-----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, B+gp4fCYI5+BczMn81gc1UIikA3w3T4MWE91KTJbspSlCSmVgaw+KKGgeXvtCR/0 FCEnqPGfF5DtwucdSGB7NQ== 0001009672-99-000009.txt : 19991018 0001009672-99-000009.hdr.sgml : 19991018 ACCESSION NUMBER: 0001009672-99-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991015 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: 10-Q SEC ACT: SEC FILE NUMBER: 000-28178 FILM NUMBER: 99728828 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 10-Q 1 FORM 10-Q SEPTEMBER 30, 1999 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NO. 0-28178 CARBO CERAMICS INC. (Exact name of registrant as specified in its charter) DELAWARE 72-1100013 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 600 E. LAS COLINAS BOULEVARD SUITE 1520 IRVING, TEXAS 75039 (Address of principal executive offices) (972) 401-0090 (Registrant's telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] As of October 15, 1999, 14,602,000 shares of the registrant's Common Stock, par value $.01 per share, were outstanding. CARBO CERAMICS INC. INDEX TO QUARTERLY REPORT ON FORM 10-Q
PART I. FINANCIAL INFORMATION PAGE Item 1. Financial Statements Consolidated Balance Sheets - 3 September 30, 1999 (Unaudited) and December 31, 1998 Consolidated Statements of Income 4 (Unaudited) - Three and nine months ended September 30, 1999 and 1998 Consolidated Statements of Cash Flows 5 (Unaudited) - Nine months ended September 30, 1999 and 1998 Notes to Consolidated Financial Statements 6-7 (Unaudited) - September 30, 1999 Item 2. Management's Discussion and Analysis of Financial 8-10 Condition and Results of Operations PART II. OTHER INFORMATION Item 1. Legal proceedings 11 Item 2. Changes in securities 11 Item 3. Defaults upon senior securities 11 Item 4. Submission of matters to a vote of security-holders 11 Item 5. Other information 11 Item 6. Exhibits and reports on Form 8-K 11 Signatures 12
FORWARD-LOOKING INFORMATION The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This Form 10-Q or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from such statements. This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, the Company's prospects, developments and business strategies for its operations, all of which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties include, but are not limited to, changes in the demand for oil and natural gas, the development of alternative stimulation techniques and the development of alternative proppants for use in hydraulic fracturing. The words "believe", "expect", "anticipate", "project" and similar expressions identify forward- looking statements, each of which speaks only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CARBO CERAMICS INC. CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1999 DECEMBER 31, (UNAUDITED) 1998 ------------- ------------- ($ IN THOUSANDS) ASSETS Current assets: Cash and cash equivalents............................................. $ - $ 622 Trade accounts receivable............................................. 13,209 11,300 Inventories: Finished goods....................................................... 6,714 5,795 Raw materials and supplies.......................................... 4,006 4,432 ------------- ------------- Total inventories................................................... 10,720 10,227 Prepaid expenses and other current assets............................. 707 614 Deferred income taxes................................................. 767 1,020 ------------- ------------- Total current assets................................................. 25,403 23,783 Property, plant and equipment: Land and land improvements............................................ 944 459 Buildings............................................................. 6,978 4,613 Machinery and equipment............................................... 87,473 30,772 Construction in progress.............................................. 3,471 51,709 ------------- ------------- Total................................................................ 98,866 87,553 Less accumulated depreciation......................................... 14,902 11,909 ------------- ------------- Net property, plant and equipment.................................... 83,964 75,644 ------------- ------------- Total assets......................................................... $ 109,367 $ 99,427 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank borrowings....................................................... $ 5,309 $ - Accounts payable...................................................... 1,865 3,634 Accrued payroll and benefits.......................................... 1,938 2,609 Accrued freight....................................................... 1,277 792 Accrued utilities..................................................... 301 350 Accrued income taxes.................................................. 789 266 Other accrued expenses................................................ 354 987 ------------- ------------- Total current liabilities............................................ 11,833 8,638 Deferred income taxes.................................................. 4,451 3,520 Shareholders' equity: Preferred Stock, par value $0.01 per share, 5,000 shares authorized: none outstanding..................................................... - - Common Stock, par value $0.01 per share, 40,000,000 shares authorized: 14,602,000 shares issued and outstanding................. 146 146 Additional paid-in capital............................................ 42,919 42,919 Retained earnings..................................................... 50,018 44,204 ------------- ------------- Total shareholders' equity........................................... 93,083 87,269 ------------- ------------- Total liabilities and shareholders' equity........................... $ 109,367 $ 99,427 ============= =============
