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Pioneer Natural Resources Company and U.S. Silica Announce West Texas Sand Supply Agreement
DALLAS--(BUSINESS WIRE)-- Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer”) and U.S. Silica Holdings, Inc. (NYSE: SLCA) (“U.S. Silica”) today announced that the companies have entered into a long-term sand supply agreement by which Pioneer will purchase an interest in U.S. Silica’s sand reserves at its Lamesa, Texas, mine in West Texas. This agreement secures a long-term supply of sand from the mine, with U.S. Silica processing and supplying sand to Pioneer for 15 years.
Timothy L. Dove, Pioneer President and CEO, stated, “We are pleased to announce our agreement with U.S. Silica that provides Pioneer with low-cost West Texas sand for the foreseeable future. Strategically located in close proximity to our Midland Basin acreage, delivered sand from the Lamesa mine will cost approximately half that of our current delivered sand, reducing well costs into 2019 and beyond. The long-term nature of this agreement will benefit both companies. U.S. Silica has been a trusted partner for many years, and this contract solidifies their position as one of our key suppliers of proppant.”
Bryan Shinn, U.S. Silica President and CEO, stated, “We are pleased and excited to have the opportunity to expand and deepen our relationship with Pioneer, one of our largest and most dependable customers. This unique, very long-term contract at our new Lamesa site delivers significant value for both companies in the Permian and is clearly aligned with our stated goal of generating sustainable and predictable free cash flow yield from our oil and gas sand mining assets.”
The sand reserves and sand supply will be from U.S. Silica’s previously announced mine that is located about 60 miles north of Midland, near Lamesa, Texas. The mine is expected to produce approximately six million tons annually of predominately fine grade 100 mesh and 40/70 mesh sand, with initial production expected in the fourth quarter of 2018. Pioneer expects to receive its initial sand volumes during the first quarter of 2019, with its supply increasing from approximately 1.4 million tons in 2019 to 2 million tons per year in 2020 and future years.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information concerning Pioneer, visit www.pxd.com.
U.S. Silica is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications, headquartered in Katy, Texas, and with offices located in Chicago, Illinois, and Frederick, Maryland. For more information concerning U.S. Silica, visit www.ussilica.com.
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements, including the risks described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.
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Pioneer Natural Resources
Investors
Neal Shah, 972-969-3900
or
Tom Fitter, 972-969-1821
or
Michael McNamara, 972-969-3592
or
Media and Public Affairs
Tadd Owens, 972-969-5760
or
Robert Bobo, 972-969-4020
or
U.S. Silica Holdings
Michael Lawson, 301-682-0304
Vice President of Investor Relations and Corporate Communications
or
Nick Shaver, 281-394-9630
Investor Relations Manager
Source: Pioneer Natural Resources Company and U.S. Silica Holdings, Inc.
U.S. Silica to Participate in Upcoming Investor Conferences
KATY, Texas, Aug. 8, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced that members of the management team will participate in the following investor conferences and events during the third quarter of 2018:
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Jefferies 2018 Industrials Conference
Aug. 8, 2018
InterContinental Barclay – New York, NY
Seaport Global Energy and Industrials Conference
Aug. 28, 2018
Sheraton Grand Chicago – Chicago, IL
2018 Simmons & Co. European Energy Conference
Aug. 28-30, 2018
The Gleneagles Hotel – Scotland
Barclays CEO Energy-Power Conference
Sept. 4, 2018
Sheraton New York Times Square – New York, NY
Management will meet with institutional investors throughout these events. Please note, when applicable, the presentations will be posted on the Company's website prior to the start of each event at www.ussilica.com.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Wholly owned EP Minerals, a U.S. Silica Company, is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. The Company currently operates over 27 mines and production facilities. The Company is headquartered in Katy, Texas and has offices located in Frederick, Maryland and Chicago, Illinois.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
$SLCA U.S. Silica (SLCA +3.3%) offers an upbeat forecast for H2 of this year on strong demand for locally sourced sand, helping its shares rebound after disappointing Q2 results.
U.S. Silica Declares Quarterly Dividend
KATY, Texas, July 16, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has declared the Company's twenty-second consecutive quarterly cash dividend. The quarterly cash dividend of $0.0625 per common share will be payable on Oct. 3, 2018 for all shareholders of record as of the close of business on Sept. 14, 2018.
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About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Wholly owned EP Minerals, a U.S. Silica Company, is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. The Company currently operates over 25 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Frederick, Maryland and Chicago, Illinois.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
SLCA one of my best stocks, traders dream.
U.S. Silica's Sandbox Unit Wins Breach of Contract Lawsuit Against Arrows Up
Jury Also Finds That Arrows Up Committed Fraud
KATY, Texas, July 9, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced a decisive jury verdict in a trial in State District Court in Harris County, Texas, against Arrows Up, LLC, an affiliate of OmniTRAX, Inc., a Broe Group portfolio company. The jury returned a unanimous verdict in favor of Sandbox Logistics, a wholly-owned subsidiary of U.S. Silica, on all twelve issues presented in the lawsuit.
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The jury found that Arrows Up breached a 2014 Confidentiality and Non-Disclosure Agreement with Sandbox. It also found that Arrows Up and its founder and CEO John Allegretti, personally, breached a 2015 Settlement Agreement with Sandbox and committed fraud against Sandbox. While the final amount of damages has not yet been confirmed by the trial court, the jury awarded monetary damages to Sandbox totaling more than $43 million dollars.
U.S. Silica President and CEO Bryan Shinn commented, ''We are pleased with the jury verdict. It underscores the inherent value of Sandbox and serves notice to others who have misappropriated our intellectual property that we will vigorously defend ourselves. We are poised for continued, sustainable growth in this exciting market segment and with over 50 issued U.S. patents, we are the clear leader in last mile containerized proppant delivery solutions.'' Shinn added that U.S. Silica intends to seek additional relief to protect the rights of Sandbox.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Wholly owned EP Minerals, a U.S. Silica Company, is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. The Company currently operates over 25 mines and production facilities. The Company is headquartered in Katy, Texas and also has offices located in Frederick, Maryland and Chicago, Illinois.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Appointment of Daniel Miers as President of SandBox Logistics
FREDERICK, Md., June 27, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced the appointment of Daniel Miers as president of SandBox Logistics, a wholly-owned subsidiary of U.S. Silica, effective June 25, 2018. Miers succeeds former SandBox founder and president Josh Oren in this role. Oren plans to retire at the end of the month but has agreed to stay on until the end of the year as a consultant to support Miers in the transition. Miers will join the Company's extended leadership team and report to Brad Casper, executive vice president and chief commercial officer.
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Miers brings a tremendous level of depth and industry experience to lead SandBox, having served most recently as the chief operating officer for Gulfstream Services, a leading supplier of tools and services to the Oil and Gas industry. Prior to his role at Gulfstream Services, Miers served in various positions of increasing responsibility at Key Energy Services. He has broad management experience across major functional areas including global operations, sales and marketing, finance and M&A.
"I believe Daniel is the perfect choice to lead SandBox and take it to the next level,'' said Bryan Shinn, president and chief executive officer. ''He has had tremendous success throughout his career in building oilfield service businesses and has a proven track record of growing both the top and bottom lines of companies in our industry. I'm very excited about the prospects for continued growth at SandBox and the unique opportunities we have to help our customers manage their last mile-logistical challenges," he added.
"I'm very excited about the opportunity to lead such a dynamic organization as SandBox, an innovative, clear market leader when it comes to containerized solutions for last-mile logistics,'' Miers said. "I'm fully committed to ensuring that SandBox stays keenly focused on successfully growing its business, serving its customers safely and reliably and maintaining the company's industry-leading market position.''
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., May 22, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its second quarter 2018 financial results before the New York Stock Exchange opens on Tuesday, July 31, 2018. This release will be followed by a conference call for investors on Tuesday, July 31, 2018 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer.
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Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13680439. The replay will be available through August 30, 2018.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Wholly owned EP Minerals, a U.S. Silica Company, is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. The Company currently operates over 25 mines and production facilities. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
Investor Contacts
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Provides Update On Capital Allocation Plan
Board of Directors Authorizes New $200 Million Share Repurchase Program
Declares 21st Consecutive Quarterly Cash Dividend
FREDERICK, Md., May 14, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has authorized a new $200 million share repurchase program and declared the Company's twenty-first consecutive quarterly cash dividend.
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"The new $200 million repurchase authorization and dividend declaration reflect our commitment to returning capital to our shareholders as part of a balanced capital allocation strategy," said Bryan Shinn, president and chief executive officer. "As a result of our capacity expansion efforts and the continued strength of our operating performance, we are confident in our ability to deliver strong free cash flow going forward. U.S. Silica is uniquely positioned to redeploy our free cash flow to invest in our growth, manage our leverage and return significant capital to shareholders as we work to deliver long-term value."
The timing and amount of any repurchases under the new authorization will be determined by management based on market conditions and other considerations.
The quarterly cash dividend of $0.0625 per common share will be payable on July 6, 2018 to shareholders of record as of the close of business on June 15, 2018.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel and truckload drivers; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation, trucking and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
Contacts
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica to Participate in Upcoming Investor Conferences
FREDERICK, Md., May 2, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced that members of the management team will participate in the following investor conferences and events during the second quarter of 2018:
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2018 Citi Global Energy & Utilities Conference
May 15, 2018
InterContinental Hotel – Boston, MA
19th Annual B. Riley FBR Investor Conference
May 22-23, 2018
Loews Santa Monica Beach Hotel – Santa Monica, CA
Sanford Bernstein's 34th Annual Strategic Decisions Conference
May 30, 2018
Grand Hyatt New York – New York, NY
RBC Capital Markets Global Energy & Power Executive Conference
June 5, 2018
Ritz Carlton Battery Park – New York, NY
Citi SMID Conference
June 6-7, 2018
The Lotte New York Palace – New York, NY
Wells Fargo 3rd Annual West Coast Energy Conference
June 12-13, 2018
The Four Seasons – San Francisco, CA
Management will meet with institutional investors throughout these events. Please note, when applicable, the presentations will be posted on the Company's website prior to the start of each event at http://www.ussilica.com.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Completes Acquisition of EP Minerals
FREDERICK, Md., May 1, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it has completed the $750 million acquisition of EP Minerals, a global producer of engineered materials derived from industrial minerals including diatomaceous earth (DE), clay (calcium bentonite) and perlite. The company's unique industrial minerals are used as filter aids, absorbents and functional additives for a variety of industries including food and beverage, biofuels, recreational water, oil and gas, farm and home, landscape, sports turf, paint, plastics, and insecticides.
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''This transformative acquisition achieves a key corporate objective to diversify our profit sources and add additional EBITDA from a broader industrial space to better balance our portfolio opposite our more cyclical Oil and Gas business," said Bryan Shinn, president and chief executive officer. "EP Minerals has a very attractive market structure, is a business with strong margins and very consistent cash flows with numerous growth opportunities and a robust pipeline of new products. Bottom line, this is a very diverse company with a rare combination of advantages and strengths and we are excited about the opportunity to work with the EP Minerals team to continue to grow its market-leading business,'' Shinn concluded.
