Select Sands Corp. has announced record operational and financial results for the second quarter of 2018. Select Sands’ financial statements are presented in U.S. dollars to better reflect their operations and to improve investors’ ability to compare the company’s financial results with other publicly traded silica sand businesses in the U.S.
Second Quarter 2018 Operational and Financial Highlights:
- Sold a record 164,872 tons of frac and industrial sand during Q2 of 2018, which was significantly higher than Select Sands’ original outlook for the sale of 120,000 to 140,000 tons;
- Increased sales volumes and pricing drove revenue to $9.5 million – 68% higher than Q1 2018 revenue of $5.7 million;
- Enhanced production-related and logistics efficiencies pushed gross profit up 130% to $3.0 million from $1.3 million in the Q1 2018, with the related margin increasing to 32.1% from 23.4% in the preceding quarter;
- Reported record net income of $1.6 million in Q2 2018, or $0.02 per basic and diluted common share, versus Q1 2018 net income of $0.6 million, or $0.01 per basic and diluted common share;
- Generated a 31.0% margin of on adjusted EBITDA(1) of $2.9 million in Q2 2018, which was 255% higher than $0.8 million reported for the first quarter of 2018
Zig Vitols, President and CEO, commented, “We are clearly pleased with our record results for the second quarter. Over the past months, we have put significant effort into further improving the efficiency of our production, shipping and inter-plant transportation capabilities. During the second quarter, this allowed our current scope of operations to fully benefit from the strong customer demand for our products. As in the past, I want to thank all of our employees and supporting contract personnel for their hard-work and dedication. Along with the rest of executive leadership, I look forward to continued close collaboration with our outstanding team as we further position Select Sands for long-term success.”