The accompanying notes are an integral part of these statements. 3 CARBO CERAMICS INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ ------------------ 1999 1998 1999 1998 ------- ------- ------- ------- ($ IN THOUSANDS, EXCEPT PER SHARE DATA) Revenues...................................... $16,888 $22,013 $52,370 $68,394 Cost of goods sold............................ 10,867 10,775 29,369 33,760 ------- ------- ------- ------- Gross profit.................................. 6,021 11,238 23,001 34,634 Selling, general and administrative expenses.. 2,130 2,706 9,023 7,563 ------- ------- ------- ------- Operating profit.............................. 3,891 8,532 13,978 27,071 Other income (expense): Interest, net................................ (87) 164 (194) 741 Other, net................................... (1) (37) 14 180 ------- ------- ------- ------- (88) 127 (180) 921 ------- ------- ------- ------- Income before income taxes.................... 3,803 8,659 13,798 27,992 Income taxes.................................. 1,331 3,293 4,699 10,652 ------- ------- ------- ------- Net income.................................... $ 2,472 $ 5,366 $ 9,099 $17,340 ======= ======= ======= ======= Earnings per share: Basic........................................ $ 0.17 $ 0.37 $ 0.62 $ 1.19 ======= ======= ======= ======= Diluted...................................... $ 0.17 $ 0.36 $ 0.62 $ 1.17 ======= ======= ======= =======
The accompanying notes are an integral part of these statements. 4 CARBO CERAMICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, --------------------- 1999 1998 --------- --------- ($ IN THOUSANDS) OPERATING ACTIVITIES Net income............................................................. $ 9,099 $ 17,340 Adjustments to reconcile net income to net cash provided by operating.. activities: Depreciation......................................................... 2,993 1,587 Deferred income taxes................................................ 1,184 972 Changes in operating assets and liabilities: Trade accounts receivable........................................... (1,909) (1,031) Inventories......................................................... (493) (187) Prepaid expenses and other current assets........................... (93) (268) Accounts payable.................................................... 99 630 Accrued payroll and benefits........................................ (671) (23) Accrued freight..................................................... 485 158 Accrued utilities................................................... (49) 40 Accrued income taxes................................................ 523 (102) Other accrued expenses.............................................. (633) 181 --------- --------- Net cash provided by operating activities.............................. 10,535 19,297 INVESTING ACTIVITIES Maturities of investment securities.................................... - 13,905 Purchases of property, plant and equipment............................. (13,181) (30,263) --------- --------- Net cash used in investing activities.................................. (13,181) (16,358) FINANCING ACTIVITIES Proceeds from bank borrowings.......................................... 15,059 - Repayments on bank borrowings.......................................... (9,750) - Dividends paid......................................................... (3,285) (3,285) --------- --------- Net cash provided by (used in) financing activities.................... 2,024 (3,285) --------- --------- Net decrease in cash and cash equivalents.............................. (622) (346) Cash and cash equivalents at beginning of period....................... 622 8,899 --------- --------- Cash and cash equivalents at end of period............................. $ - $ 8,553 ========= ========= SUPPLEMENTAL CASH FLOW INFORMATION Interest paid.......................................................... $ 198 $ - ========= ========= Income taxes paid...................................................... $ 2,992 $ 9,782 ========= =========
The accompanying notes are an integral part of these statements. 5 CARBO CERAMICS INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) SEPTEMBER 30, 1999 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of CARBO Ceramics Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included. The results of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 1998 included in the Company's Form 10-K Annual Report for the year ended December 31, 1998. The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its wholly owned subsidiaries, CARBO Ceramics Sales Corporation and CARBO Ceramics (UK) Limited. CARBO Ceramics Sales Corporation was formed on July 31, 1996 under the laws of Barbados. CARBO Ceramics (UK) Limited was formed on December 19, 1997 under the laws of Scotland. All significant intercompany transactions have been eliminated. 2. DIVIDENDS PAID On July 13, 1999, the Board of Directors declared a cash dividend of $0.075 per common share payable to shareholders of record on July 30, 1999. The dividend was paid on August 16, 1999. 3. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):
