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 July 9 Press release

Press Release


For immediate release - July 14, 1997

CARBO CERAMICS ANNOUNCES RECORD EARNINGS, NEW PLANT CONSTRUCTION, NEW MARKET DEVELOPMENT AGREEMENT, NEW VICE PRESIDENT


Irving, Texas (July 14, 1997)-Carbo Ceramics Inc. (Nasdaq: CRBO) announced second quarter 1997 revenues of $20.9 million, an increase of 20 percent over last year's second quarter. Net income for the second quarter was $5.4 million ($.37 per share), an increase of 75 percent from last year's second quarter pro forma net income of $3.1 million ($.21 per share).

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
1997199619971996
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.




carboinfo@carboceramics.com

CARBO Ceramics Inc.
Suite 1520
600 East Las Colinas Blvd.
Irving, Texas 75039

Telephone: 972-401-0090
Fax: 972-401-0705