Business
Smart Sand, Inc. Announces Fourth Quarter and Full Year 2019 Results
4Q and full year 2019 revenue of $47.7 million and $233.1 million, respectively.4Q and full year 2019 total tons sold of approximately 462,000 and 2,462,000,
About this update from Smart Sand, Inc.
[{"type":"text","content":"4Q and full year 2019 revenue of $47.7 million and $233.1 million, respectively.4Q and full year 2019 total tons sold of approximately 462,000 and 2,462,000, respectively.4Q and full year 2019 net income of $2.4 million and $31.6 million, respectively.4Q and full year 2019 Adjusted EBITDA of $19.6 million and $87.1 million, respectively. THE WOODLANDS, Texas, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated frac sand supply and services company, is a low-cost producer of high quality Northern White raw frac sand and provider of proppant logistics solutions through both our in-basin transloading terminal and wellsite storage solutions, today announced results for the fourth quarter and full year ended December 31, 2019.\n Charles Young, Smart Sand’s Chief Executive Officer, stated “In spite of challenging market conditions, Smart Sand delivered another solid quarter to finish out an impressive year. During 2019, we demonstrated the value of our mine to wellsite solutions strategy by increasing activity through our Van Hook terminal and beginning the buildup of our SmartSystems™ equipment. As of today, we have nine SmartSystems fleets leased to customers. Additionally, we refinanced our former credit facility with a five-year bank financing and a five-year equipment lease arrangement that provide Smart Sand with long-term capital to support our ongoing operations. We believe that we have established the foundation to support our long-term strategy to provide sustainable sand supply and logistics solutions to our customers for 2020 and beyond.\" Full Year 2019 Highlights Revenues of $233.1 million for the full year 2019 were the highest in the history of the Company, representing a 10% increase over full year 2018 revenues of $212.5 million. The increase in revenues was primarily due to higher shortfall revenue from customers that did not take their contractual minimum volumes of sand and higher logistics revenue due to higher in-basin sales and rentals of our SmartSystems equipment. Overall tons sold were approximately 2,462,000 in the full year 2019, compared to full year 2018 volume of 2,995,000 tons. Tons sold decreased by 18% due to decreased exploration and production activity among some of our customers and in the oil and natural gas industry in general. Net...