HOUSTON, March 17, 2015 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) announced today that its Board of Directors has reduced the dividend payment for the second quarter of 2015 to $0.10 per share from the previous level of $0.33 per share. The dividend is payable on May 15, 2015 to shareholders of record on May 1, 2015. The decrease in the dividend payment is expected to provide CARBO with cash savings of approximately $21.2 million on an annual basis.
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Gary Kolstad, president and CEO of CARBO, said, "The dividend decrease is part of the company's overall cost-reduction and cash preservation initiative. Given the severe market deterioration our industry has experienced in recent months, we believe it's important that CARBO preserve cash and maintain strong levels of financial flexibility. We are taking proactive steps to decrease expenses company-wide by reducing our workforce, slowing or idling production at certain of our manufacturing facilities and, as previously announced, mothballing our McIntyre plant. We are also reducing our capital expenditures for 2015, with a focus on new technology platforms."
Mr. Kolstad concluded, "Our board recognizes the importance of the dividend to our shareholders and will continue to evaluate the dividend amount as industry conditions warrant."
First Quarter Conference Call Details
The Company also plans to release earnings results for the first quarter of 2015 on April 30, 2015, and will host a conference call at 10:30 a.m. Central Time (11:30 a.m. Eastern) that day. Gary Kolstad, President and CEO, and Ernesto Bautista, III, Vice President and CFO, will host the call.
Due to historical high call volume, the company is offering participants the opportunity to register in advance for the conference through the following link:
Registered participants will immediately receive an email with a calendar reminder and a dial-in number and PIN that will allow them immediate access to the call on April 30, 2015.
Participants who do not wish to pre-register for the call may dial in using (877) 232-2832 (for U.S. callers), (855) 669-9657 (for Canadian callers) or (412) 542-4138 (for International callers) and ask for the "CARBO Ceramics" call. The conference call also can be accessed through the company's website, www.carboceramics.com.
A telephonic replay of the earnings conference call will be available through May 30, 2015, at 9:00 a.m. Eastern Time. To access the replay from the U.S., please dial (877) 344-7529 and Canada 855-669-9658; international callers outside North America should dial (412) 317-0088. Please reference conference number 10061821. Interested parties may also access the archived webcast of the earnings teleconference through the company's website approximately two hours after the end of the call.
CARBO is an oilfield services technology company providing industry-leading products and services for:
- Our Production Enhancement businesses increase E&P Operators' Production and EUR...by providing industry leading technology to Design, Build, and Optimize the FracTM
- Our Environmental business protects E&P Operators' assets, minimizes environmental risk, and lowers lease operating expenses (LOE)
The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based on management's current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in the cost of raw materials and natural gas used in manufacturing our products, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, changes in the demand for, or price of, oil and natural gas, risks of increased competition, technological, manufacturing, distribution and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, the risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties described in our publicly available filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements, except as required by law.
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SOURCE CARBO Ceramics Inc.