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U.S. Silica Announces Second Quarter Results


U.S. Silica Holdings Inc. announced net income of $28.7 million or $0.53 per basic and diluted share for the second quarter ended June 30, 2014, compared with net income of $20.2 million or $0.38 per basic and diluted share for the second quarter of 2013.

Bryan Shinn, president and chief executive officer commented, “I'm extremely pleased with the performance of our oil and gas and industrial businesses. The robust demand we continue to see in oil and gas drove higher pricing and margins for both of our operating units during the quarter. We’re moving quickly to add more capacity through both Greenfield developments and M&A to assure adequate supply for our customers going forward.”

Second quarter highlights include:

  • Total company revenue totaled $205.8 million compared with $129.8 million for the same period last year and up 14 percent sequentially over the first quarter of 2014.
  • Overall sales volumes increased to 2.6 million tons, a 27 percent improvement over the second quarter of 2013 and up 13 percent sequentially over the first quarter of 2014.
  • Contribution margin for the quarter was $74.7 million compared with $50.8 million in the same period of the prior year and up 36 percent sequentially over the first quarter of 2014.

Oil and gas highlights include:

  • Revenue for the quarter totaled $149.3 million compared with $77.7 million in the same period in 2013.
  • Overall tons sold totaled 1.5 million tons compared with 988 thousand tons sold in the second quarter of 2013.
  • 68 percent of tons sold were made in basin via transloads compared with 42 percent in the second quarter of 2013.
  • Segment contribution margin was $57.1 million versus $35.5 million in the second quarter of 2013.

Industrial and specialty products highlights include:

  • Revenue for the quarter totaled $56.5 million compared with $52.2 million for the same period in 2013.
  • Overall tons sold totaled 1.095 million tons compared with 1.060 million tons sold in the same period last year.
  • Segment contribution margin was $17.6 million compared with $15.4 million in the second quarter of 2013.