Business
Smart Sand, Inc. Announces Fourth Quarter and Full Year 2020 Results
4Q and full year 2020 revenue of $25.3 million and $122.3 million, respectively.4Q and full year 2020 total tons sold of approximately 612,000 and 1,886,000,
About this update from Smart Sand, Inc.
[{"type":"text","content":"4Q and full year 2020 revenue of $25.3 million and $122.3 million, respectively.4Q and full year 2020 total tons sold of approximately 612,000 and 1,886,000, respectively.4Q and full year 2020 net cash provided by operating activities of $3.3 million and $25.5 million, respectively.4Q and full year 2020 free cash flow of $2.1 million and $16.9 million, respectively. THE WOODLANDS, Texas, March 02, 2021 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated frac sand supply and services company, a low-cost producer of high quality Northern White raw frac sand and provider of proppant logistics solutions through both its in-basin transloading terminal and SmartSystems™ products and services, today announced results for the fourth quarter and full year ended December 31, 2020. Charles Young, Smart Sand’s Chief Executive Officer, stated “Despite volatile market conditions throughout 2020, Smart Sand continued to demonstrate its ability to manage through the cycles in our industry, and I want to thank all of our employees for their continued diligence and efforts to support the company through challenging times.” “Although the market was challenging last year, we were able to generate positive free cash flow and reduce our debt levels. Additionally, we were able to acquire the Eagle Materials proppants business at a very attractive price. This acquisition provides us incremental capacity to serve the market as it recovers and increased logistics capabilities through the access to another Class I railroad. We believe the acquisition combined with existing low cost operations and our low leverage levels will allow us to continue to compete effectively in the market to provide sustainable sand supply and logistics solutions to our customers in 2021 and beyond.” Full Year 2020 Highlights Revenues were $122.3 million for the full year 2020, compared to $233.1 million for the full year of 2019, an overall decrease of 48%. Revenue in 2020 was negatively impacted by depressed energy prices driven by the continued oversupply relative to the decreased demand for oil and natural gas due to the COVID-19 coronavirus pandemic which led to reduced drilling and completions activity for new oil and gas wells in the United States. Overall tons sold were 1,886,000 for the full year 2020, compared to full ...