Three months ended Nine months ended September 30, September 30, ---------------------- ---------------------- 1999 1998 1999 1998 ---------- ---------- ---------- ---------- Numerator for basic and diluted earnings per share: Net income.......................................... $ 2,472 $ 5,366 $ 9,099 $ 17,340 Denominator: Denominator for basic earnings per share-- weighted-average shares........................ 14,602,000 14,602,000 14,602,000 14,602,000 Effect of dilutive securities: Employee stock options............................ 149,929 156,818 87,748 186,413 ---------- ---------- ---------- ---------- Dilutive potential common shares................... 149,929 156,818 87,748 186,413 ---------- ---------- ---------- ---------- Denominator for diluted earnings per share-- adjusted weighted-average shares................. 14,751,929 14,758,818 14,689,748 14,788,413 ========== ========== ========== ========== Basic earnings per share............................. $ 0.17 $ 0.37 $ 0.62 $ 1.19 ========== ========== ========== ========== Diluted earnings per share........................... $ 0.17 $ 0.36 $ 0.62 $ 1.17 ========== ========== ========== ==========
6 4. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:
September 30, December 31, 1999 1998 ------------- ------------- Deferred tax assets: ($ in thousands) Employee benefits..................... $ 350 $ 436 Inventories........................... 365 356 Other................................. 52 228 ------------- ------------- Total deferred tax assets............. 767 1,020 Deferred tax liabilities: Depreciation.......................... 4,303 3,359 Other................................. 148 161 ------------- ------------- Total deferred tax liabilities........ 4,451 3,520 ------------- ------------- Net deferred liabilities.............. $ 3,684 $ 2,500 ============= =============
5. BANK BORROWINGS The Company has a Secured Revolving Credit Agreement (the "Credit Agreement") with a bank under which it may borrow up to $10.0 million optionally at either the bank's Base Rate or LIBOR Fixed Rate (as defined in the Credit Agreement) through December 31, 2000. The weighted-average interest rate on borrowings against the Credit Agreement was 8.04% for the nine months ended September 30, 1999. As of September 30, 1999, the Company had an outstanding balance of $5,309,000 under the Credit Agreement. 6. COMMITMENT The Company has been operating one of two production lines in its new manufacturing facility in McIntyre, Georgia since June 1999. As of September 30, 1999, capital expenditures for the plant totaled $59.1 million, including $255,000 in construction in progress. The Company estimates that it will spend an additional $500,000 to complete the facility and expects the second production line to be operational in the fourth quarter of this year. 7 ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Three Months Ended September 30, 1999 REVENUES. Revenues for the third quarter 1999 were $16.9 million, a decrease of 23% from the third quarter 1998. The decrease in revenues was attributable to a 20% reduction in sales volume due to a reduction in oil and gas drilling activity and a decrease of approximately 4% in the average selling price due to competitive pressures. Domestic sales volume decreased by 22% while export volume decreased by 17%. Sales of lightweight products (CARBOLITE-Registered Trademark- and CARBOECONOPROP-Registered Trademark-) decreased by 29% while sales of high strength products (CARBOHSP-TM- and CARBOPROP-Registered Trademark-) increased by 6%, with CARBOHSP-TM- sales increasing by 32%. In North America, the majority of the Company's sales are for use in the stimulation of production in natural gas wells. As a result, sales of the Company's products are significantly influenced by the level of natural gas drilling activity in the region. While the number of rigs drilling for natural gas in the U.S. increased throughout the third quarter of 1999, the average number or rigs drilling for natural gas was 7% lower than the same period a year earlier. The number of rigs drilling for natural gas in the U.S. peaked at 650 in late 1997, averaged 560 in 1998, and fell as low as 362 in April 1999. As of the September 30, 1999 the number of rigs drilling for natural gas in the U.S. was 597. Management believes that the recent increase in gas drilling activity in both the U.S. and Canada will result in increased sales volume of the Company's products during the remainder of 1999. Management further believes that the long-term worldwide demand for natural gas will continue to increase due to the abundance, relatively low cost and environmental benefits of natural gas as a source of energy and that this will result in increased demand for the Company's products. GROSS PROFIT. Gross profit for the quarter was $6.0 million or 36% of revenues as compared to $11.2 million or 51% of revenues for the third quarter 1998. The most significant factor, other than the decreased sales volumes and pricing mentioned above, contributing to the decrease in