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[July 2004]
CARBO Ceramics Announces Record Quarterly Earnings
Ceramic proppant manufacturer CARBO Ceramics Inc (Irving, TX, USA) announced its highest ever quarterly revenues and net income for the second quarter of 2004 of US$52.3 million and US$9.9 million respectively. These represented increases over Q2 2003 of 33% and 53% respectively.
For the first six months of 2004, revenues were US$102.4 million (2003: US$78 million) and net income was US$19.4 million (2003: US$12.2 million).
In Q2 2004, sales volume was 170.4 million pounds, an increase of 29% over Q2 2003. Domestic sales volume increased by 11%. In international markets, Canadian sales volume increased by 93% and overseas sales volume increased by 59%. Compared to this year's first quarter, total sales volume declined by less than 1% as the normal seasonal decline in Canada was offset by an increase in overseas sales volume.
While there was no change in the list price of any of the company's ceramic proppants, the average selling price for these products increased approximately 3% in the second quarter compared to the same period a year ago due to a shift in the mix of products sold. Revenues for Q2 2004 included US$4.4 million from Pinnacle Technologies Inc, compared to US$3.5 million in Q2 2003.
ENDS