Carbo Ceramics Posts Loss In Q4

(RTTNews) - Carbo Ceramics Inc. (CRR) Thursday reported that its fourth-quarter net loss totaled $50.0 million or $2.17 per share, including charges of $30.5 million or $1.32 per share, and costs associated with slowing and idling production of $5.7 million or $0.25 per share, both after-tax. This compares to last year's profit of $0.4 million or $0.02 per share.

Operating loss for the quarter was $76.6 million, compared to an operating profit of $12.3 million a year ago.

Quarterly revenues fell 66 percent to $56.8 million, mainly due to a 60 percent reduction in the average North American rig count, which resulted in a decrease in proppant sales volumes, and associated reductions in the average selling prices.