gross profit was an increase in manufacturing costs associated with the startup and operation of a new production facility in McIntyre, Georgia. The depreciation on the McIntyre facility added $1.0 million to cost of goods sold during the third quarter 1999. Operating performance at the McIntyre facility was better than anticipated during its first full quarter of operation. The plant operated one of its two production lines at nearly 80% of its stated capacity and variable manufacturing costs were 2% lower than the Company's New Iberia manufacturing facility. Gross margins will continue to be adversely affected for the remainder of the year as the Company expects to continue to operate all three of its manufacturing facilities, although at less than full capacity, in order to maintain sufficient inventories of its entire product line in anticipation of increased demand in 2000. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (SG&A). SG&A expenses were $2.1 million for the third quarter 1999 and $2.7 million for the corresponding period of 1998. The decreased costs were due to the fact that costs associated with the startup of the McIntyre facility were expensed in the third quarter of 1998 while all expenses associated with the facility were included in cost of goods sold following the initial production from the plant in the second quarter of 1999. Legal expenses and incentive compensation also declined in the third quarter 1999. Nine Months Ended September 30, 1999 REVENUES. Revenues for the nine months ended September 30, 1999 were $52.4 million, a decrease of 23% from the same period in 1998. The decrease was due to an 18% reduction in sales volume due to a reduction in drilling activity and price reductions brought on by competitive pressures. For the nine months ended September 30, 1999 the U.S. natural gas rig count was 22 percent lower than the same period in 1998. However, at the end of September the natural gas rig count exceeded the year earlier levels for the first time this year. Domestic sales volume decreased by 23% and export volume by 10% compared to the comparable period in 1998. GROSS PROFIT. Gross profit for the nine months ended September 30, 1999 was $23.0 million or 44% of revenues compared to $34.6 million or 51% of revenues for the same period in 1998. The decrease was due to decreased sales volume, decreased selling prices and increased manufacturing costs at all of the Company's manufacturing 8 facilities. Increased manufacturing costs were partially offset by lower freight costs of transporting product from manufacturing facilities to remote storage facilities. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (SG&A). SG&A expenses were $9.0 million or 17% of revenues for the first nine months of 1999 compared to $7.6 million or 11% of revenues for the same period of 1998. The increased costs for 1999 were due to start-up costs for the McIntyre facility, the write-off of Fracmaster, Ltd. receivables in the first quarter and research and development expenses related to non-oilfield product manufacturing trials, partially offset by decreased legal expenses and a reduction in incentive compensation due to the decline in operating results. LIQUIDITY AND CAPITAL RESOURCES Cash and cash equivalents totaled a zero balance as of September 30, 1999, a decrease of $0.6 million from December 31, 1998. The decrease in cash and cash equivalents was due to cash generated from operations of $10.6 million, net borrowings of $5.3 million against the Company's line of credit, net of capital spending of $13.2 million and cash dividends of $3.3 million. Total borrowings under the Company's line of credit as of September 30, 1999 were $5.3 million. Capital spending of $13.2 million during the first nine months of 1999 included $11.0 million related to continuing construction of a new manufacturing facility in McIntyre, Georgia. Production at the new facility began in early June. The Company plans to spend an additional $0.5 million for the completion of the new facility. Funding is expected to be provided by existing cash balances and cash generated from operations. The Company believes that existing cash balances, cash generated from operations and, if necessary, additional borrowing under its line of credit will be sufficient to fund its operations, dividends and capital spending requirements through the year 2000. IMPACT OF YEAR 2000 Many currently installed computer systems and software products are coded to accept, store or report only two digit entries in date code fields. Beginning in the Year 2000, these date code fields will need to accept four digit entries to distinguish 21st century dates from 20th century dates. This is the "Year 2000 Issue". As a result, computer systems and software used by many companies will need to be upgraded to comply with Year 2000 requirements. The Company could be impacted by year 2000 Issues occurring in its own infrastructure or faced by its major suppliers, customers, vendors and financial service organizations. Such Year 2000 Issues could include information errors, significant information system failures, or failures of equipment, vendors, suppliers or customers. Any disruption in the Company's operations as a result of Year 2000 Issues, whether by the Company or a third party, could have a material adverse effect on the Company's business, financial condition