The transaction is being financed by $1.28 billion in term loan facilities committed to by BNP Paribas and Barclays. The company also increased its revolving credit facility to an aggregate of $100 million.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel and truckload drivers; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation, trucking and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Md. and also has offices located in Chicago, Ill. and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Holdings, Inc. Announces First Quarter Results
- First quarter revenue of $369.3 million, up 2 percent sequentially
- Net income for the quarter of $0.39 per basic and diluted share
- Tons sold in Oil & Gas up 3 percent sequentially
- Company completed remainder of its $100 million share repurchase program
- Acquisition of EP Minerals expected to close by the end of this month
FREDERICK, Md., April 24, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced net income of $31.3 million or $0.39 per basic and diluted share for the first quarter ended March 31, 2018, compared with net income of $2.5 million or $0.03 per basic and diluted share for the first quarter of 2017. The first quarter results were negatively impacted by $9.4 million or $0.09 per share in plant start up and expansion expense, $2.5 million or $0.03 per share in M&A related expense, and a net loss on sale of assets of $3.4 million or $0.03 per share, resulting in adjusted EPS for the first quarter of $0.54 per basic and diluted share.
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"I'm very pleased with our strong first quarter results and the progress we made in advancing our top strategic initiatives, including our acquisition of EP Minerals, which I believe will grow and diversify our earnings stream and create additional value for our shareholders,'' said Bryan Shinn, president and chief executive officer.
"Our Oil and Gas business sold record tons during the quarter, made good progress in building out our West Texas expansions and signed a number of new long-term supply agreements. Our Sandbox unit also performed very well during the quarter, with contribution margin up 23 percent, driven by higher volumes, lower costs and targeted price increases,'' Shinn added.
''Our legacy ISP business in the first quarter was successful in implementing price increases on several whole grain and fine grade products, which we expect will drive higher margins going forward,'' he noted.
First Quarter 2018 Highlights
Total Company
Revenue totaled $369.3 million compared with $360.6 million for the fourth quarter of last year, an increase of 2% sequentially and 51% over the first quarter of 2017.
Overall tons sold totaled 4.129 million, up 3% compared with 4.022 million tons sold in the fourth quarter of 2017 and 22% over the first quarter of 2017.
Contribution margin for the quarter was $119.9 million, up 2% sequentially compared with $117.1 million in fourth quarter of 2017 and 103% over the first quarter of 2017.
Adjusted EBITDA was $95.4 million compared with Adjusted EBITDA of $93.2 million in the fourth quarter of 2017 and $42.7 million in the first quarter of 2017.
Oil and Gas
Revenue totaled $312.9 million compared with $306.0 million for the fourth quarter of 2017, up 2% sequentially and an increase of 62% on a year-over-year basis from the first quarter of 2017.
Tons sold totaled 3.252 million, an increase of 3% over the 3.171 million tons sold in the fourth quarter of 2017 and up 28% from the 2.532 million tons sold in the first quarter of 2017.
67% of tons sold were in basin compared with the 62% sold in basin in the fourth quarter of 2017.
Segment contribution margin was $99.4 million, up 4% sequentially over $95.8 million in the fourth quarter of 2017, and compared with $38.8 million in the first quarter of 2017.
Industrial and Specialty Products
Revenue in the first quarter of 2018 totaled $56.4 million, an increase of 3% over the fourth quarter of 2017, and up 9% over the first quarter of 2017.
Tons sold totaled 0.877 million, an increase of 3% compared with the 0.851 million tons sold in the fourth quarter of 2017, and up 2% compared with the first quarter of 2017.
Segment contribution margin was $20.5 million compared with $21.3 million in the fourth quarter of 2017, down 4% sequentially and up 2% on a year-over-year basis from the first quarter of 2017.
Capital Update
As of March 31, 2018, the Company had $329.5 million in cash and cash equivalents and $45.5 million available under its credit facilities. Total debt as of March 31, 2018 was $510.9 million. Capital expenditures in the first quarter totaled $72.3 million and were associated largely with engineering, procurement and construction of the Company's growth projects and maintenance and cost improvement capital projects.
During the first quarter, the Company repurchased approximately 2.8 million common shares for a total of $75 million. As of March 31, 2018, we have repurchased the total of approximately 3.5 million shares, completing the $100 million authorized under the current plan.
The Company expects to close on its $750 million acquisition of EP Minerals by the end of this month. We intend to finance the transaction and refinance our current debt through a new, seven-year, $1.28 billion committed Term Loan B credit facility and an expanded $100 million revolving credit facility.
Outlook and Guidance
The Company anticipates that its capital expenditures for 2018 will be in the range of $300 million to $350 million, mostly due to the completion of capacity expansion projects started in 2017 and continued investments in Sandbox. The Company's full year 2018 tax rate is expected to be in the range of 18% to 20%.
For the second quarter, we expect volumes in Oil & Gas to be up in the range of 10 to 15 percent. We anticipate that spot pricing will continue to increase in the second quarter at mid-single digit rates and that some of our contract volumes indexed to the horizontal rig count will reset to higher pricing as well.
For Sandbox, we expect improved volumes and pricing in the second quarter, as we continue to add crews, increase pricing and benefit from the increased volumes of sand being pumped per well today.
For ISP, we expect a strong second quarter with higher volumes and margins, driven by positive seasonality and a more favorable product mix.
Conference Call
U.S. Silica will host a conference call for investors today, April 24, 2018 at 9:00 a.m. Eastern Time to discuss these results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merrill, executive vice president and chief financial officer. Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13678325. The replay will be available through May 23, 2018.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 240 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and has offices located in Chicago, Illinois, and Houston, Texas.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel and truckload drivers; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation, trucking and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
U.S. SILICA HOLDINGS, INC.
SELECTED FINANCIAL DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; dollars in thousands, except per share amounts)
Three Months Ended
March 31, 2018
December 31, 2017
March 31, 2017
Total sales
$ 369,313
$ 360,566
$ 244,797
Total cost of sales (excluding depreciation, depletion and amortization)
260,910
254,706
187,475
Operating expenses:
Selling, general and administrative
34,591
29,637
22,341
Depreciation, depletion and amortization
28,592
27,335
21,599
Total operating expenses
63,183
56,972
43,940
Operating income
45,220
48,888
13,382
Other (expense) income:
Interest expense
(7,070)
(7,244)
(7,646)
Other income (expense), net, including interest income
665
1,525
(4,928)
Total other expense
(6,405)
(5,719)
(12,574)
Income before income taxes
38,815
43,169
808
Income tax (expense) benefit
(7,521)
28,783
1,714
Net income
$ 31,294
$ 71,952
$ 2,522
Earnings per share:
Basic
$0.39
$0.89
$0.03
Diluted
$0.39
$0.88
$0.03
Weighted average shares outstanding:
Basic
79,496
81,014
80,983
Diluted
80,309
81,921
82,244
Dividends declared per share
$0.06
$0.06
$0.06
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; dollars in thousands)
March 31, 2018
December 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents
$ 329,512
$ 384,567
Accounts receivable, net
251,275
212,586
Inventories, net
76,579
92,376
Prepaid expenses and other current assets
13,023
13,715
Total current assets
670,389
703,244
Property, plant and mine development, net
1,195,722
1,169,155
Goodwill
274,879
272,079
Intangible assets, net
148,702
150,007
Other assets
17,346
12,798
Total assets
$ 2,307,038
$ 2,307,283
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses
$ 154,148
$ 171,041
Current portion of long-term debt
4,305
4,504
Current portion of capital leases
631
706
Current portion of deferred revenue
52,305
36,128
Income tax payable
605
1,566
Total current liabilities
211,994
213,945
Long-term debt, net
506,607
506,732
Deferred revenue
69,670
82,286
Liability for pension and other post-retirement benefits
50,167
52,867
Deferred income taxes, net
38,371
29,856
Other long-term obligations
77,246
25,091
Total liabilities
954,055
910,777
Stockholders' Equity:
Preferred stock
—
—
Common stock
814
812
Additional paid-in capital
1,153,336
1,147,084
Retained earnings
314,405
287,992
Treasury stock, at cost
(103,940)
(25,456)
Accumulated other comprehensive loss
(11,632)
(13,926)
Total stockholders' equity
1,352,983
1,396,506
Total liabilities and stockholders' equity
$ 2,307,038
$ 2,307,283
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses to evaluate our operating performance and to determine resource allocation between segments. Segment contribution margin excludes certain corporate costs not associated with the operations of the segment. These unallocated costs include costs related to corporate functional areas such as sales, production and engineering, corporate purchasing, accounting, treasury, information technology, legal and human resources.
The following table sets forth a reconciliation of net income (loss) the most directly comparable GAAP financial measure, to segment contribution margin.
For the Three Months Ended
March 31, 2018
December 31, 2017
March 31, 2017
(dollars in thousands)
Sales:
Oil & Gas Proppants
$ 312,930
$ 306,020
$ 192,959
Industrial & Specialty Products
56,383
54,546
51,838
Total sales
369,313
360,566
244,797
Segment contribution margin:
Oil & Gas Proppants
99,433
95,823
38,842
Industrial & Specialty Products
20,530
21,319
20,215
Total segment contribution margin
119,963
117,142
59,057
Operating activities excluded from segment cost of sales
(11,560)
(11,282)
(1,735)
Selling, general and administrative
(34,591)
(29,637)
(22,341)
Depreciation, depletion and amortization
(28,592)
(27,335)
(21,599)
Interest expense
(7,070)
(7,244)
(7,646)
Other income (expense), net, including interest income
665
1,525
(4,928)
Income tax (expense) benefit
(7,521)
28,783
1,714
Net income
$ 31,294
$ 71,952
$ 2,522
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or liquidity under GAAP and should not be considered as an alternative to net income as a measure of operating performance, cash flows from operating activities as a measure of liquidity or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized, and excludes certain non-recurring charges that may recur in the future. Management compensates for these limitations by relying primarily on our GAAP results and by using Adjusted EBITDA only supplement ally. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income (loss) the most directly comparable GAAP financial measure, to Adjusted EBITDA:
For the Three Months Ended
March 31, 2018
December 31, 2017
March 31, 2017
(dollars in thousands)
Net income
$ 31,294
$ 71,952
$ 2,522
Total interest expense, net of interest income
5,855
6,019
6,311
Provision for taxes
7,521
(28,783)
(1,714)
Total depreciation, depletion and amortization expenses
28,592
27,335
21,599
EBITDA
73,262
76,523
28,718
Non-cash incentive compensation(1)
6,254
6,531
5,510
Post-employment expenses (excluding service costs)(2)
555
308
489
Merger and acquisition related expenses(3)
2,507
4,186
1,252
Plant capacity expansion expenses(4)
9,380
5,664
1
Contract termination expenses(5)
-
-
325
Other adjustments allowable under our existing credit agreements(6)
3,408
31
6,416
Adjusted EBITDA
$ 95,366
$ 93,243
$ 42,711
(1)
Reflects equity-based compensation expense.
(2)
Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period. Non-service net periodic benefit costs are not considered reflective of our operating performance as these costs do not exclusively originate from employee services during the applicable period and may experience periodic fluctuations as a result of changes in non-operating factors, including changes in discount rates, changes in expected returns on benefit plan assets, and other demographic actuarial assumptions. See Note P - Pension and Post-Retirement Benefits to our Financial Statements in Part 1, Item 1 of this Quarterly Report on Form 10-Q.
