 |
 |
||||||
[October 2003]
Big Rise in Sales for CARBO Ceramics
CARBO Ceramics Inc (Irving, TX, USA), the manufacturer of ceramic proppants for use in the hydraulic fracturing of natural gas and oil wells, announced on 20 October 2003 a net income for the third quarter 2003 of US$8.1 million on revenues of US$43.3 million. For the first nine months of 2003, net income totalled US$20.3 million on revenues of US$121.2 million.
Revenues for Q3 2003 increased by 22% from the same period a year earlier due primarily to an increase in proppant sales volume in the US, Canadian and overseas markets. Third quarter revenues include US$3.6 million from Pinnacle Technologies Inc.
Net income for Q3 2003 increased by 40% compared to Q3 2002 and 26% compared to Q2 2003. Sales volume for the third quarter was 151 million pounds, the highest sales volume for any quarter in the company's history. Sales volume in the USA during Q3 2003 increased by 14% over Q3 2002 and by 7% over the previous quarter.
Demand remained at record levels in many regions of the USA due to higher levels of drilling and fracturing activity but continued to lag in South Texas and the Gulf of Mexico. Canadian sales volume increased by 49% over last year's third quarter . Sales outside of North America were strong in a number of regions and were led by shipments to Russia and China from the company's facility in Luoyang, China.
ENDS