U.S. Silica Holdings Inc. announced record revenue of $122.3 million and net income of $17.3 million for the first quarter ended March 31, 2013, compared with net income of $19.1 million for the same period in 2012.
Earnings per share in the quarter were negatively impacted by $1.9 million on a pre-tax basis or $0.03 per share due to certain non-recurring charges related to a secondary offering in March and M&A and business development activities. Excluding this additional expense, net income for the first quarter ended March 31, 2013, was $18.7 million or $0.35 per basic share.
Bryan A. Shinn, president and chief executive officer of the company commented, “The first quarter of 2013 was very strong for our company as we posted record revenue, driven by our strong performance in oil and gas. We believe that drilling and efficiency improvements in hydraulic fracturing will drive increased demand in oil and gas and we expect to grow market share in a growing market.” Shinn added that, “We are also seeing success in our ISP business. We anticipate this segment will continue to be a positive contributor to this year’s earnings growth, due to the continuing rebounds in housing, chemical and automotive end markets and our focus on developing and marketing higher value offerings.”
The company reported:
- Revenue totaled $122.3 million compared with $102.6 million for the same period in 2012, an improvement of 19.2 percent. The increase was driven primarily by strength in the Oil and Gas Proppants segment.
- Overall sales volumes increased to 1.9 million tons, an increase of 8.2 percent over the first quarter of 2012.
- Contribution margin for the quarter of $49.4 million compared with $47.4 million for the same period last year.
- Adjusted EBITDA was $38.8 million or 31.7 percent of revenue compared with $37.0 million or 36.1 percent of revenue for the same period last year.