and results of operations. The Company previously determined that it would be required to modify or replace some of its software and certain hardware so that the Company's systems would properly recognize dates beyond December 31, 1999. The Company presently believes that it has completed the modifications or replacement of software and certain hardware necessary to mitigate the Year 2000 Issue, but that if such modifications and replacements had not been made or completed in a timely manner, the Year 2000 Issue could have had a material impact on the operations of the Company. The Company utilized both internal and external resources to test and reprogram, replace, or upgrade its software and operating equipment for the Year 2000 modifications. The total cost of the Year 2000 project was $49,000 with funding provided through operating cash flows. All of the expenditures were for new hardware and software systems, which were capitalized. All projects have been completed and no further expenditures are expected. The Company's actions to resolve the Year 2000 Issue involved the following four phases: assessment, remediation, testing, and implementation. The Company has fully completed its assessment of all systems that could be significantly affected by the Year 2000. The completed assessment indicated that some of the Company's significant information technology systems could be affected. However, the major administrative systems (including the general ledger, billing, and inventory systems) have already been replaced by a Year 2000 compliant system. The assessment also indicated that software and hardware (embedded chips) used in production and manufacturing systems (hereafter also referred to as operating equipment) could also be at risk. 9 Based on a review of its product line, the Company has determined that all of the products it has sold and will continue to sell are inert and do not require remediation to be Year 2000 compliant. Accordingly, the Company does not believe that the Year 2000 presents a material exposure as it relates to the Company's products. The Company has gathered information about the Year 2000 compliance status of its significant suppliers and subcontractors and will continue to monitor their compliance. To date, the Company has completed the remediation phase for its information technology systems and has completed all anticipated software replacement. The Company also has completed its testing and has implemented all of its Year 2000 compliant systems. The remediation of operating equipment was significantly less difficult than the remediation of the information technology systems because there are minimal automated systems in the manufacturing process. The Company has completed the remediation phase of its operating equipment and has completed testing and implementation. Currently, the Company has no direct interfaces with third parties. The Company has surveyed its significant suppliers and subcontractors (external agents). To date, the Company is not aware of any external agent with a Year 2000 issue that would materially impact the Company's results of operations, liquidity, or capital resources. However, the Company has no means of ensuring that external agents will be Year 2000 ready. The inability of external agents to complete their Year 2000 resolution process in a timely fashion could materially impact the Company, although the effect of non-compliance by external agents is not determinable. Management of the Company believes it has dealt with the Year 2000 issue in an effective and timely manner by taking the actions noted above. Still, disruptions in the economy generally resulting from Year 2000 issues could materially adversely affect the Company. The amount of potential liability and lost revenue, if any, cannot be reasonably estimated at this time. The Company has contingency plans for certain critical applications and is working on such plans for others. These contingency plans involve, among other actions, manual workarounds, increasing inventories, and adjusting staffing strategies. 10 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Not applicable ITEM 2. CHANGES IN SECURITIES Not applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable ITEM 5. OTHER INFORMATION Not applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. There were no reports filed on Form 8-K during the three months ended September 30, 1999. b. Exhibits 27.1 Financial Data Schedule for the interim year to date period ended September 30, 1999 11 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 thereunto duly authorized. CARBO CERAMICS INC. /s/ JESSE P. ORSINI ------------------------- Jesse P. Orsini President & Chief Executive Officer /s/ PAUL G. VITEK ------------------------- Paul G. Vitek Vice President, Finance Date: October 15, 1999 12 EXHIBIT INDEX
Exhibit Method of Filing - ------- ----------------------------- 27.1 Financial Data Schedule..... Filed herewith electronically
EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from consolidated financial statements and is qualified in its entirety by reference to such financial statements. 1,000 9-MOS DEC-31-1999 SEP-30-1999 0 0 13,209 0 10,720 25,403 98,866 14,902 109,367 11,833 0 0 0 146 92,937 109,367 52,370 52,370 29,369 29,369 0 0 194 13,798 4,699 9,099 0 0 0 9,099 .62 .62
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