(3)
Merger and acquisition related expenses include legal fees, consulting fees, bank fees, severance costs, certain purchase accounting items, inventory write-offs, information technology integration costs and similar charges. While these costs are not operational in nature and are not expected to continue for any singular transaction on an ongoing basis, similar types of costs, expenses and charges have occurred in prior periods and may recur in the future as we continue to integrate prior acquisitions and pursue any future acquisitions.
(4)
Plant capacity expansion expenses include expenses that are not inventoriable or capitalizable as related to plant expansion projects greater than $5 million in capital expenditures or plant start up projects. While these expenses are not operational in nature and are not expected to continue for any singular project on an ongoing basis, similar types of expenses have occurred in prior periods and may recur in the future as we continue to pursue future plant capacity expansion.
(5)
Reflects contract termination expenses related to strategically exiting a service contract. While these expenses are not operational in nature and are not expected to continue for any singular event on an ongoing basis, similar types of expenses have occurred in prior periods and may recur in the future as we continue to strategically evaluate our contracts.
(6)
Reflects miscellaneous adjustments permitted under our existing credit agreement. The three months ended March 31, 2018 includes a net loss of $3.4 million on divestiture of assets, consisting of $7.9 million of contract termination costs and $1.3 million of divestiture related expenses such as legal fees and consulting fees, partially offset by a $5.8 million gain on sale of assets. While the gain and costs related to a divestiture of assets are not operational in nature and are not expected to continue for any singular divestiture on an ongoing basis, similar types of expenses have occurred in prior periods and may recur in the future. The three months ended March 31, 2017 amount includes a contract restructuring cost of $6.3 million.
Investor Contacts
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
CIG Logistics Purchases Three Transload Terminals In Texas And West Virginia
FORT WORTH, Texas, March 19, 2018 /PRNewswire/ -- CIG Logistics announced today that it has reached agreement with U.S. Silica Holdings, Inc. (NYSE: SLCA) for the acquisition of three large, strategically-located transload terminals owned by U.S. Silica in the Permian Basin and Eagle Ford and Marcellus shale plays. These terminals are expected to serve as the foundation for a broader strategic relationship between the two companies under which CIG will serve as the preferred transload provider to U.S. Silica in the Permian Basin and Eagle Ford shale play.
The three transload terminals purchased by CIG are located in Odessa, Texas, Von Ormy, Texas and Benwood, West Virginia, and serve as critical logistics hubs for the oil and gas industry in the Permian Basin, Eagle Ford and Marcellus shale plays, respectively.
Consistent with CIG's existing transload network, the acquired terminals are large scale and fit-for-purpose to meet the challenges of handling increasing proppant volumes per well throughout the unconventional shale basins in which they operate. Additionally, as part of the transaction, CIG Logistics will also operate U.S. Silica's facility in Seagraves, Texas.
''CIG is a best-in-class terminal operator with whom we have a long-standing business relationship. This transaction further cements our relationship with a top operator, further expands our best-in-industry logistics footprint and allows us to focus our internal resources on our growth priorities,'' said Tony Fox, Vice President, Supply Chain at U.S. Silica. "As a part of this transaction, CIG will serve as the preferred transload provider to U.S. Silica through its extensive network in the Permian Basin and Eagle Ford shale play and will partner with U.S. Silica on additional value-added logistics services," he added.
With the agreement, CIG Logistics will strengthen its core business of owning and operating transloading facilities to help oil and gas producers improve supply chain logistics with increased efficiencies, enhanced safety and reduced costs.
"U.S. Silica is a true leader in the proppant industry supporting domestic oil and natural gas operations that drive the nation's economic strength and energy independence," said CIG Logistics Chief Executive Officer Jonathan Green. "We're proud to further expand our partnership with U.S. Silica and are confident this latest agreement demonstrates the value our logistics expertise can deliver for our customers."
About CIG Logistics
CIG Logistics is an independent provider of end-to-end proppant logistics solutions to leading oil and natural gas exploration and production companies, oilfield services providers and proppant producers. CIG's logistics assets include 18 strategically located proppant and well consumable transload terminals and associated bulk storage silos across the most active oil and natural gas basins in Texas, New Mexico, Oklahoma, and West Virginia. In addition to its expansive transload network, CIG also owns and operates a modular fleet of patented high-capacity last mile logistics trailers, automated sand loading systems and mobile gravity fed containers used to efficiently store and deliver proppant at well sites under the SANDSTORM brand. Through CIG's proprietary PropLogistics software, CIG is also able to offer its customers real-time end-to-end monitoring of their proppant supply chain.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
Simmons & Company International, Energy Specialists of Piper Jaffray, served as exclusive financial advisor to U.S. Silica in the transaction.
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SOURCE CIG Logistics
U.S. Silica Announces Sale of Transload Assets to CIG Logistics
FREDERICK, Md., March 19, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that is has signed an agreement to sell three transloads located in the Permian, Eagle Ford and Appalachian Basins to CIG Logistics for $75 million in cash. The transaction is expected to close by the end of this month, pending financing.
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The three facilities are located near Odessa, Texas, San Antonio, Texas and Benwood, W. Va., and comprise approximately 70 thousand tons of storage capacity. As part of the agreement, U.S. Silica will continue to service customer needs through the transloads, which CIG will now own and operate.
Commenting on the transaction, U.S. Silica President and Chief Executive Officer Bryan Shinn said, ''This sale continues our successful strategy of utilizing outstanding partners, like CIG, to manage our transloading operations while we concentrate on delivering excellent customer service. Our focus as a company remains growing and diversifying our business and managing other capital allocation priorities, including returning cash to shareholders. This transaction fits well with our priorities and I look forward to working more closely with the CIG team."
Simmons & Company International, Energy Specialists of Piper Jaffray, served as exclusive financial advisor to U.S. Silica in the transaction.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Declares Quarterly Dividend
FREDERICK, Md., Feb. 20, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on April 5, 2018 for all shareholders of record as of the close of business on March 15, 2018.
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About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Md. and also has offices located in Chicago, Ill. and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica to Participate in Upcoming Investor Conferences
FREDERICK, Md., Feb. 5, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced that members of the management team will participate in the following investor conferences and events during the first quarter of 2018:
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2018 Simmons Annual Energy Conference
Feb. 28 – March 2, 2018
The Mandarin Oriental – Las Vegas, NV
2018 Evercore ISI Energy/Power Summit
March 13, 2018
St. Regis Hotel – Houston, TX
Scotia Howard Weil 2018 Energy Conference
March 26-27, 2018
The Roosevelt New Orleans Hotel – New Orleans, LA
Management will meet with institutional investors throughout these events. Please note, when applicable, the presentations will be posted on the Company's website prior to the start of each event at http://www.ussilica.com.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., Jan. 29, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its fourth quarter and full year 2017 financial results before the New York Stock Exchange opens on Wednesday, Feb. 21, 2018. This release will be followed by a conference call for investors on Wednesday, Feb. 21, 2018 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer.
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Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13675931. The replay will be available through March 21, 2018.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and nine oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Promotion of Billy Ray Smith to Senior Vice President and President, Oil & Gas Proppants
FREDERICK, Md., Jan. 3, 2018 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced the promotion of Billy Ray Smith to senior vice president and president, Oil & Gas Proppants, effective Jan. 1, 2018. Mr. Smith succeeds Don D. Weinheimer, who will be retiring but will stay on for an interim period to support the transition as vice president of strategic marketing. Mr. Smith will join the Company's Executive Management Team and report to Brad Casper, executive vice president and chief commercial officer.
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Mr. Smith joined U.S. Silica in March, 2017 as vice president of Oil & Gas, bringing over two decades of experience in the Oil & Gas exploration and services business. Prior to joining U.S. Silica, Mr. Smith held various positions of increasing responsibility at Halliburton, a global energy services company since 1995, including as North American Technology Director from Oct. 2015 to March, 2017. Mr. Smith holds a Bachelor of Science degree in Petroleum Engineering from Texas Tech University.
"Billy Ray's proven leadership abilities, strong business acumen and outstanding relationship skills will be tremendous assets in his new role and I couldn't be more pleased and excited,'' said Bryan Shinn, president and chief executive officer. "Billy Ray is widely respected in the industry and the Board and I have complete confidence that he will drive continued growth and successfully respond to the fast and ever-changing needs of our Oil & Gas customers,'' Shinn added.
"At the same time, I want to express my sincerest thanks to Don Weinheimer for his five years of tireless dedication and leadership in building an enviable and industry-leading Oil & Gas operation. Don has earned the trust and respect of our employees, customers, shareholders and business partners and we wish him all the best,'' Shinn noted.
"I'm honored and excited to assume these additional duties and lead the Oil & Gas operations at U.S. Silica,'' said Smith. "I look forward to helping take our Oil & Gas business to the next level by continuing to stay ahead of industry trends and evolving our capabilities to match changing customer dynamics,'' he added.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
Nick Shaver
Investor Relations Manager
281-394-9630
shavern@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.
$SLCA U.S. Silica to build second frac sand facility for Permian Basin
U.S. Silica (NYSE:SLCA) says it plans to spend $150M build a second frac sand mine and plant in west Texas to serve the Permian Basin.
SLCA expects the new facility to produce ~2.6M tons/year of frac sand, as part of its effort to add 8M-10M tons of new capacity to meet surging demand, and has secured customer commitments for the purchase of 1.2M tons/year.
SLCA says the 3,500-acre site has more than 30 years of reserves of fine grade 40/70 and 100 mesh.
Construction will begin immediately, and initial production is expected in March 2018.
U.S. Silica Holdings, Inc. Announces Second Quarter 2017 Results
- Revenue of $290.5 million up 19 percent sequentially
- Net income of $0.36 per basic share before adjustments
- Tons sold in Oil and Gas a record 2.7 million tons
- Generated operating cash flow of $100.0 million
- Updating FY 2017 capital expenditure guidance to a range of $325 million to $375 million
FREDERICK, Md., July 31, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced net income of $29.5 million or $0.36 per basic and diluted share for the second quarter ended June 30, 2017 compared with a net loss of $11.8 million or $(0.19) per basic and diluted share for the second quarter of 2016. The second quarter results were negatively impacted by $1.5 million in business development related expenses. Excluding this expense, net of the $0.6 million tax effect, EPS was $0.38 per basic share for the quarter.
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"U.S. Silica's strong second quarter performance reflects robust demand and pricing growth for frac sand and Sandbox last mile delivery services in our Oil and Gas business and another record quarter for our Industrials unit,'' said Bryan Shinn, president and chief executive officer. "We expect to see further strength in well completions and sand usage per well, leading to record 2017 business results and we also continue to work diligently on building out new capacity and potentially closing additional accretive acquisitions in both segments of our company," he added.
Second Quarter 2017 Highlights
Total Company
Revenue totaled $290.5 million compared with $117.0 million for the same period last year, an increase of 148% on a year-over-year basis and an increase of 19% sequentially over the first quarter of 2017.
Overall tons sold totaled 3.638 million, up 63% compared with 2.237 million tons sold in the second quarter of 2016 and an increase of 7% sequentially from the first quarter of 2017.
Contribution margin for the quarter was $94.5 million, up 510% compared with $15.5 million in the same period of the prior year and up 60% sequentially from the first quarter of 2017.
