
mines and production facilities. The Company is headquartered
in Katy, Texas.
Forward-looking Statements
This first quarter 2021 earnings release, as well as other
statements we make, contain "forward-looking statements" within the
meaning of the federal securities laws - that is, statements about
the future, not about past events. Forward-looking statements give
our current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future
performance and business. These statements may include words such
as "anticipate," "estimate," "expect," "project," "plan," "intend,"
"believe," "may," "will," "should," "could," "can have," "likely"
and other words and terms of similar meaning. 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, technological
innovations, ability to reduce costs or idle plants, the impacts of
COVID-19 on the Company's operations, 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 global economic conditions; the
effect of the COVID-19 pandemic on markets the Company serves;
fluctuations in demand for commercial silica, diatomaceous earth,
perlite, clay and cellulose; fluctuations in demand for frac sand
or the development of either effective alternative proppants or new
processes to replace hydraulic fracturing; the entry of competitors
into our marketplace; changes in production spending by companies
in the oil and gas industry and changes in the level of oil and
natural gas exploration and development; changes in oil and gas
inventories; general economic, political and business conditions in
key regions of the world; pricing pressure; weather and seasonal
factors; the cyclical nature of our customers' business; our
inability to meet our financial and performance targets and other
forecasts or expectations; our substantial indebtedness and pension
obligations, including restrictions on our operations imposed by
our indebtedness; operational modifications, delays or
cancellations; prices for electricity, natural gas and diesel fuel;
our ability to maintain our transportation network; changes in
government regulations and regulatory requirements, including those
related to mining, explosives, chemicals, and oil and gas
production; silica-related health issues and corresponding
litigation; and other risks and uncertainties detailed in this
press release and our most recent Forms 10-K, 10-Q, and 8-K filed
with or furnished to the U.S. Securities and Exchange Commission.
If one or more of these or other risks or uncertainties materialize
(or the consequences of such a development changes), or should
underlying assumptions prove incorrect, actual outcomes may vary
materially from those reflected in our forward-looking
statements. The forward-looking statements speak only as of
the date hereof, and we disclaim any intention or obligation to
update publicly or revise such statements, whether as a result of
new information, future events or otherwise.
U.S. SILICA
HOLDINGS, INC.
|
SELECTED FINANCIAL
DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Unaudited;
dollars in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
March 31,
2021
|
|
December 31,
2020
|
|
March 31,
2020
|
Total sales
|
$
|
234,416
|
|
|
$
|
227,277
|
|
|
$
|
269,599
|
|
Total cost of sales
(excluding depreciation, depletion and amortization)
|
176,989
|
|
|
141,418
|
|
|
201,317
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
26,224
|
|
|
27,777
|
|
|
30,052
|
|
Depreciation,
depletion and amortization
|
41,348
|
|
|
39,964
|
|
|
38,449
|
|
Goodwill and other
asset impairments
|
38
|
|
|
2,644
|
|
|
103,866
|
|
Total operating
expenses
|
67,610
|
|
|
70,385
|
|
|
172,367
|
|
Operating (loss)
income
|
(10,183)
|
|
|
15,474
|
|
|
(104,085)
|
|
Other (expense)
income:
|
|
|
|
|
|
Interest
expense
|
(17,711)
|
|
|
(16,155)
|
|
|
(22,277)
|
|
Other income, net,
including interest income
|
2,605
|
|
|
8,758
|
|
|
17,671
|
|
Total other
expense
|
(15,106)
|
|
|
(7,397)
|
|
|
(4,606)
|
|
(Loss) income before
income taxes
|
(25,289)
|
|
|
8,077
|
|
|
(108,691)
|
|
Income tax benefit
(expense)
|
4,354
|
|
|
(3,760)
|
|
|
36,086
|
|
Net (loss)
income
|
$
|
(20,935)
|
|
|
$
|
4,317
|
|
|
$
|
(72,605)
|
|
Less: Net loss
attributable to non-controlling interest
|
(157)
|
|
|
(250)
|
|
|
(260)
|
|
Net (loss) income
attributable to U.S. Silica Holdings, Inc.
