Business
Smart Sand, Inc. Announces Second Quarter 2020 Results
2Q 2020 Revenue of $26.1 million 2Q 2020 total tons sold of approximately 208,000 2Q 2020 Net Income of $4.6 million2Q 2020 Adjusted EBITDA of $15.6 million
About this update from Smart Sand, Inc.
[{"type":"text","content":"2Q 2020 Revenue of $26.1 million 2Q 2020 total tons sold of approximately 208,000 2Q 2020 Net Income of $4.6 million2Q 2020 Adjusted EBITDA of $15.6 million 2Q 2020 Contribution Margin of $19.3 million THE WOODLANDS, Texas, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Smart Sand, Inc. (NASDAQ: SND) (the “Company” or “Smart Sand”), a fully integrated frac sand supply and services company that is a low-cost producer of high quality Northern White frac sand and provider of proppant logistics and storage solutions through its in-basin transloading terminal and SmartSystemsTM products and services, today announced results for the second quarter 2020.\n Charles Young, Smart Sand’s Chief Executive Officer, stated, “In the second quarter, the United States faced an unprecedented drop in drilling and completions activity due to the decline in worldwide oil demand caused by the current COVID-19 coronavirus pandemic. We reacted quickly and decisively to reduce our cost structure and maintain our liquidity. During the second quarter, we were able to reduce debt while maintaining our cash balances. At quarter end, we had approximately $25 million in liquidity from cash and availability under our credit facility. As we have demonstrated in previous downturns, Smart Sand has the wherewithal to navigate through periods of market uncertainty and to come out a stronger competitor when market activity returns to normal levels. I want to thank all of our employees for their commitment and sacrifice to support Smart Sand during these difficult times. We will continue to stay true to our core principles of maintaining a strong balance sheet and delivering sustainable high quality sand and logistics services to the energy industry. Smart Sand is built to last.” Second Quarter 2020 Highlights Revenues were $26.1 million in the second quarter of 2020, compared to $47.5 million in the first quarter of 2020 and $67.9 million in the second quarter of 2019. Included in revenues were $14.0 million, $1.3 million, and $16.3 million of shortfall revenues for each respective period. Revenue in the second quarter of 2020 was negatively impacted by depressed oil prices driven by continued oversupply relative to the decreased demand due to the COVID-19 coronavirus pandemic. Overall tons sold were approximately 208,000 in the second quarter of 2020, compared with approximately...