U.S. Silica Holdings Inc. announced net income of $33.2 million or $0.62 per basic share and $0.61 per diluted share for the fourth quarter ended Dec. 31, 2014, compared with net income of $16.5 million or $0.31 per basic and diluted share for the fourth quarter of 2013.
Excluding business development expense during the quarter of approximately $6.5 million or $0.10 per basic share, EPS was $0.72 per basic share. The quarter was also negatively impacted by a meaningful increase in bad debt expense of $6.9 million mostly related to the company's assessment of a certain customer's current ability to pay its obligation to the company.
"2014 was our best year by almost every measure, as evidenced by our record financial results and the substantial progress we made toward driving more speed, scale and strength across our organization," said Bryan Shinn, president and chief executive officer. "We expect 2015 to be a challenging year in light of lower oil prices but we have built our business and our balance sheet to capitalize on this type of market environment. Ultimately, I believe U.S. Silica will emerge as an even stronger company once oil and gas markets recover."
Full-year 2014 highlights include:
- Revenue totaled $876.7 million compared with $546.0 million for the full year of 2013, an improvement of 6 percent.
- Overall tons sold increased to 10.9 million tons, an increase of 34 percent over 2013 totals.
- Selling, general and administrative expense for the year totaled $89.0 million or 10 percent of revenue compared with $49.8 million or 9 percent of revenue for the full year 2013.
- Contribution margin was $317.2 million compared with $202.9 million for the full year 2013.
- Adjusted EBITDA was $246.2 million compared with $160.7 million for the full year 2013.
- Net income was $121.5 million or $2.26 per basic share and $2.23 per diluted share compared with $75.3 million or $1.42 per basic share and $1.41 per diluted share for the full year 2013.