|
$
|
(20,778)
|
|
|
$
|
4,567
|
|
|
$
|
(72,345)
|
|
|
|
|
|
|
|
(Loss) income per
share attributable to U.S. Silica Holdings, Inc.:
|
|
|
|
|
|
Basic
|
$
|
(0.28)
|
|
|
$
|
0.06
|
|
|
$
|
(0.98)
|
|
Diluted
|
$
|
(0.28)
|
|
|
$
|
0.06
|
|
|
$
|
(0.98)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
Basic
|
73,927
|
|
|
73,728
|
|
|
73,467
|
|
Diluted
|
73,927
|
|
|
74,328
|
|
|
73,467
|
|
Dividends declared
per share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
U.S. SILICA
HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited;
dollars in thousands)
|
|
|
March 31,
2021
|
|
December 31,
2020
|
|
|
|
|
ASSETS
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
154,411
|
|
|
$
|
150,920
|
|
Accounts receivable,
net
|
211,840
|
|
|
206,934
|
|
Inventories,
net
|
106,151
|
|
|
104,684
|
|
Prepaid expenses and
other current assets
|
24,321
|
|
|
23,147
|
|
Income tax
deposits
|
410
|
|
|
628
|
|
Total current
assets
|
497,133
|
|
|
486,313
|
|
Property, plant and
mine development, net
|
1,333,317
|
|
|
1,368,092
|
|
Lease right-of-use
assets
|
35,697
|
|
|
37,469
|
|
Goodwill
|
185,649
|
|
|
185,649
|
|
Intangible assets,
net
|
157,219
|
|
|
159,582
|
|
Other
assets
|
9,218
|
|
|
9,842
|
|
Total
assets
|
$
|
2,218,233
|
|
|
$
|
2,246,947
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
Liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
127,123
|
|
|
$
|
121,920
|
|
Current portion of
operating lease liabilities
|
16,571
|
|
|
17,388
|
|
Current portion of
long-term debt
|
40,200
|
|
|
42,042
|
|
Current portion of
deferred revenue
|
13,956
|
|
|
13,545
|
|
Total current
liabilities
|
197,850
|
|
|
194,895
|
|
Long-term debt,
net
|
1,196,559
|
|
|
1,197,660
|
|
Deferred
revenue
|
17,972
|
|
|
20,147
|
|
Liability for pension
and other post-retirement benefits
|
34,543
|
|
|
48,169
|
|
Deferred income
taxes, net
|
47,630
|
|
|
49,386
|
|
Operating lease
liabilities
|
71,603
|
|
|
76,361
|
|
Other long-term
liabilities
|
33,801
|
|
|
33,538
|
|
Total
liabilities
|
1,599,958
|
|
|
1,620,156
|
|
Stockholders'
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
832
|
|
|
827
|
|
Additional paid-in
capital
|
1,203,922
|
|
|
1,200,023
|
|
Retained
deficit
|
(416,267)
|
|
|
(395,496)
|
|
Treasury stock, at
cost
|
(182,515)
|
|
|
(181,615)
|
|
Accumulated other
comprehensive income (loss)
|
1,103
|
|
|
(8,479)
|
|
Total U.S. Silica
Holdings, Inc. stockholders' equity
|
607,075
|
|
|
615,260
|
|
Non-controlling
interest
|
11,200
|
|
|
11,531
|
|
Total stockholders'
equity
|
618,275
|
|
|
626,791
|
|
Total liabilities and
stockholders' equity
|
$
|
2,218,233
|
|
|
$
|
2,246,947
|
|
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses
to evaluate our operating performance and to determine resource
allocation between segments. Segment contribution margin excludes
selling, general, and administrative costs, corporate costs, plant
capacity expenses, and facility closure costs.
The following table sets forth a reconciliation of net (loss)
income, the most directly comparable GAAP financial measure, to
segment contribution margin.
