Server: Netscape-Commerce/1.12 Date: Friday, 21-Nov-97 01:03:54 GMT Last-modified: Monday, 04-Aug-97 18:27:14 GMT Content-length: 5203 Content-type: text/html
Irving, Texas (April 15, 1997) - Carbo Ceramics Inc. (Nasdaq: CRBO) today announced record net income of $4.6 million, or $.31 per share, on revenues of $17.8 million for the first quarter 1997. Net income increased 69% over the first quarter 1996. The Company benefited from an increase in natural gas drilling activity in the U.S. during the quarter, despite a 7% reduction in natural gas prices versus the same period a year earlier. In addition to the increase in domestic market activity, the Company's export shipments increased by 29% due to improvements in drilling activity in several key foreign areas. The Company's 1997 results also benefited from a price increase of approximately 5% on its entire product line which took effect in the first quarter.
Carbo Ceramics Inc. is an Irving, Texas based manufacturer of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells.
Three Months Ended December 31 | ||
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1997 | 1996 | |
Revenues | $17,840,608 | $13,032,939 |
Income before taxes | $7,170,075 | $4,375,084 |
Net income (Pro forma for 1996) (a) | $4,586,268 | $2,712,552 |
Average shares outstanding (Pro forma for 1996) (b) | 14,711,136 | 14,602,000 |
Net income per share (Pro forma for 1996) | $ .31 | $ .19 |
(a) Pro forma net income for the three months ended March 31, 1996, reflects a provision for income taxes at an effective rate of 38%. Prior to April 24, 1996, the Company and its shareholders had elected S Corporation status under the Internal Revenue Code.
(b) Weighted average number of shares for 1997 reflects the issuance of stock options. Pro forma weighted average number of shares for 1996 represents the number of shares outstanding following the completion of the initial public offering on the Company's stock on April 1996.
![]() ![]() ![]() ![]() ![]() CARBO Ceramics Inc. Suite 1520 600 East Las Colinas Blvd. Irving, Texas 75039 Telephone: 972-401-0090 Fax: 972-401-0705
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