Adjusted EBITDA was $75.1 million compared with Adjusted EBITDA of $5.4 million for the same period last year and $42.7 million for the first quarter of 2017.
Oil and Gas
Revenue for the quarter totaled $235.0 million compared with $64.9 million for the same period in 2016, an increase of 262% on a year-over-year basis and an increase of 22% sequentially from the first quarter of 2017.
Tons sold totaled 2.745 million, an increase of 106% compared with the 1.333 million tons sold in the second quarter of 2016 and an increase of 8% sequentially compared with the tons sold in the first quarter of 2017.
62% of tons were sold in basin compared with 67% sold in basin in the first quarter of 2017.
Segment contribution margin was $71.2 million versus a loss of $6.0 million in the second quarter of 2016, an increase of 1288% and up 83% compared with the first quarter of 2017.
Industrial and Specialty Products
Revenue for the quarter totaled $55.4 million compared with $52.1 million for the same period in 2016, an increase of 6% on a year-over-year basis and up 7% sequentially from the first quarter of 2017.
Tons sold totaled 0.893 million, relatively flat on a year-over-year basis and an increase of 4% on a sequential basis compared with the first quarter of 2017.
Segment contribution margin was $23.3 million compared with $21.5 million in the second quarter of 2016, an increase of 8% on a year-over-year basis and up 15% sequentially compared with the first quarter of 2017.
Capital Update
As of June 30, 2017, the Company had $598.5 million in cash and cash equivalents and $46.0 million available under its credit facilities. Total debt at June 30, 2017 was $511.1 million. Capital expenditures in the second quarter totaled $135.2 million and were associated largely with engineering, procurement and construction of the Company's growth projects and maintenance and cost improvement capital projects.
Outlook and Guidance
The Company is updating its full year guidance for capital expenditures. The Company now anticipates that its capital expenditures for the full year 2017 will be in the range of $325 million to $375 million.
Conference Call
U.S. Silica will host a conference call for investors tomorrow, Aug. 1, 2017 at 9:00 a.m. Eastern Time to discuss these results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer. Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers (201) 612-7415. The conference ID number for the replay is 13665654. The replay of the call will be available through Sept. 1, 2017.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 240 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel and truckload drivers; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation, trucking and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
U.S. SILICA HOLDINGS, INC.
SELECTED FINANCIAL DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; dollars in thousands, except per share amounts)
Three Months Ended
June 30, 2017
March 31, 2017
June 30, 2016
Total sales
$ 290,465
$ 244,797
$ 116,994
Total cost of sales (excluding depreciation, depletion and amortization)
197,411
187,475
102,707
Operating expenses:
Selling, general and administrative
26,012
22,341
14,585
Depreciation, depletion and amortization
23,626
21,599
15,209
Total operating expenses
49,638
43,940
29,794
Operating income (loss)
43,416
13,382
(15,507)
Other income (expense):
Interest expense
(8,105)
(7,646)
(6,647)
Other income (expense), net, including interest income
1,258
(4,928)
608
Total other expense
(6,847)
(12,574)
(6,039)
Income (loss) before income taxes
36,569
808
(21,546)
Income tax benefit (expense)
(7,110)
1,714
9,774
Net income (loss)
$ 29,459
$ 2,522
$ (11,772)
Earnings (loss) per share:
Basic
$0.36
$0.03
($0.19)
Diluted
$0.36
$0.03
($0.19)
Weighted average shares outstanding:
Basic
81,087
80,983
63,417
Diluted
81,945
82,244
63,417
Dividends declared per share
$0.06
$0.06
$0.06
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30, 2017
December 31, 2016
(unaudited)
(audited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 598,535
$ 711,225
Accounts receivable, net
159,110
89,006
Inventories, net
74,278
78,709
Prepaid expenses and other current assets
10,254
12,323
Income tax deposits
-
1,682
Total current assets
842,177
892,945
Property, plant and mine development, net
919,840
783,313
Goodwill
246,181
240,975
Trade names
33,068
32,318
Intellectual property, net
65,384
57,270
Customer relationships, net
52,508
50,890
Other assets
15,013
15,509
Total assets
$ 2,174,171
$ 2,073,220
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$ 102,376
$ 70,778
Dividends payable
5,229
5,221
Accrued liabilities
14,698
13,034
Accrued interest
61
169
Current portion of long-term debt
4,832
4,821
Current portion of capital leases
1,961
2,237
Current portion of deferred revenue
25,402
13,700
Income tax payable
2,791
-
Total current liabilities
157,350
109,960
Long-term debt
506,295
508,417
Deferred revenue
79,808
58,090
Obligations under capital lease
138
717
Liability for pension and other post-retirement benefits
59,411
56,746
Deferred income taxes, net
52,328
50,075
Other long-term obligations
16,633
15,925
Total liabilities
871,963
799,930
Stockholders' Equity:
Preferred stock
—
—
Common stock
812
811
Additional paid-in capital
1,134,245
1,129,051
Retained earnings
184,959
163,173
Treasury stock, at cost
(491)
(3,869)
Accumulated other comprehensive loss
(17,317)
(15,876)
Total stockholders' equity
1,302,208
1,273,290
Total liabilities and stockholders' equity
$ 2,174,171
$ 2,073,220
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses to evaluate our operating performance and to determine resource allocation between segments. Segment contribution margin excludes certain corporate costs not associated with the operations of the segment. These unallocated costs include costs related to corporate functional areas such as sales, production and engineering, corporate purchasing, accounting, treasury, information technology, legal and human resources.
The following table sets forth a reconciliation of net income (loss) the most directly comparable GAAP financial measure, to segment contribution margin.
For the Three Months Ended
June 30, 2017
March 31, 2017
June 30, 2016
(dollars in thousands)
Sales:
Oil & Gas Proppants
$ 235,018
$ 192,959
$ 64,926
Industrial & Specialty Products
55,447
51,838
52,068
Total sales
290,465
244,797
116,994
Segment contribution margin:
Oil & Gas Proppants
71,222
38,841
(5,995)
Industrial & Specialty Products
23,267
20,216
21,486
Total segment contribution margin
94,489
59,057
15,491
Operating activities excluded from segment cost of sales
(1,435)
(1,735)
(1,204)
Selling, general and administrative
(26,012)
(22,341)
(14,585)
Depreciation, depletion and amortization
(23,626)
(21,599)
(15,209)
Interest expense
(8,105)
(7,646)
(6,647)
Other income (loss), net, including interest income
1,258
(4,928)
608
Income tax benefit (expense)
(7,110)
1,714
9,774
Net income (loss)
$ 29,459
$ 2,522
$ (11,772)
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or liquidity under GAAP and should not be considered as an alternative to net income as a measure of operating performance, cash flows from operating activities as a measure of liquidity or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized, and excludes certain non-recurring charges that may recur in the future. Management compensates for these limitations by relying primarily on our GAAP results and by using Adjusted EBITDA only supplementally. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income (loss) the most directly comparable GAAP financial measure, to Adjusted EBITDA:
For the Three Months Ended
June 30, 2017
March 31, 2017
June 30, 2016
(dollars in thousands)
Net income (loss)
$ 29,459
$ 2,522
$ (11,772)
Total interest expense, net of interest income
6,641
6,311
6,150
Provision for taxes
7,110
(1,714)
(9,774)
Total depreciation, depletion and amortization expenses
23,626
21,599
15,209
EBITDA
66,836
28,718
(187)
Non-cash incentive compensation(1)
6,442
5,510
3,449
Post-employment expenses (excluding service costs)(2)
240
489
199
Business development related expenses(3)
1,543
1,486
861
Other adjustments allowable under our existing credit agreements(4)
11
6,509
1,051
Adjusted EBITDA
$ 75,072
$ 42,712
$ 5,373
(1)
Reflects equity-based compensation expense.
(2)
Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period. See Note L - Pension and Post-retirement Benefits to our Financial Statements in Part 1, Item 1 of this Quarterly Report on Form 10-Q.
(3)
Reflects expenses related to business development activities in connection with our growth and expansion initiatives.
(4)
Reflects miscellaneous adjustments permitted under our existing credit agreement. The three months ended March 31, 2017 amount includes a contract restructuring cost of $6.3 million.
Investor Contact:
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@USSilica.com
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SOURCE U.S. Silica Holdings, Inc.
$SLCA U.S. Silica sinks on Q2 sand volume miss; analyst says concerns overblown
U.S. Silica (SLCA -8.5%) to 52-week lows following Q2 results that included more than double the revenues of a year ago but nevertheless missed analyst consensus revenues, as well as revised FY 2017 capex guidance of $325M-$375M vs. $125M-$150M previously.
SLCA cites rail availability issues as the source of its Q2 volume miss, as its oil and gas segment's 8% increase in Q2 sand sales of 2.7M tons of sand vs. an expected 15%-20% based on prior guidance, but SLCA says it remains on track to hit year-end 2017 delivered supply guidance as well as its target for 2018.
RBC analyst Kurt Hallead remains optimistic, saying "frac sand bearishness is at such a high level that anything said in the press release and call would've been interpreted negatively."
SLCA believes frac sand fears as overblown and that it should be able to take advantage of its balance sheet capacity to acquire smaller operators that lack the national footprint and reputation the company has developed.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., June 29, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its second quarter 2017 financial results after the New York Stock Exchange closes on Monday, July 31, 2017. This release will be followed by a conference call for investors on Tuesday, Aug. 1, 2017 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer.
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Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13665654. The replay will be available through Sept. 1, 2017.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-timing-of-earnings-release-and-investor-call-300481799.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica to Build New Frac Sand Mine and Plant in the Permian
- Part of the Company's previously announced capacity expansion plans
- Capital outlay of approximately $225 million to build a 4 million ton-per-year facility
- 3,200-acre site with over 30 years of reserves of fine grade 40/70 and 100 mesh frac sand
- Well positioned near the heart of the Delaware and Midland basins
FREDERICK, Md., June 12, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has approved the construction of a new, state-of-the-art frac sand mine and plant in West Texas to serve the rapidly-growing Permian Basin. The new facility is expected to produce approximately 4 million tons annually and is part of the Company's previously announced plan to add approximately 8 to 10 million tons of new Brownfield and Greenfield capacity to meet surging frac sand demand.
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The $225 million project will be funded from cash on hand and cash flow from operations and is expected to be supported by long-term supply contracts with leading oilfield companies, which include cash pre-payments. Construction will begin immediately and initial production is scheduled for late in the fourth quarter of 2017. The 3,200-acre site has over 30 years of reserves of fine grade 40/70 and 100 mesh sand with excellent physical properties.
"We believe we've selected one of the most advantaged sites in West Texas with good availability of water, easy access to Interstate 20 and a location that is equidistant to the hearts of both the Delaware and Midland Basins,'' said Bryan Shinn, president and chief executive officer. "Our focus is serving our customers. Those customers told us clearly that they want more local sand supply in the Permian to support future well completions. Their willingness to negotiate long-term supply agreements for this new capacity and to potentially commit their own capital to the project demonstrates the confidence they have in U.S. Silica and the tightness of the frac sand market now and in the future." Shinn added that the Company expects to enter into similar agreements for other capacity expansion projects currently underway.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel and truckload drivers; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions;
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-to-build-new-frac-sand-mine-and-plant-in-the-permian-300472573.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Declares Quarterly Dividend
FREDERICK, Md., May 8, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on July 6, 2017 for all shareholders of record as of the close of business on June 15, 2017.
