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[February 2002]
CARBO Ceramics Reports Improved Revenues and Income
CARBO Ceramics Inc (Irving, TX, USA) - the manufacturer of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells, has reported net income of US$6.3 million on revenues of US$31.1 million for the quarter ended 31 December 2001. This compares with net income of US$4.2 million on revenues of US$24 million for the fourth quarter of 2000.President and CEO 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."
ENDS