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For the year ended December 31, 2010, revenues increased 38% compared to 2009. The increase is mainly attributed to the company’s increase in proppant sales volume, an increase in the average proppant selling price compared to 2009, and an increase in the sales volume of Falcon Technologies™ (acquired in October 2009).
“We finished 2010 on a high note with another quarter of solid financial and operational performance,” said Gary Kolstad, president and CEO. “Exiting the third quarter, we witnessed continued momentum in proppant sales. The uptick in horizontal fracturing in oil-bearing reservoirs, coupled with our traditionally strong footprint in gas driven plays, caused sales volume resilience in a quarter that historically shows seasonal weakness. Our plants continued to operate at high utilization levels, aiding our ability to meet the challenging demands of our clients. We successfully commenced operations of our third 250 million pound production line at our Toomsboro, Ga., facility. We are excited about completing this third line and also look forward to completing the previously announced fourth line by year end. We continue to build upon the Falcon Technologies footprint in the resource plays and are pleased with the overall growth that Falcon is exhibiting.”
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