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About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-declares-quarterly-dividend-300452780.html
SOURCE U.S. Silica Holdings, Inc.
$20 here we come...Zachs did you offer an Insurance plan with that STRONG BUY!
Poor Zachs...
Insiders took advantage of the quarterly report to unload shares, knowing that prospects in the near-term don't look good.
Look for continued weakness during the next 6 months. Don't be surprised if the stock falls into the $20 range.
U.S. Silica Holdings, Inc. Announces First Quarter 2017 Results
- Revenue of $244.8 million up 34% sequentially
- Net income of $0.03 per basic share before adjustments
- Tons sold in Oil and Gas segment up 22% sequentially
- 67% of Oil and Gas tons sold in basin
- Cash and cash equivalents at March 31, 2017 of $660.9 million
FREDERICK, Md., April 24, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced net income of $2.5 million or $0.03 per basic and diluted share for the first quarter ended March 31, 2017 compared with a net loss of $11.0 million or $(0.20) per basic and diluted share for the first quarter of 2016. The first quarter results were negatively impacted by $1.5 million in business development related expenses and $6.3 million in costs related to the restructuring of a vendor contract. Excluding these expenses, net of the $2.9 million tax effect, EPS was $0.09 per basic share for the quarter.
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''I'm very pleased with the strong performances we saw from both of our operating segments during the quarter,'' said Bryan Shinn, president and chief executive officer. ''Continued industry recovery and powerful secular trends are driving record demand for our products and services in Oil and Gas while our Industrial and Specialty Products segment continues to make great progress in growing its bottom line through a combination of strategic price increases and the roll out of more higher margin products.''
First Quarter 2017 Highlights
Total Company
Revenue totaled $244.8 million compared with $122.5 million for the same period last year, an increase of 100% on a year-over-year basis and an increase of 34% sequentially from the fourth quarter of 2016.
Overall tons sold totaled 3.4 million, up 49% compared with 2.3 million tons sold in the first quarter of 2016 and an increase of 18% sequentially from the fourth quarter of 2016.
Contribution margin for the quarter was $59.1 million, up 233% compared with $17.7 million in the same period of the prior year and up 57% sequentially from the fourth quarter of 2016.
Adjusted EBITDA was $42.7 million compared with Adjusted EBITDA of $5.3 million for the same period last year, an increase of 713% on a year-over-year basis and an increase of 107% sequentially from the fourth quarter of 2016.
Oil and Gas
Revenue for the quarter totaled $193.0 million compared with $73.9 million in the same period in 2016, an increase of 161% on a year-over-year basis and an increase of 41% sequentially from the fourth quarter of 2016.
Tons sold totaled 2.5 million, an increase of 79% compared with the 1.4 million tons sold in the first quarter of 2016 and an increase of 22% sequentially compared with the tons sold in the fourth quarter of 2016.
67% of tons were sold in basin compared with 75% sold in basin in the fourth quarter of 2016.
Segment contribution margin was $38.8 million versus $0.9 million in the first quarter of 2016, an increase of 4,464% on a year-over-year basis and an increase of 110% sequentially compared with the fourth quarter of 2016.
Industrial and Specialty Products
Revenue for the quarter totaled $51.8 million compared with $48.6 million for the same period in 2016, an increase of 7% on a year-over-year basis and an increase of 14% on a sequential basis from the fourth quarter of 2016.
Tons sold totaled 0.9 million, relatively flat on a year-over-year basis and an increase of 9% on a sequential basis compared with the fourth quarter of 2016.
Segment contribution margin was $20.2 million compared with $16.9 million in the first quarter of 2016, an increase of 20% on a year-over-year basis and up 6% sequentially compared with the fourth quarter of 2016.
Capital Update
As of March 31, 2017, the Company had $660.9 million in cash and cash equivalents and $46.0 million available under its credit facilities. Total debt at March 31, 2017 was $512.5 million. Capital expenditures in the first quarter totaled $23.6 million and were associated largely with engineering, procurement and construction of the Company's growth projects and maintenance and cost improvement capital projects.
Outlook and Guidance
The Company anticipates that its capital expenditures for 2017 will be in the range of $125 million to $150 million.
Conference Call
U.S. Silica will host a conference call for investors tomorrow, April 25, 2017 at 9:00 a.m. Eastern Time to discuss these results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer. Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853. The conference ID number for the replay is 13658614. The replay of the call will be available through May 25, 2017.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel and truckload drivers; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation, trucking and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
U.S. SILICA HOLDINGS, INC.
SELECTED FINANCIAL DATA FROM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)
Three Months Ended
March 31, 2017
December 31, 2016
March 31, 2016
Total sales
$ 244,797
$ 182,373
$ 122,510
Total cost of sales (excluding depreciation, depletion and amortization)
187,475
148,411
106,751
Operating expenses:
Selling, general and administrative
22,341
19,167
15,503
Depreciation, depletion and amortization
21,599
21,194
14,556
Total operating expenses
43,940
40,361
30,059
Operating income (loss)
13,382
(6,399)
(14,300)
Other income (expense):
Interest expense
(7,646)
(7,998)
(6,643)
Other income (expense), net, including interest income
(4,928)
867
1,790
Total other expense
(12,574)
(7,131)
(4,853)
Income (loss) before income taxes
808
(13,530)
(19,153)
Income tax benefit
1,714
6,588
8,150
Net income (loss)
$ 2,522
$ (6,942)
$ (11,003)
Earnings (loss) per share:
Basic
$0.03
($0.09)
($0.20)
Diluted
$0.03
($0.09)
($0.20)
Weighted average shares outstanding:
Basic
80,983
75,539
54,470
Diluted
82,244
75,539
54,470
Dividends declared per share
$0.06
$0.06
$0.06
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
March 31, 2017
December 31, 2016
(unaudited)
(audited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 660,903
$ 711,225
Accounts receivable, net
139,970
89,006
Inventories, net
69,458
78,709
Prepaid expenses and other current assets
12,401
12,323
Income tax deposits
1,397
1,682
Total current assets
884,129
892,945
Property, plant and mine development, net
806,288
783,313
Goodwill
242,301
240,975
Trade names
32,318
32,318
Intellectual property, net
57,524
57,270
Customer relationships, net
49,882
50,890
Other assets
14,798
15,509
Total assets
$ 2,087,240
$ 2,073,220
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$ 71,951
$ 70,778
Dividends payable
5,223
5,221
Accrued liabilities
13,202
13,034
Accrued interest
69
169
Current portion of long-term debt
5,034
4,821
Current portion of capital leases
2,190
2,237
Current portion of deferred revenue
18,926
13,700
Total current liabilities
116,595
109,960
Long-term debt
507,484
508,417
Deferred revenue
66,360
58,090
Obligations under capital lease
425
717
Liability for pension and other post-retirement benefits
56,363
56,746
Deferred income taxes, net
49,643
50,075
Other long-term obligations
16,474
15,925
Total liabilities
813,344
799,930
Stockholders' Equity:
Preferred stock
—
—
Common stock
812
811
Additional paid-in capital
1,131,253
1,129,051
Retained earnings
160,600
163,173
Treasury stock, at cost
(3,422)
(3,869)
Accumulated other comprehensive loss
(15,347)
(15,876)
Total stockholders' equity
1,273,896
1,273,290
Total liabilities and stockholders' equity
$ 2,087,240
$ 2,073,220
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses to evaluate our operating performance and to determine resource allocation between segments. Segment contribution margin excludes certain corporate costs not associated with the operations of the segment. These unallocated costs include costs related to corporate functional areas such as sales, production and engineering, corporate purchasing, accounting, treasury, information technology, legal and human resources.
The following table sets forth a reconciliation of net income (loss) the most directly comparable GAAP financial measure, to segment contribution margin.
For the Three Months Ended
March 31, 2017
December 31, 2016
March 31, 2016
(in thousands)
Sales:
Oil & Gas Proppants
$ 192,959
$ 136,977
$ 73,865
Industrial & Specialty Products
51,838
45,396
48,645
Total sales
244,797
182,373
122,510
Segment contribution margin:
Oil & Gas Proppants
38,841
18,486
851
Industrial & Specialty Products
20,216
19,021
16,893
Total segment contribution margin
59,057
37,507
17,744
Operating activities excluded from segment cost of sales
(1,735)
(3,545)
(1,985)
Selling, general and administrative
(22,341)
(19,167)
(15,503)
Depreciation, depletion and amortization
(21,599)
(21,194)
(14,556)
Interest expense
(7,646)
(7,998)
(6,643)
Other income (loss), net, including interest income
(4,928)
867
1,790
Income tax benefit
1,714
6,588
8,150
Net income (loss)
$ 2,522
$ (6,942)
$ (11,003)
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or liquidity under GAAP and should not be considered as an alternative to net income as a measure of operating performance, cash flows from operating activities as a measure of liquidity or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized, and excludes certain non-recurring charges that may recur in the future. Management compensates for these limitations by relying primarily on our GAAP results and by using Adjusted EBITDA only supplementally. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income (loss) the most directly comparable GAAP financial measure, to Adjusted EBITDA:
For the Three Months Ended
March 31, 2017
December 31, 2016
March 31, 2016
(in thousands)
Net income (loss)
$ 2,522
$ (6,942)
$ (11,003)
Total interest expense, net of interest income
6,311
7,048
6,370
Provision for taxes
(1,714)
(6,588)
(8,150)
Total depreciation, depletion and amortization expenses
21,599
21,194
14,556
EBITDA
28,718
14,712
1,773
Non-cash incentive compensation(1)
5,510
3,032
1,906
Post-employment expenses (excluding service costs)(2)
489
260
765
Business development related expenses(3)
1,486
2,571
107
Other adjustments allowable under our existing credit agreements(4)
6,509
96
701
Adjusted EBITDA
$ 42,712
$ 20,671
$ 5,252
(1)
Reflects equity-based compensation expense.
(2)
Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period. See Note L - Pension and Post-retirement Benefits to our Financial Statements in Part 1, Item 1 of this Quarterly Report on Form 10-Q.
(3)
Reflects expenses related to business development activities in connection with our growth and expansion initiatives.
(4)
Reflects miscellaneous adjustments permitted under our existing credit agreement. The 2017 amount includes a contract restructuring cost of $6.3 million.
Zacks raises SLCA to Strong Buy
However the stock is under strong selling pressure, down to 45 from from its recent $60 range.
Without fracking,SLCA will continue to struggle.
U.S. Silica Acquires New Industrial Roofing Capability
Cool Roof Granules Offer Cost Effective Solution for Solar Reflectivity
FREDERICK, Md., April 4, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it has acquired a division of National Coatings Corp. that manufactures and distributes cool roof granules, a treated kaolin product used in industrial roofing systems that delivers superior solar reflectance and higher thermal emittance than standard designed roofing products. Cool roof systems reduce energy usage and enhance the durability of the roof as well.
https://mma.prnewswire.com/media/212300/us_silica_logo.jpg
U.S. Silica is acquiring patent and intellectual rights and supplier and customer relationships for approximately $18.7 million. The transaction closed earlier this month.