(All amounts
in thousands)
|
Three Months
Ended
|
|
March 31,
2021
|
|
December 31,
2020
|
|
March
31, 2020
|
Sales:
|
|
|
|
|
|
Oil & Gas
Proppants
|
$
|
121,697
|
|
|
$
|
120,344
|
|
|
$
|
155,715
|
|
Industrial &
Specialty Products
|
112,719
|
|
|
106,933
|
|
|
113,884
|
|
Total sales
|
234,416
|
|
|
227,277
|
|
|
269,599
|
|
Segment contribution
margin:
|
|
|
|
|
|
Oil & Gas
Proppants
|
21,540
|
|
|
51,501
|
|
|
32,891
|
|
Industrial &
Specialty Products
|
40,038
|
|
|
38,350
|
|
|
43,348
|
|
Total segment
contribution margin
|
61,578
|
|
|
89,851
|
|
|
76,239
|
|
Operating activities
excluded from segment cost of sales
|
(4,151)
|
|
|
(3,992)
|
|
|
(7,957)
|
|
Selling, general and
administrative
|
(26,224)
|
|
|
(27,777)
|
|
|
(30,052)
|
|
Depreciation,
depletion and amortization
|
(41,348)
|
|
|
(39,964)
|
|
|
(38,449)
|
|
Goodwill and other
asset impairments
|
(38)
|
|
|
(2,644)
|
|
|
(103,866)
|
|
Interest
expense
|
(17,711)
|
|
|
(16,155)
|
|
|
(22,277)
|
|
Other income, net,
including interest income
|
2,605
|
|
|
8,758
|
|
|
17,671
|
|
Income tax benefit
(expense)
|
4,354
|
|
|
(3,760)
|
|
|
36,086
|
|
Net (loss)
income
|
$
|
(20,935)
|
|
|
$
|
4,317
|
|
|
$
|
(72,605)
|
|
Less: Net loss
attributable to non-controlling interest
|
(157)
|
|
|
(250)
|
|
|
(260)
|
|
Net (loss) income
attributable to U.S. Silica Holdings, Inc.
|
$
|
(20,778)
|
|
|
$
|
4,567
|
|
|
$
|
(72,345)
|
|
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or
liquidity under GAAP and should not be considered as an alternative
to net income (loss) as a measure of operating performance, cash
flows from operating activities as a measure of liquidity or any
other performance measure derived in accordance with GAAP.
Additionally, Adjusted EBITDA is not intended to be a measure of
free cash flow for management's discretionary use, as it does not
consider certain cash requirements such as interest payments, tax
payments and debt service requirements. Adjusted EBITDA contains
certain other limitations, including the failure to reflect our
cash expenditures, cash requirements for working capital needs and
cash costs to replace assets being depreciated and amortized, and
excludes certain charges that may recur in the future. Management
compensates for these limitations by relying primarily on our GAAP
results and by using Adjusted EBITDA only supplementally. Our
measure of Adjusted EBITDA is not necessarily comparable to other
similarly titled captions of other companies due to potential
inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income
(loss), the most directly comparable GAAP financial measure, to
Adjusted EBITDA:
(All amounts in
thousands)
|
Three Months
Ended
|
|
March 31,
2021
|
|
December 31,
2020
|
|
March 31,
2020
|
Net (loss) income
attributable to U.S. Silica Holdings, Inc.
|
$
|
(20,778)
|
|
|
$
|
4,567
|
|
|
$
|
(72,345)
|
|
Total interest
expense, net of interest income
|
15,803
|
|
|
15,858
|
|
|
22,194
|
|
Provision for
taxes
|
(4,354)
|
|
|
3,760
|
|
|
(36,086)
|
|
Total depreciation,
depletion and amortization expenses
|
41,348
|
|
|
39,964
|
|
|
38,449
|
|
EBITDA
|
32,019
|
|
|
64,149
|
|
|
(47,788)
|
|
Non-cash incentive
compensation (1)
|
4,574
|
|
|
3,068
|
|
|
2,847
|
|
Post-employment
expenses (excluding service costs) (2)
|
363
|
|
|
428
|
|
|
613
|
|
Merger and
acquisition related expenses (3)
|
194
|
|
|
143
|
|
|
609
|
|
Plant capacity
expansion expenses (4)
|
41
|
|
|
825
|
|
|
2,190
|
|
Goodwill and other
asset impairments (5)
|
38
|
|
|
2,644
|
|
|
103,866
|
|
Business optimization
projects (6)
|
39
|
|
|
28
|
|
|
19
|
|
Facility closure
costs (7)
|
502
|
|
|
1,377
|
|
|
1,097
|
|
Gain on valuation
change of royalty note payable (8)
|
—
|
|
|
(8,263)
|
|
|
—
|
|
Other adjustments
allowable under the Credit Agreement (9)
|
546
|
|
|
(817)
|
|
|
(15,207)
|
|
Adjusted
EBITDA
|
$
|
38,316
|
|
|
$
|
63,582
|
|
|
$
|
48,246
|
|
|
|
|
(1)
|
Reflects equity-based
and other equity-related compensation expense.
