-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NqIeq24Pzngb/B3xsOxd6ExzlAuyUhOtAyUcA8wRL2rRR8LqArIrbxM3/+vQBFk1 V92s/dqBYN+/O6i9GER7GA== 0000903423-02-000052.txt : 20020414 0000903423-02-000052.hdr.sgml : 20020414 ACCESSION NUMBER: 0000903423-02-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020204 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARBO CERAMICS INC CENTRAL INDEX KEY: 0001009672 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] IRS NUMBER: 721100013 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15903 FILM NUMBER: 02526528 BUSINESS ADDRESS: STREET 1: 600 EAST LAS COLINAS BLVD STREET 2: STE 1520 CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 2144010090 MAIL ADDRESS: STREET 1: 600 E LAS COLINAS BLVD STREET 2: STE 1520 CITY: IRVING STATE: TX ZIP: 75039 8-K 1 carbo8k_2-04.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 4, 2002 CARBO CERAMICS INC. (Exact name of registrant as specified in its charter) Delaware 001-15903 72-1100013 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 6565 MacArthur Boulevard, Suite 1050, Irving, TX 75039 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (972) 401-0090 ITEM 5. OTHER EVENTS On Febraury 4, 2002 Carbo Ceramics Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing fourth quarter and full year 2001 earnings. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Press release dated February 4, 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CARBO CERAMICS INC. /s/ C. Mark Pearson ------------------------------------- C. Mark Pearson President and Chief Executive Officer /s/ Paul G. Vitek ------------------------------------- Paul G. Vitek Sr. Vice President, Finance and Chief Financial Officer Date: February 4, 2002 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 99.1 Copy of Carbo Ceramics Inc. press release dated February 4, 2002 EX-99.1 3 carbo8k_ex99.txt EXHIBIT 99.1 CARBO CERAMICS INC. ANNOUNCES FOURTH QUARTER AND 2001 EARNINGS Conference Call Scheduled for Today, 10:00 a.m. Central Time Irving, Texas (February 4, 2002) -- CARBO Ceramics Inc. (NYSE: CRR), a manufacturer of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells, today announced net income of $6.3 million, or $0.42 per diluted share, on revenues of $31.1 million for the quarter ended December 31, 2001. This compares with net income of $4.2 million, or $0.28 per diluted share, on revenues of $24.0 million for the fourth quarter of 2000. Revenue for the fourth quarter of 2001 increased 30 percent compared to the fourth quarter of 2000 while net income increased 51 percent versus the same period. The increase in revenue was due to improvement in both sales volume and the average selling price versus the prior year period despite a modest decline in the U.S. natural gas rig count. The U.S. natural gas rig count has historically been an important indicator for the company as an estimated 90 percent of the company's revenue is generated from the use of its products in deep natural gas wells. Gross profit margins for the fourth quarter increased to 43 percent versus 39 percent a year earlier. Selling, general and administrative expenses as a percent of revenue were 12 percent, unchanged from the prior year's fourth quarter. For the year ended December 31, 2001, the company reported record net income of $26.2 million, or $1.74 per diluted share, on record revenues of $137.2 million. This compares with 2000 net income of $14.8 million, or $1.00 per diluted share, on revenues of $93.3 million. The full year 2001 results reflect a previously unreported charge of $2.2 million, net of tax, resulting from the modification of stock-based compensation of the former President at the time of his retirement in the second quarter. This modification resulted in a non-cash charge to compensation expense. Excluding this non-recurring charge, net income for 2001 was $28.4 million, or $1.89 per diluted share. Full year 2001 revenues increased 47 percent from the previous year based on a 31 percent increase in sales volume and a 12 percent increase in the average selling price. Despite increased manufacturing costs attributable to higher natural gas costs in the first half of 2001, gross profit margins for the full year increased to 42 percent compared to 38 percent for the full year 2000. While 2001 selling, general and administrative expenses increased by $6.3 million versus the previous year, the majority of the increase was due to the compensation expense recognized in connection with the modification of stock-based compensation of the former President ($3.5 million on a pre-tax basis). Net income for 2001 increased by 77 percent versus 2000. Excluding the non-recurring compensation expense, net income for the year increased by 92 percent versus the previous year. President and CEO, C. Mark Pearson commented, "We are encouraged by the strength of our North American sales despite the continuing decline in natural gas drilling activity. We believe this demonstrates the success of our marketing program that promotes the economic benefit of using ceramic proppant in shallower wells. While we expect to be operating in a difficult market environment in the first half of 2002, we will continue to move forward with plans to increase manufacturing and distribution capacity based on our long-term outlook. The construction of our manufacturing facility in China is progressing within the established budget and on schedule. We continue to expect that the plant will be complete and operational by the end of 2002. In 2002, we also plan to increase research and development activities targeted at new product development in both oilfield and industrial applications." CARBO Ceramics Fourth Quarter Earnings Release February 4, 2002 Page 2 CARBO Ceramics' management will host a conference call this morning at 10:00 a.m. central time to discuss the company's fourth quarter and year-end results. To participate in the call, dial (913) 981-5508 and refer to confirmation code 430724. The call can also be accessed live or on a delayed basis via the company's Web site, www.carboceramics.com. CARBO Ceramics Inc. is based in Irving, Texas. This news release contains forward-looking statements that involve risks and uncertainties including price volatility, operation and other risks and other factors described in the Company's publicly available SEC reports, which could cause actual results to differ materially from those indicated in the forward-looking statements. - tables follow - Consolidated Statement of Income Three Months Ended Year Ended December 31 December 31 -------------------------- -------------------------- 2001 2000 2001 2000 ---------- ---------- ---------- ---------- (In thousands except per share data) Revenues $ 31,121 $ 23,956 $ 137,226 $ 93,324 Operating expenses: Cost of goods sold 17,793 14,524 78,975 57,763 Selling, general & administrative 3,778 2,985 18,641 12,377 Plant start-up costs 20 - 35 27 ---------- ---------- ---------- ---------- Total operating expenses 21,591 17,509 97,651 70,167 ---------- ---------- ---------- ---------- Operating income 9,530 6,447 39,575 23,157 Net interest income 167 167 890 264 Other income 147 3 216 4 ---------- ---------- ---------- ---------- Income before income taxes 9,844 6,617 40,681 23,425 Income taxes 3,518 2,429 14,483 8,595 ---------- ---------- ---------- ---------- Net income $ 6,326 $ 4,188 $ 26,198 $ 14,830 ========== ========== ========== ========== Earnings per share: Basic $0.42 $0.28 $1.76 $1.01 Diluted $0.42 $0.28 $1.74 $1.00 Average shares outstanding: Basic 14,936 14,700 14,897 14,656 Diluted 15,069 14,862 15,042 14,826 Selected Balance Sheet Information December 31, 2001 December 31, 2000 ----------------- ----------------- (in thousands) Total current assets $ 76,502 $ 47,415 Net property, plant and equipment 82,527 78,007 Total assets 159,029 125,422 Total current liabilities 11,127 9,415 Deferred income taxes 10,960 9,867 Shareholders' equity 136,942 106,140 Total liabilities and shareholders' equity $ 159,029 $ 125,422
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