 |
 |
||||||
[October 2001]
CARBO Ceramics - Record Quarterly Earnings; Ground-Breaking on PR China Plant
CARBO Ceramics Inc - the manufacturer of ceramic proppants - announced net income for the quarter ended 30 September 2001 of US$8.3 million on revenues of US$36.6 million. Both revenue and net income were the highest realised for any quarter in the company's history. For the 9 months to 30 September 2001, the company reported net income of US$22.1 million on revenues of US$106.1 million. Net income for the third quarter increased 90% versus that of 2000, while net income for the first 9 months increased 107% over the same period in 2000.
The company also announced that construction of its new manufacturing facility in Luoyang in PR China commenced with a ground-breaking ceremony on 14 September 2001. The plant will have an annual capacity of approximately 17,800 tons and is expected to be operational by the end of 2002.
Commenting on the quarter's results and the outlook for the remainder of the year, President and CEO Mark Pearson said: "We are extremely pleased with the results for the third quarter. Each of our plants operated at full capacity and combined to produce record volumes to meet the continued strong demand for our products. Based on the typical seasonal slowdown and the recent decline in gas prices and drilling activity, we may see a modest decline in sales volume for the fourth quarter of this year. However, we believe that our biggest challenge for the future is adding capacity to meet growing demand and we will continue to expand our manufacturing capabilities world-wide".
ENDS