U.S. Silica Net Income Jumps 117%
U.S. Silica Holdings Inc. recently announced net income of $21.8 million for the fourth quarter ended December 31, 2012, up 117% compared to $10 million for the same period in 2011. Total company revenue for the quarter was $118.8 million, up 42.1% compared with $83.6 million for the same period in 2011. The increase was reportedly driven primarily by strength in the Oil and Gas Proppants segment.
For fiscal 2012, total company revenue was $441.9 million, compared with $295.6 million in 2011, driven primarily by strength in the Oil and Gas Proppants segment. Overall sales volumes increased to 7.2 million tons or 14% above the prior year sales volume of 6.3 million tons. Net income was $79.2 million, compared with $30.3 million for the full year 2011.
“2012 was truly exceptional for U.S. Silica, starting with our successful initial public offering at the beginning of the year and concluding with record financial results for the full 12 months,” said Bryan A. Shinn, president and CEO. “Our success is due largely to the power of our business model, our strong customer relationships and the drive and determination of our talented group of employees. Looking ahead, we have strategically positioned ourselves well in all of our major markets to provide a strong platform for sustained growth and increased profitability in 2013.”
For additional information, visit www.ussilica.com.