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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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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): July 13, 2001 CARBO CERAMICS INC. (Exact name of registrant as specified in its charter) Delaware 001-15903 72-1100013 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer 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 July 13, 2001, Carbo Ceramics Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing second quarter 2001 earnings and dividend declaration.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Press release dated July 13, 2001
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: July 13, 2001
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
99.1 Copy of Carbo Ceramics Inc. press release dated July 13, 2001
IRVING, Texas, July 13 -- CARBO Ceramics Inc., a manufacturer of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells, today announced net income of $7.6 million or $0.51 per share (on a diluted basis), on revenues of $35.3 million, for the quarter ended June 30, 2001. Both revenue and net income established new quarterly records for the company. For the six months ended June 30, 2001, the company reported net income of $13.8 million or $0.92 per diluted share, on revenues of $69.5 million. Net income for the quarter doubled from the second quarter of 2000 while net income for the six months ended June 30, 2001 increased 120 percent from the same period a year earlier. Revenue for the second quarter increased 60 percent from the same period a year earlier due to a 39 percent increase in sales volume and a 16 percent increase in the average selling price. The improvement in average selling price was attributable to a price increase that went into effect on January 1 and an increase in sales of the company's premium-priced, high-strength products. While higher natural gas prices caused manufacturing costs to increase over last year's second quarter, gross profit margins improved due to the higher sales prices and record production levels in the company's manufacturing operations. Selling, general and administrative expenses increased as compared to the second quarter of last year because of expenses that vary directly with sales volume; however, expenses as a percentage of revenues declined from 14 percent to 10.3 percent. Boosted by increases in both sales volume and average selling price, year to date revenues increased 58 percent compared to the six months ended June 30, 2000. Despite higher prices paid for natural gas in the company's manufacturing operations, gross profit margins improved from the previous year due to the rise in the average selling price of its products and improved efficiency in manufacturing. While selling, general and administrative expenses increased by $1.4 million from the same period a year earlier, expenses as a percentage of revenues declined from 13.4 percent to 10.5 percent. Mark Pearson, President and Chief Executive Officer of CARBO Ceramics, stated, "Our results for the second quarter reflect the continuing strong drilling activity in the North American natural gas industry as well as the increasing success of our technical marketing program. The recent decline in natural gas prices benefits us in the form of lower manufacturing costs and we have seen no reduction in drilling activity as a result of the lower commodity prices. While we did see a normal seasonal decline in activity in Canada, our sales into that region were 177 percent higher than in last year's second quarter. We expect the demand for our products to remain strong for the remainder of the year and continue to believe that our biggest challenge for the future is adding capacity to meet growing demand." The company also announced that its Board of Directors approved the payment of a dividend of $0.09 per share payable on August 15, 2001 to shareholders of record on July 31, 2001. As previously announced, a conference call to discuss the company's second quarter results has been scheduled for Friday, July 13, at 8:00 a.m. central time. The call can be accessed live or on a delayed basis via the company's Web site, http://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 - Three Months Ended Six Months Ended June 30 June 30 2001 2000 2001 2000 (In thousands except (In thousands except per share data) per share data) Revenues $35,304 $21,998 $69,478 $44,099 Operating expenses: Cost of goods sold 19,864 12,918 40,992 28,272 Selling, general & administrative 3,627 3,070 7,312 5,894 Plant start-up costs --- --- --- 27 Total operating expenses 23,491 15,988 48,304 34,193 Operating income 11,813 6,010 21,174 9,906 Net interest income 269 34 487 6 Other income (expense) (5) 13 22 (6) Income before income taxes 12,077 6,057 21,683 9,906 Income taxes 4,432 2,232 7,858 3,619 Net income $7,645 $3,825 $13,825 $6,287 Earnings per share: Basic $0.51 $0.26 $0.93 $0.43 Diluted $0.51 $0.26 $0.92 $0.43 Average shares outstanding: Basic 14,917 14,631 14,859 14,616 Diluted 15,087 14,829 15,027 14,774 Selected Balance Sheet Information June 30, 2001 Dec. 31, 2000 (in thousands) Total current assets $67,758 $47,415 Net property, plant and equipment 75,586 78,007 Total assets 143,344 125,422 Total current liabilities 8,968 9,415 Deferred income taxes 10,907 9,867 Shareholders' equity 123,469 106,140 Total liabilities and shareholders' equity $143,344 $125,422