|
(2)
|
Includes net pension
cost and net post-retirement cost relating to pension and other
post-retirement benefit obligations during the applicable period,
but in each case excluding the service cost relating to benefits
earned during such period. Non-service net periodic benefit costs
are not considered reflective of our operating performance because
these costs do not exclusively originate from employee services
during the applicable period and may experience periodic
fluctuations as a result of changes in non-operating factors,
including changes in discount rates, changes in expected returns on
benefit plan assets, and other demographic actuarial
assumptions.
|
(3)
|
Merger and
acquisition related expenses include legal fees, consulting fees,
bank fees, severance costs, certain purchase accounting items such
as the amortization of inventory fair value step-up, information
technology integration costs and similar charges. While these costs
are not operational in nature and are not expected to continue for
any singular transaction on an ongoing basis, similar types of
costs, expenses and charges have occurred in prior periods and may
recur in the future as we continue to integrate prior acquisitions
and pursue any future acquisitions.
|
(4)
|
Plant capacity
expansion expenses include expenses that are not inventoriable or
capitalizable as related to plant expansion projects greater than
$5 million in capital expenditures or plant start up
projects. While these expenses are not operational in nature
and are not expected to continue for any singular project on an
ongoing basis, similar types of expenses have occurred in prior
periods and may recur in the future if we continue to pursue future
plant capacity expansion.
|
(5)
|
The three months
ended March 31, 2021 and December 31, 2020 reflect impairment
charges of $38 thousand and $2.6 million, respectively, related to
intangible assets for the Industrial and Specialty Products
segment. The three months ended March 31, 2020 reflect $103.9
million of asset impairments related to goodwill, long-lived
assets, operating lease right-of-use assets and inventory related
to idled facilities in our Oil & Gas Proppants
segment.
|
(6)
|
Reflects costs
incurred related to business optimization projects within our
corporate center, which aim to measure and improve the efficiency,
productivity and performance of our organization. While these costs
are not operational in nature and are not expected to continue for
any singular project on an ongoing basis, similar types of expenses
may recur in the future.
|
(7)
|
Reflects costs
incurred related to idled sand facilities and closed corporate
offices, including severance costs and remaining contracted costs
such as office lease costs, maintenance, and utilities. While these
costs are not operational in nature and are not expected to
continue for any singular event on an ongoing basis, similar types
of expenses may recur in the future.
|
(8)
|
Gain on valuation
change of royalty note payable due to a change in estimate of
future tonnages and sales related to the sand shipped from our
Tyler, Texas facility. The gain is not operational in nature
and is not expected to continue for any singular event on an
ongoing basis.
|
(9)
|
Reflects
miscellaneous adjustments permitted under the Credit Agreement,
such as recruiting fees and relocation costs. The three months
ended March 31, 2021 also included $0.8 million related to expenses
incurred with severe winter storms during the first quarter,
partially offset by $0.1 million for a measurement period
adjustment related to the Arrows Up bargain purchase. See
Note E - Business Combinations to our Condensed Consolidated
Financial Statements in Part I, Item 1 of our Quarterly Report on
Form 10-Q for more information. The three months ended December 31,
2020 also included $0.7 million of transload shortfalls and exit
fees. The three months ended March 31, 2020 also included $1.6
million in severance costs and $17.6 million related to the gain
attributable to the bargain purchase of Arrows Up.
|
U.S. Silica Holdings, Inc.
Investor
Contact
Donald A. Merril
EVP and Chief Financial Officer
(301) 682-0302
merril@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.