"We're very excited to enter this new and growing market and the potential it provides our industrial business to expand our offerings under our new product development initiative," said J.P. Blanchard, U.S. Silica senior vice president and president of the Company's Industrial and Specialty Products division. "Cool roof granules are an excellent example of the kind of adjacencies to our core business that we are pursuing in ISP to support our customers' growth initiatives, penetrate new markets, diversify our product offerings and enhance our bottom line results."
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-acquires-new-industrial-roofing-capability-300434056.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., March 28, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its first quarter 2017 financial results after the New York Stock Exchange closes on Monday, April 24, 2017. This release will be followed by a conference call for investors on Tuesday, April 25, 2017 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer.
Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at http://www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13658614. The replay will be available through May 25, 2017.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-timing-of-earnings-release-and-investor-call-300430449.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Declares Quarterly Dividend
9:00 am ET February 21, 2017 (PR Newswire)
U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on April 5, 2017 for all shareholders of record as of the close of business on March 15, 2017.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver 240 products to over 1,200 customers across our end markets. The Company currently operates nine industrial sand production plants, nine oil and gas sand production plants and seven Sandbox distribution centers. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-declares-quarterly-dividend-300410115.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., Feb. 2, 2017 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its fourth quarter and full year 2016 financial results after the New York Stock Exchange closes on Wednesday, Feb. 22, 2017. This release will be followed by a conference call for investors on Thursday, Feb. 23, 2017 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer.
Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13654614. The replay will be available through March 23, 2017.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 117-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-timing-of-earnings-release-and-investor-call-300401244.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Exercise of Option to Purchase Additional Shares
FREDERICK, Md., Nov. 22, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today the full exercise of the underwriters' option to purchase 1,350,000 additional shares of its common stock. The option was granted by U.S. Silica to the underwriters in connection with the previously consummated public offering of 9,000,000 shares of common stock. Settlement of the sale of the additional shares is expected to occur on November 23, 2016, subject to customary closing conditions.
U.S. Silica intends to use the net proceeds from the sale of the additional shares of common stock to fund general corporate purposes including potential acquisitions of complementary businesses or assets.
Morgan Stanley & Co. LLC and Barclays Capital Inc. are acting as joint book-running managers for the offering.
This offering is being made by means of a prospectus supplement and accompanying base prospectus, copies of which may be obtained for free by visiting EDGAR on the Securities and Exchange Commission (SEC) website at www.sec.gov. Alternatively, the prospectus and prospectus supplement may be obtained by sending a request to: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd floor, New York, New York 10014 or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone 888-603-5847, Email: barclaysprospectus@broadridge.com.
This offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company's common stock or any other securities, and there shall not be any offer, solicitation or sale of securities mentioned in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such any state or jurisdiction.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver 235 products to over 1,200 customers across our end markets. The Company currently operates nine industrial sand production plants, nine oil and gas sand production plants and seven Sandbox distribution centers. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
Cautionary Information Regarding Forward-Looking Statements
Any statements in this press release that are not entirely historical in nature constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. For important information regarding forward-looking statements, please read page 1 and 2 of the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2015.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-exercise-of-option-to-purchase-additional-shares-300367743.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Pricing of Public Offering of Common Stock
FREDERICK, Md., Nov. 9, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it has priced an underwritten public offering of 9,000,000 shares of U.S. Silica common stock for total gross proceeds of $416,250,000. The underwriters have been granted a 30-day option to purchase up to an additional 1,350,000 shares of common stock.
U.S. Silica intends to use the net proceeds of the offering for general corporate purposes including the potential acquisition of complementary businesses or assets. The offering is expected to close on November 16, 2016, subject to customary closing conditions.
Morgan Stanley & Co. LLC and Barclays Capital Inc. acted as joint book-running managers for the offering. This offering is being made by means of a prospectus supplement and accompanying base prospectus, copies of which may be obtained for free by visiting EDGAR on the Securities and Exchange Commission (SEC) website at www.sec.gov. Alternatively, the prospectus and prospectus supplement may be obtained by sending a request to: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd floor, New York, New York 10014 or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone 888-603-5847, Email: barclaysprospectus@broadridge.com.
This offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company's common stock or any other securities, and there shall not be any offer, solicitation or sale of securities mentioned in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such any state or jurisdiction.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver 235 products to over 1,200 customers across our end markets. The Company currently operates nine industrial sand production plants, nine oil and gas sand production plants and seven Sandbox distribution centers. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
Cautionary Information Regarding Forward-Looking Statements
Any statements in this press release that are not entirely historical in nature constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. For important information regarding forward-looking statements, please read page 1 and 2 of the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2015.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-pricing-of-public-offering-of-common-stock-300360398.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Holdings, Inc. Announces Third Quarter 2016 Results
FREDERICK, Md., Nov. 3, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced a net loss of $11.3 million or $(0.17) per basic and diluted share for the third quarter ended Sept. 30, 2016 compared with net income of $2.4 million or $0.05 per basic share and $0.04 per diluted share for the third quarter of 2015. The third quarter results were negatively impacted by $4.7 million of business development-related expense, including acquisition-related costs for Sandbox and NBR Sands. Excluding these expenses, net of $1.8 million tax effect, EPS was $(0.13) per basic share for the quarter.
"Our team showed tremendous discipline and determination during the quarter to successfully integrate two major acquisitions while continuing to move our base businesses forward," said Bryan Shinn, president and chief executive officer. "With the additions of Sandbox and NBR Sands, we can further maximize value for our Oil & Gas customers by having the widest raw sand product offering of anyone in our industry and the only commercially viable last-mile containerized delivery solution. On the industrial side, we continue to benefit from the inherent value of ISP to generate consistent cash flows to cover fixed costs in a downturn while providing a platform for growth going forward."
Third Quarter 2016 Highlights
Total Company
Revenue totaled $137.7 million compared with $155.4 million for the same period last year, a decrease of 11% on a year-over-year basis and an increase of 18% sequentially compared with the second quarter of 2016.
Overall tons sold totaled 2.5 million, down 5% compared with the 2.6 million tons sold in the third quarter of 2015 and an increase of 11% sequentially from the second quarter of 2016.
Contribution margin for the quarter was $19.7 million, down 46% compared with $36.5 million in the same period of the prior year but up 27% sequentially from the second quarter of 2016.
Adjusted EBITDA was $8.3 million compared with Adjusted EBITDA of $24.0 million for the same period last year, a decrease of 66% on a year-over-year basis and an increase of 54% sequentially compared with the second quarter of 2016.
Oil and Gas
Revenue for the quarter totaled $86.8 million compared with $102.0 million in the same period in 2015, a decrease of 15% on a year-over-year basis and an increase of 34% sequentially from the second quarter of 2016.
Tons sold totaled 1.6 million, essentially flat compared with 1.6 million tons sold in the third quarter of 2015 and up 21% sequentially compared with the tons sold in the second quarter of 2016.
65% of tons were sold in basin compared with 61% sold in basin in the third quarter of 2015, and 55% sold in basin in the second quarter of 2016.
Segment contribution margin was a loss of $1.9 million versus a profit of $16.5 million in the third quarter of 2015, an increase of 68% sequentially compared with the second quarter of 2016.
Industrial and Specialty Products
Revenue for the quarter totaled $51.0 million compared with $53.4 million for the same period in 2015, a decrease of 5% on a year-over-year basis and a decrease of 2% on a sequential basis from the second quarter of 2016.
Tons sold totaled 0.876 million, a decrease of 13% on a year-over-year basis and a decrease of 3% on a sequential basis compared with the second quarter of 2016.
Segment contribution margin was $21.6 million compared with $20.0 million in the third quarter of 2015, an increase of 8% on a year-over-year basis and flat sequentially compared with the second quarter of 2016.
Capital Update
As of Sept. 30, 2016, the Company had $264.1 million in cash and cash equivalents and $46.0 million available under its credit facilities. Total debt at Sept. 30, 2016 was $506.6 million. Capital expenditures in the third quarter totaled $9.4 million and were associated largely with the Company's investments in various maintenance, expansion and cost improvement projects.
Outlook and Guidance
Due to the current lack of visibility in its Oil and Gas business, the Company will continue to refrain from providing guidance for Adjusted EBITDA until such time as it can gain more clarity around our customers' business activity levels and the associated demand for our products. Based on current market conditions, the Company anticipates that its capital expenditures for 2016 will be in the range of $42 million to $47 million.
Conference Call
U.S. Silica will host a conference call for investors tomorrow, Nov. 4, 2016 at 9:00 a.m. Eastern Time to discuss these results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer. Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers (201) 612-7415. The conference ID number for the replay is 13647944. The replay of the call will be available through Dec. 2, 2016.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver 235 products to over 1,200 customers across our end markets. The Company currently operates nine industrial sand production plants, nine oil and gas sand production plants and seven Sandbox distribution centers. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; dollars in thousands, except per share amounts)
For the Three Months Ended
September 30, 2016
June 30, 2016
September 30, 2015
Sales
$ 137,748
$ 116,994
$ 155,408
Cost of goods sold (excluding depreciation, depletion and amortization)
119,426
102,707
122,599
Operating expenses
Selling, general and administrative
18,472
14,585
13,559
Depreciation, depletion and amortization
17,175
15,209
15,158
35,647
29,794
28,717
Operating income (loss)
(17,325)
(15,507)
4,092
Other income (expense)
Interest expense
(6,684)
(6,647)
(6,684)
Other income, net, including interest income
493
608
309
(6,191)
(6,039)
(6,375)
Loss before income taxes
(23,516)
(21,546)
(2,283)
Income tax benefit
12,177
9,775
4,695
Net income (loss)
$ (11,339)
$ (11,771)
$ 2,412
Earnings (loss) per share:
Basic
($0.17)
($0.19)
$0.05
Diluted
($0.17)
($0.19)
$0.04
Weighted average shares outstanding:
Basic
66,676
63,417
53,321
Diluted
66,676
63,417
53,742
Dividends declared per share
$0.06
$0.06
$0.13
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
September 30,
2016
December 31,
2015
(unaudited)
(audited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 264,060
$ 277,077
Short-term investments
-
21,849
Accounts receivable, net
70,725
58,706
Inventories, net
77,429
65,004
Prepaid expenses and other current assets
14,092
9,921
Income tax deposits
8,017
6,583
Total current assets
434,323
439,140
Property, plant and mine development, net
790,565
561,196
Goodwill
233,196
68,647
Trade names
32,318
14,474
Intellectual property
57,700
-
Customer relationships, net
56,700
6,453
Other assets
16,031
18,709
Total assets
$ 1,620,833
$ 1,108,619
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$ 68,692
$ 49,631
Dividends payable
4,546
3,453
Accrued liabilities
12,821
11,708
Accrued interest
57
58
Current portion of capital leases
1,136
-
Current portion of long-term debt
6,745
3,330
Deferred revenue
9,131
15,738
Total current liabilities
103,128
83,918
Long-term debt
499,886
488,375
Deferred revenue
66,030
59,676
Obligation under capital lease
1,281
-
Liability for pension and other post-retirement benefits
63,715
55,893
Deferred income taxes, net
57,330
19,513
Other long-term obligations
18,668
17,077
Total liabilities
810,038
724,452
Stockholders' Equity:
Preferred stock
-
-
Common stock
708
539
Additional paid-in capital
660,448
194,670
Retained earnings
175,210
220,974
Treasury stock, at cost
(5,105)
(15,845)
Accumulated other comprehensive loss
(20,466)
(16,171)
Total stockholders' equity
810,795
384,167
Total liabilities and stockholders' equity
$ 1,620,833
$ 1,108,619
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses to evaluate our operating performance and to determine resource allocation between segments. Segment contribution margin excludes certain corporate costs not associated with the operations of the segment. These unallocated costs include costs related to corporate functional areas such as sales, production and engineering, corporate purchasing, accounting, treasury, information technology, legal and human resources.
