CARBO CERAMICS INC

CIK:0001009672|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 161,707	$ 210,745
Cost of sales (exclusive of depreciation and amortization shown below)	165,953	201,165
Depreciation and amortization	29,191	32,269
Gross loss	(33,437)	(22,689)
Selling, general and administrative expenses (exclusive of depreciation and amortization shown below)	39,181	39,227
Depreciation and amortization	1,516	2,336
Other operating expense (income)	224,896	(332)
Operating loss	(299,030)	(66,575)
Other expense:
Interest expense, net	(7,848)	(8,503)
Other income, net	463	537
Nonoperating income (expense), total	(7,385)	(7,966)
Loss before income taxes	(306,415)	(74,541)
Income tax (benefit) expense	(2,214)	892
Net loss	$ (304,201)	$ (75,433)
Loss per share:
Basic	$ (10.73)	$ (2.79)
Diluted	$ (10.73)	$ (2.79)
Millen, Georgia Facility
Loss on sale of business	$ 0	$ 2,305
Russian Proppant
Loss on sale of business	$ 0	$ 350

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net loss	$ (304,201)	$ (75,433)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	30,707	34,605
Amortization of debt issuance costs and original issue discount	1,536	685
Provision for doubtful accounts	746	561
Deferred income taxes	(1,127)	884
Lower of cost or net realizable value inventory adjustments	4,268	0
Loss (gain) on disposal or impairment of assets	224,896	(1,089)
Noncash lease expense	(851)
Stock compensation expense	2,855	3,565
Repayment of PIK accrual on notes payable, related parties	(2,040)
Change in fair value of derivative instruments		(2,537)
Changes in operating assets and liabilities:
Trade accounts and other receivables	21,556	1,451
Inventories	12,214	14,156
Prepaid expenses, other current assets, and right of use assets	2,264	717
Accounts payable	(4,747)	(8,759)
Accrued expenses	1,239	3,710
Income tax receivable, net	(809)	69
Other, net	11	3,162
Net cash used in operating activities	(11,483)	(21,598)
Investing activities
Capital expenditures	(2,192)	(2,039)
Payment of Millen sale post-closing matters	(1,516)
Net proceeds from asset sales	1,070	27,526
Net cash (used in) provided by investing activities	(4,252)	25,487
Financing activities
Repayments on long-term debt	(14,533)
Proceeds from long-term debt	14,533
Repayments on notes payable	(2,670)	(1,385)
Repayments on notes payable, related parties	(25,000)
Payment of debt issuance costs	(218)
Purchase of common stock	(279)	(421)
Net cash (used in) provided by financing activities	(23,561)	1,043
Net (decrease) increase in cash and cash equivalents and restricted cash	(39,296)	4,932
Cash and cash equivalents and restricted cash at beginning of year	83,317	78,385
Cash and cash equivalents and restricted cash at end of year	44,021	83,317
Supplemental cash flow information
Interest paid	6,826	7,700
Pic Onyx Inc
Investing activities
Investment in PicOnyx	(1,114)
Issuance of Note from PicOnyx	(500)
Millen, Georgia Facility
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on sale of business		2,305
Russian Proppant
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Loss on sale of business		350
ATM Program
Financing activities
Proceeds from issuance of common stock under ATM program	$ 4,606	$ 2,849

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 34,292	$ 72,752
Restricted cash		1,725
Trade accounts and other receivables, net	13,556	35,693
Inventories:
Finished goods	31,389	41,422
Raw materials and supplies	16,288	22,592
Total inventories	47,677	64,014
Prepaid expenses and other current assets	3,418	4,754
Income tax receivable	3,120	2,319
Total current assets	102,063	181,257
Restricted cash	9,729	8,840
Property, plant and equipment:
Land and land improvements	11,517	39,584
Land-use and mineral rights	18,592	19,696
Buildings	23,012	75,815
Machinery and equipment	45,457	432,906
Construction in progress	43	29,129
Total property, plant and equipment	98,621	597,130
Less accumulated depreciation and amortization	35,209	323,511
Net property, plant and equipment	63,412	273,619
Goodwill		3,500
Operating lease right-of-use assets	9,185
Intangible and other assets, net	7,125	7,150
Total assets	191,514	474,366
Current liabilities:
Accounts payable	7,592	12,174
Accrued payroll and benefits	2,805	6,950
Accrued freight	601	2,434
Accrued utilities	474	1,012
Other accrued expenses	18,611	14,020
Notes payable, related parties		27,040
Long-term debt, current portion, net	62,501	15,733
Operating lease liabilities	54,668
Other current liabilities	4,955	1,192
Total current liabilities	152,207	80,555
Deferred income taxes		1,114
Long-term debt, net		45,650
Other long-term liabilities		10,764
Shareholders’ equity:
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none outstanding
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 29,359,193 and 27,710,861 shares issued and outstanding at December 31, 2019 and 2018, respectively	294	277
Additional paid-in capital	139,566	132,080
Retained earnings (accumulated deficit)	(100,553)	203,926
Total shareholders’ equity	39,307	336,283
Total liabilities and shareholders’ equity	$ 191,514	$ 474,366