HOUSTON, March 17, 2015 /PRNewswire/ -- CARBO
Ceramics Inc. (NYSE: CRR) announced today that its Board of
Directors has reduced the dividend payment for the second quarter
of 2015 to $0.10 per share from the
previous level of $0.33 per
share. The dividend is payable on May
15, 2015 to shareholders of record on May 1, 2015. The decrease in the dividend
payment is expected to provide CARBO with cash savings of
approximately $21.2 million on an
annual basis.
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Gary Kolstad, president and CEO
of CARBO, said, "The dividend decrease is part of the company's
overall cost-reduction and cash preservation initiative.
Given the severe market deterioration our industry has experienced
in recent months, we believe it's important that CARBO preserve
cash and maintain strong levels of financial flexibility. We are
taking proactive steps to decrease expenses company-wide by
reducing our workforce, slowing or idling production at certain of
our manufacturing facilities and, as previously announced,
mothballing our McIntyre plant. We are also reducing our
capital expenditures for 2015, with a focus on new technology
platforms."
Mr. Kolstad concluded, "Our board recognizes the importance of
the dividend to our shareholders and will continue to evaluate the
dividend amount as industry conditions warrant."
First Quarter Conference Call Details
The Company also plans to release earnings results for the first
quarter of 2015 on April 30, 2015,
and will host a conference call at 10:30
a.m. Central Time (11:30
a.m. Eastern) that day. Gary
Kolstad, President and CEO, and Ernesto Bautista, III, Vice President and CFO,
will host the call.
Due to historical high call volume, the company is offering
participants the opportunity to register in advance for the
conference through the following link:
http://dpregister.com/10061821
Registered participants will immediately receive an email with a
calendar reminder and a dial-in number and PIN that will allow them
immediate access to the call on April 30,
2015.
Participants who do not wish to pre-register for the call may
dial in using (877) 232-2832 (for U.S. callers), (855) 669-9657
(for Canadian callers) or (412) 542-4138 (for International
callers) and ask for the "CARBO Ceramics" call. The conference call
also can be accessed through the company's website,
www.carboceramics.com.
A telephonic replay of the earnings conference call will be
available through May 30, 2015, at
9:00 a.m. Eastern Time. To access the
replay from the U.S., please dial (877) 344-7529 and Canada 855-669-9658; international callers
outside North America should dial
(412) 317-0088. Please reference conference number 10061821.
Interested parties may also access the archived webcast of the
earnings teleconference through the company's website approximately
two hours after the end of the call.
CARBO is an oilfield services technology company providing
industry-leading products and services for:
Production Enhancement
- Our Production Enhancement businesses increase E&P
Operators' Production and EUR...by providing industry leading
technology to Design, Build, and Optimize the
FracTM
Environmental Services
- Our Environmental business protects E&P Operators' assets,
minimizes environmental risk, and lowers lease operating expenses
(LOE)
Forward-Looking Statements
The statements in this news release that are not historical
statements, including statements regarding our future financial and
operating performance, are forward-looking statements within the
meaning of the federal securities laws, including the Private
Securities Litigation Reform Act of 1995. All forward-looking
statements are based on management's current expectations and
estimates, which involve risks and uncertainties that could cause
actual results to differ materially from those expressed in
forward-looking statements. Among these factors are changes
in overall economic conditions, changes in the cost of raw
materials and natural gas used in manufacturing our products, our
ability to manage distribution costs effectively, changes in demand
and prices charged for our products, changes in the demand for, or
price of, oil and natural gas, risks of increased competition,
technological, manufacturing, distribution and product development
risks, loss of key customers, changes in government regulations,
foreign and domestic political and legislative risks, the risks of
war and international and domestic terrorism, risks associated with
foreign operations and foreign currency exchange rates and
controls, weather-related risks and other risks and uncertainties
described in our publicly available filings with the Securities and
Exchange Commission. We assume no obligation to update
forward-looking statements, except as required by law.
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SOURCE CARBO Ceramics Inc.