The following table sets forth a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to segment contribution margin.
For the Three Months Ended
September 30, 2016
June 30, 2016
September 30, 2015
(unaudited; in thousands)
Sales:
Oil & Gas Proppants
$ 86,782
$ 64,926
$ 101,987
Industrial & Specialty Products
50,966
52,068
53,421
Total Sales
137,748
116,994
155,408
Segment contribution margin:
Oil & Gas Proppants
(1,897)
(5,995)
16,521
Industrial & Specialty Products
21,587
21,486
19,967
Total segment contribution margin
19,690
15,491
36,488
Operating activities excluded from segment cost of goods sold
(1,368)
(1,204)
(3,679)
Selling, general and administrative
(18,472)
(14,585)
(13,559)
Depreciation, depletion and amortization
(17,175)
(15,209)
(15,158)
Interest expense
(6,684)
(6,647)
(6,684)
Other income, net, including interest income
493
608
309
Income tax benefit
12,177
9,775
4,695
Net income (loss)
$ (11,339)
$ (11,771)
$ 2,412
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP measure, is included in this release because it is a key metric used by management to assess our operating performance and by our lenders to evaluate our covenant compliance. Adjusted EBITDA excludes certain income and/or costs, the removal of which improves comparability of operating results across reporting periods. Our target performance goals under our incentive compensation plan are tied, in part, to our Adjusted EBITDA. In addition, our revolving credit facility (Revolver) contains a consolidated total net leverage ratio that we must meet as of the last day of any fiscal quarter whenever usage of the Revolver (other than certain undrawn letters of credit) exceeds 25% of the Revolver commitment, which is calculated based on our Adjusted EBITDA. Noncompliance with the financial ratio covenant contained in the Revolver could result in the acceleration of our obligations to repay all amounts outstanding under the Revolver and the term loan. Moreover, the Revolver and the term loan contain covenants that restrict, subject to certain exceptions, our ability to make permitted acquisitions, incur additional indebtedness, make restricted payments (including dividends) and retain excess cash flow based, in some cases, on our ability to meet leverage ratios calculated based on our Adjusted EBITDA.
Adjusted EBITDA is not a measure of our financial performance or liquidity under GAAP and should not be considered as an alternative to net income (loss) as a measure of operating performance, cash flows from operating activities as a measure of liquidity or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized, and excludes certain non-recurring charges that may recur in the future. Management compensates for these limitations by relying primarily on our GAAP results and by using Adjusted EBITDA only supplementally. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA:
For the Three Months Ended
September 30, 2016
June 30, 2016
September 30, 2015
(unaudited; in thousands)
Net income (loss)
$ (11,339)
$ (11,771)
$ 2,412
Total interest expense, net of interest income
6,211
6,150
6,485
Provision for taxes
(12,177)
(9,775)
(4,695)
Total depreciation, depletion and amortization expenses
17,175
15,209
15,158
EBITDA
(130)
(187)
19,360
Non-cash incentive compensation (1)
3,720
3,449
1,913
Post-employment expenses (excluding service costs) (2)
(184)
199
765
Business development related expenses (3)
4,667
861
390
Other adjustments allowable under our existing credit agreement (4)
185
1,051
1,577
Adjusted EBITDA
$ 8,258
$ 5,373
$ 24,005
(1)
Reflects equity-based compensation expense.
(2)
Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period. See Note L - Pension and Post-retirement Benefits to our Financial Statements in Part 1, Item 1 of the Quarterly Report on Form 10-Q.
(3)
Reflects expenses related to business development activities in connection with our growth and expansion initiatives, including acquisition-related costs for our NBI Acquisition and Sandbox Acquisition completed in August 2016.
(4)
Reflects miscellaneous adjustments permitted under our existing credit agreement, including such items as restructuring costs for actions that will provide future cost savings. Restructuring costs were $0.0 million, $1.1 million and $0.5 million, respectively, for the three months ended September 30, 2016, June 30, 2016 and September 30, 2015.
Investor Contact:
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@USSilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-holdings-inc-announces-third-quarter-2016-results-300357236.html
SOURCE U.S. Silica Holdings, Inc.
News Provided by QuoteMedia.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., Oct. 13, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its third quarter 2016 financial results after the New York Stock Exchange closes on Thursday, Nov. 3, 2016. This release will be followed by a conference call for investors on Friday, Nov. 4, 2016 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, executive vice president and chief financial officer.
Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at http://www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13647944. The replay will be available through Dec. 2, 2016.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-timing-of-earnings-release-and-investor-call-300344445.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica to Participate in Upcoming Investor Conferences
FREDERICK, Md., Aug. 22, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced that members of the management team will participate in the following investor conferences during the third quarter of 2016:
Simmons 2016 European Energy Conference
Aug. 30 – Sept. 1, 2016
Gleneagles Hotel – Scotland
Barclays 2016 Energy-Power Conference
Sept. 7, 2016
Sheraton New York Times Square – New York City, NY.
7th Annual Credit Suisse Small & Mid Cap Conference
Sept. 14, 2016
Waldorf Astoria New York – New York City, NY.
Management will meet with institutional investors throughout these events. Please note, when applicable, the presentations will be posted on the Company's website prior to the start of each event at http://www.ussilica.com.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and nine oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-to-participate-in-upcoming-investor-conferences-300316469.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Completes Acquisition of NBR Sand
FREDERICK, Md., Aug. 17, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it has completed the acquisition of the NBR Sand unit of New Birmingham, Inc., a leading regional sand mining company based in Tyler, Texas. The low-cost, state-of-the-art facility has annual capacity of just over two million tons and produces 40/70 Mesh and 100 Mesh Silica Sand used in hydraulic fracturing.
''The acquisition of NBR delivers on our strategic objective to diversify our mix of product offerings to better match evolving demand trends while maintaining our competitive advantage of low cost production,'' said Bryan Shinn, president and chief executive officer. ''This accretive acquisition, once fully integrated in to U.S. Silica's robust distribution system, will increase our ability to effectively satisfy our customers' needs, especially in fast growing regions like the Permian Basin.''
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and nine oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-completes-acquisition-of-nbr-sand-300315041.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Holdings, Inc. Announces Second Quarter 2016 Results
FREDERICK, Md., Aug. 2, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced a net loss of $12.0 million or $(0.19) per basic and diluted share for the second quarter ended June 30, 2016 compared with net income of $10.0 million or $0.19 per basic share and $0.18 per diluted share for the second quarter of 2015. The second quarter results were negatively impacted by $1.1 million in restructuring costs for actions designed to help bring the business more in line with current market conditions and $0.9 million of business development-related expense. Excluding these expenses, EPS was $(0.17) per basic share for the quarter.
"I'm very pleased with our overall performance in the quarter, especially given the continued headwinds we are facing in our oil and gas business,'' said Bryan Shinn, president and chief executive officer. "Our industrial business had one of the best quarters in its 116-year history, we generated positive operating cash flow and subsequent to the end of the quarter used our best-in-class balance sheet to facilitate an accretive acquisition that enables us to profitably increase our market share in oil and gas.''
Second Quarter 2016 Highlights
Total Company
Revenue totaled $117.0 million compared with $147.5 million for the same period last year, a decrease of 21% on a year-over-year basis and a decrease of 5% sequentially from the first quarter of 2016.
Overall tons sold totaled 2.2 million, down 1% compared with the 2.3 million tons sold in the second quarter of 2015 and a decrease of 2% sequentially from the first quarter of 2016.
Contribution margin for the quarter was $15.5 million, down 53% compared with $32.8 million in the same period of the prior year and down 13% sequentially from the first quarter of 2016.
Adjusted EBITDA was $5.4 million compared with Adjusted EBITDA of $23.4 million for the same period last year, a decrease of 77% on a year-over-year basis and an increase of 2% sequentially compared with the first quarter of 2016.
Oil and Gas
Revenue for the quarter totaled $64.9 million compared with $90.9 million in the same period in 2015, a decrease of 29% on a year-over-year basis and a decrease of 12% sequentially from the first quarter of 2016.
Tons sold totaled 1.3 million, an increase of 9% compared with 1.2 million tons sold in the second quarter of 2015 and a decrease of 6% sequentially compared with the tons sold in the first quarter of 2016.
55% of tons were sold in basin compared with 62% sold in basin in the second quarter of 2015, and 49% for the first quarter of 2016
Segment contribution margin was a loss of $6.0 million versus a profit of $13.3 million in the second quarter of 2015, a decrease of 145% on a year-over-year basis.
Industrial and Specialty Products
Revenue for the quarter totaled $52.1 million compared with $56.7 million for the same period in 2015, a decrease of 8% on a year-over-year basis and an increase of 7% on a sequential basis from the first quarter of 2016.
Tons sold totaled 0.9 million, a decrease of 13% on a year-over-year basis and an increase of 5% on a sequential basis compared with the first quarter of 2016.
Segment contribution margin was $21.5 million compared with $19.5 million in the second quarter of 2015, an increase of 10% on a year-over-year basis and up 27% sequentially compared with the first quarter of 2016.
Capital Update
As of June 30, 2016, the Company had $454.2 million in cash and cash equivalents and $46.7 million available under its credit facilities. Total debt at June 30, 2016 was $490 million. Capital expenditures in the second quarter totaled $17.3 million and were associated largely with the Company's purchase of reserves adjacent to its Ottawa, Illinois, facility and investments in various maintenance, expansion and cost improvement projects.
On July 15, 2016, the Company entered into an agreement and plan of merger to acquire all of the outstanding capital stock of New Birmingham, Inc., a low cost, regional frac sand producer with more than 20 years of quality reserves located near Tyler, Texas, for approximately $210 million, subject to customary adjustments at closing. The transaction is expected to close in August 2016.
Outlook and Guidance
Due to the current lack of visibility in its Oil and Gas business, the Company will continue to refrain from providing guidance for Adjusted EBITDA until such time as it can gain more clarity around our customers' business activity levels and the associated demand for our products. Based on current market conditions, the Company anticipates that its capital expenditures for 2016, including the aforementioned reserves purchase, will be in the range of $28 million to $33 million.
Conference Call
U.S. Silica will host a conference call for investors tomorrow, Aug. 3, 2016 at 9:00 a.m. Eastern Time to discuss these results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, vice president and chief financial officer. Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers (201) 612-7415. The conference ID number for the replay is 13640925. The replay of the call will be available through Sept. 2, 2016.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to implement our capacity expansion plans within our current timetable and budget; (6) loss of, or reduction in, business from our largest customers or failure of our customers to pay amounts due to us; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; dollars in thousands, except per share amounts)
Three Months Ended June 30,
2016
2015
Sales
$ 116,994
$ 147,511
Cost of goods sold (excluding depreciation, depletion and amortization)
102,707
117,200
Operating expenses
Selling, general and administrative
14,585
6,575
Depreciation, depletion and amortization
15,209
13,695
29,794
20,270
Operating income (loss)
(15,507)
10,041
Other income (expense)
Interest expense
(6,647)
(6,928)
Other income, net, including interest income
608
498
(6,039)
(6,430)
Income (loss) before income taxes
(21,546)
3,611
Income tax benefit
9,555
6,342
Net income (loss)
$ (11,991)
$ 9,953
Earnings (loss) per share:
Basic
($0.19)
$0.19
Diluted
($0.19)
$0.18
Weighted average shares outstanding:
Basic
63,417
53,303
Diluted
63,417
53,857
Dividends declared per share
$0.06
$0.13
U.S. SILICA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30,
2016
December 31,
2015
(unaudited)
(audited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 454,208
$ 277,077
Short-term investments
—
21,849
Accounts receivable, net
54,293
58,706
Inventories, net
67,158
65,004
Prepaid expenses and other current assets
8,899
9,921
Income tax deposits
1,145
6,583
Total current assets
585,703
439,140
Property, plant and mine development, net
555,487
561,196
Goodwill
68,647
68,647
Trade names
14,474
14,474
Customer relationships, net
6,205
6,453
Deferred income taxes, net
1,314
—
Other assets
17,323
18,709
Total assets
$ 1,249,153
$ 1,108,619
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$ 48,217
$ 49,631
Dividends payable
4,080
3,453
Accrued liabilities
11,538
11,708
Accrued interest
57
58
Current portion of long-term debt
3,336
3,330
Deferred revenue
4,622
15,738
Total current liabilities
71,850
83,918
Long-term debt
486,705
488,375
Deferred revenue
67,537
59,676
Liability for pension and other post-retirement benefits
63,887
55,893
Deferred income taxes, net
—
19,513
Other long-term obligations
17,828
17,077
Total liabilities
707,807
724,452
Stockholders' Equity:
Preferred stock
—
—
Common stock
639
539
Additional paid-in capital
381,349
194,670
Retained earnings
190,964
220,974
Treasury stock, at cost
(10,850)
(15,845)
Accumulated other comprehensive loss
(20,756)
(16,171)
Total stockholders' equity
541,346
384,167
Total liabilities and stockholders' equity
$ 1,249,153
$ 1,108,619
Non-GAAP Financial Measures
Segment Contribution Margin
Segment contribution margin is a key metric that management uses to evaluate our operating performance and to determine resource allocation between segments. Segment contribution margin excludes certain corporate costs not associated with the operations of the segment. These unallocated costs include costs related to corporate functional areas such as sales, production and engineering, corporate purchasing, accounting, treasury, information technology, legal and human resources.
The following table sets forth a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to segment contribution margin.
For the Three Months Ended June 30,
2016
2015
(unaudited; in thousands)
Sales:
Oil & Gas Proppants
$ 64,926
$ 90,855
Industrial & Specialty Products
52,068
56,656
Total Sales
116,994
147,511
Segment contribution margin:
Oil & Gas Proppants
(5,995)
13,257
Industrial & Specialty Products
21,486
19,531
Total segment contribution margin
15,491
32,788
Operating activities excluded from segment cost of goods sold
(1,204)
(2,477)
Selling, general and administrative
(14,585)
(6,575)
Depreciation, depletion and amortization
(15,209)
(13,695)
Interest expense
(6,647)
(6,928)
Other income, net, including interest income
608
498
Income tax benefit
9,555
6,342
Net income (loss)
$ (11,991)
$ 9,953
Adjusted EBITDA
Adjusted EBITDA is not a measure of our financial performance or liquidity under GAAP and should not be considered as an alternative to net income (loss) as a measure of operating performance, cash flows from operating activities as a measure of liquidity or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized, and excludes certain non-recurring charges that may recur in the future. Management compensates for these limitations by relying primarily on our GAAP results and by using Adjusted EBITDA only supplementally. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
The following table sets forth a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA:
For the Three Months Ended June 30,
2016
2015
(unaudited; in thousands)
Net income (loss)
$ (11,991)
$ 9,953
Total interest expense, net of interest income
6,150
6,537
Provision for taxes
(9,555)
(6,342)
Total depreciation, depletion and amortization expenses
15,209
13,695
EBITDA
(187)
23,843
Non-cash incentive compensation (1)
3,449
(2,179)
Post-employment expenses (excluding service costs) (2)
199
868
Business development related expenses (3)
861
(375)
Other adjustments allowable under our existing credit agreement (4)
1,051
1,286
Adjusted EBITDA
$ 5,373
$ 23,443
(1)
Reflects equity-based compensation expense.
(2)
Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period. See Note K - Pension and Post-retirement Benefits to our Financial Statements in Part 1, Item 1 of this Quarterly Report on Form 10-Q.
(3)
Reflects expenses related to business development activities in connection with our growth and expansion initiatives.
(4)
Reflects miscellaneous adjustments permitted under our existing credit agreement, including such items as restructuring costs for actions that will provide future cost savings. Restructuring costs were $1.1 million and $0.8 million, respectively, for the three months ended June 30, 2016 and 2015.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-holdings-inc-announces-second-quarter-2016-results-300307857.html
SOURCE U.S. Silica Holdings, Inc.
News Provided by QuoteMedia.
U.S. Silica Declares Quarterly Dividend
FREDERICK, Md., July 25, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on Oct. 4, 2016 for all shareholders of record as of the close of business on Sept. 15, 2016.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-declares-quarterly-dividend-300302999.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica to Acquire Regional Frac Sand Producer for $210 million
Adds products and capacity to meet strong demand for low-cost regional sands
FREDERICK, Md., July 18, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced an agreement to acquire a leading regional sand producer for approximately $210 million, subject to certain adjustments at closing. The transaction will be funded using a combination of cash on hand (57%) and restricted stock (43%).The acquisition of the NBR Sand unit of the privately-owned New Birmingham Inc. is expected to close in August 2016.
The business, located in Tyler, Texas, operates a single sand mine and plant that has the capacity to produce just over two million tons of fine-grade frac sand per year. The east Texas facility currently sells its products FOB the plant to customers that are primarily drilling and completing wells in the nearby basins. Once completely integrated into U.S. Silica's market-leading operating, sales and distribution platforms, the Company anticipates the acquisition is expected to generate EPS accretion of $0.20 to $0.30 in 2017.
Bryan Shinn, president and chief executive officer of U.S. Silica said, "This accretive acquisition adds to our capacity and product offering for the growing regional sands market, increasing our ability to effectively satisfy our customer's needs. We expect to unlock the full potential of this excellent mine by utilizing our strong customer relationships and powerful distribution network. We believe demand for regional sands will continue to grow as a cost effective proppant option for many completions and this is another important step to position U.S. Silica as a leader in the regional sand market."
Shinn added, "Our team continues to work diligently to identify and close additional attractive, highly accretive acquisitions that are aligned with our corporate strategy. We have a strong pipeline of opportunities that will help our customers meet their goals in an environment with potentially surging sand proppant demand as energy markets recover."
The NBR Sand unit produces 40/70 Mesh and 100 Mesh Silica Sand. The low-cost, state-of-the-art facility is on approximately 1,400 acres near Interstate 20. It includes 12 storage silos with capacity of more than 10,000 tons and five load-out lanes. The property has more than 20 years of quality reserves. Closing is pending customary regulatory and other approvals.
A conference call and slide presentation to discuss the strategic benefits of the transaction with investors will be held on July 19 at 9:00 a.m. Eastern Time. Hosting the call will be Bryan Shinn, president and chief executive officer. Investors are invited to listen to a live webcast of the call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. A presentation on the acquisition will be available tomorrow morning on the company's website as well. The call can also be accessed live over the telephone by dialing 877-869-3847 or 201-689-8261 for international callers. To access the slides, please click on the following link: https://event.webcasts.com/starthere.jsp?ei=1111317. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or (201) 612-7415 for international callers. The conference ID for the replay is 13641678. The replay of the call will be available through August 19, 2016.
Forward-looking Statements
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of this date. Forward-looking statements made include any statement that does not directly relate to any historical or current fact and may include, but are not limited to, statements regarding U.S. Silica's growth opportunities, strategy, future financial results, forecasts, projections, plans and capital expenditures, and the commercial silica industry. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) fluctuations in demand for commercial silica; (2) the cyclical nature of our customers' businesses; (3) operating risks that are beyond our control; (4) federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing; (5) our ability to integrate the acquired business; (6) loss of, or reduction in, business from our largest customers; (7) increasing costs or a lack of dependability or availability of transportation services or infrastructure; (8) our substantial indebtedness and pension obligations; (9) our ability to attract and retain key personnel; (10) silica-related health issues and corresponding litigation; (11) seasonal and severe weather conditions; and (12) extensive and evolving environmental, mining, health and safety, licensing, reclamation and other regulation (and changes in their enforcement or interpretation). Additional information concerning these and other factors can be found in U.S. Silica's filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across its end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
Contacts
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-to-acquire-regional-frac-sand-producer-for-210-million-300300155.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica Announces Timing of Earnings Release and Investor Call
FREDERICK, Md., July 7, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it will release its second quarter 2016 financial results after the New York Stock Exchange closes on Tuesday, August 2, 2016. This release will be followed by a conference call for investors on Wednesday, August 3, 2016 at 9:00 a.m. Eastern Time to discuss the results. Hosting the call will be Bryan Shinn, president and chief executive officer and Don Merril, vice president and chief financial officer.
Investors are invited to listen to a live webcast of the conference call by visiting the "Investor Resources" section of the Company's website at www.ussilica.com. The webcast will be archived for one year. The call can also be accessed live over the telephone by dialing (877) 869-3847 or for international callers, (201) 689-8261. A replay will be available shortly after the call and can be accessed by dialing (877) 660-6853 or for international callers, (201) 612-7415. The conference ID for the replay is 13640925. The replay will be available through Sept. 2, 2016.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-announces-timing-of-earnings-release-and-investor-call-300294843.html
SOURCE U.S. Silica Holdings, Inc.
U.S. Silica to Participate in Upcoming Investor Conferences
FREDERICK, Md., June 14, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced that members of the management team will participate in the following investor conferences during the second quarter of 2016:
William Blair 36th Annual Growth Stock Conference
June 14, 2016
Four Seasons Hotel – Chicago, Ill.
2016 Wells Fargo West Coast Energy Conference
June 21, 2016
Ritz Carlton Hotel – San Francisco, Calif.
Management will meet with institutional investors throughout these events. Please note, when applicable, the presentations will be posted on the Company's website prior to the start of each event at http://www.ussilica.com.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois and Houston, Texas.
U.S. Silica Holdings, Inc.
Michael Lawson
Director of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-silica-to-participate-in-upcoming-investor-conferences-300283768.html
SOURCE U.S. Silica Holdings, Inc.
Harry has posted Charts of the Day video on SLCA at TheTechTrader site noting: U.S. Silica Holdings, Inc. (SLCA), one of our swing trades, is acting nice and orderly in a rising channel. The pullback three weeks ago came down to the moving average, 50-day, and trendline, bounced, had a 2-day pullback, and popped again on Monday, up 46 cents to 27.23, or 1.7%, on 2.4 million shares. Right now there is resistance at Monday’s highs at 27.78, with a target of 29 1/2, and then the 32-33 range. It has 4.76 days to cover.
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