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CARBO Announces Delisting from NYSE, Applies to Have Shares Trade on OTCQB Market
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CARBO Ceramics Inc.
Dec 13, 2019, 16:10 ET
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HOUSTON, Dec. 13, 2019 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) ("CARBO" or "the Company") today announced that it expects its common shares will be delisted from the New York Stock Exchange ("NYSE") on or about December 20, 2019 as a result of its failure to meet the NYSE's average global market capitalization rule.
Logo - photos.prnewswire.com/prnh/20120503/MM00528LOGO
This announcement follows on the Company's receipt of a notice from the NYSE on December 10, 2019 that CARBO is not in compliance with the continued listing criteria with its share price falling below $1.00 over a period of 30 consecutive trading days. As a result, CARBO has applied to list the Company's common shares on the OTCQB Market. The Company anticipates that trading of its common shares on the OTCQB Market will begin on or about December 23, 2019.
The transition will not impact the CARBO's business operations or the Company's ongoing transformation strategy to improve its cash position, diversify its business, and strengthen its financial foundation in the face of oil and gas industry volatility. The Company will continue to adhere to its SEC reporting requirements. This action does not cause an event of default under any of CARBO's material debt or other agreements.
About CARBO
CARBO® is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural, and environmental markets to enhance value for its clients.
CARBO Oilfield Technologies - is a leading provider of market-leading technologies to create engineered production enhancements solutions that help E&P operators to design, build and optimize the frac - increasing well production and estimated ultimate recovery, and lower finding and development cost per barrel of oil equivalent.
CARBO Industrial Technologies - is a leading provider of high-performance ceramic media and industrial technologies engineered to increase process efficiency, improve end-product quality and reduce operating cost. CARBO has world class manufacturing expertise. We bring new products to market faster to meet client demands.
CARBO Environmental Technologies - is a leading provider of spill prevention and containment solutions that provide the highest level of protection for clients' assets and the environment in oil and gas and industrial applications. Our range of innovative products feature a proprietary polyurea coating technology that creates a seamless, impermeable, maintenance-free layer of protection.
For more information, please visit www.carboceramics.com.
Forward-Looking Statements
The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance and liquidity and capital resources, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may", "will", "estimate", "intend", "continue", "believe", "expect", "anticipate", "should", "could", "potential", "opportunity", or other similar terminology. 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 demand for, or price of, oil and natural gas, changes in the cost of raw materials and natural gas used in manufacturing our products, risks related to our ability to access needed cash and capital, our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, risks of increased competition, technological, manufacturing and product development risks, our dependence on and loss of key customers and end users, changes in foreign and domestic government regulations, including environmental restrictions on operations and regulation of hydraulic fracturing, changes in foreign and domestic political and legislative risks, risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks, risks associated with the successful implementation of our transformation strategy, risks related to our ability to access needed cash and capital, the possibility we conclude that we are not able to continue as a going concern, our ability to implement certain liquidity-enhancing transactions including contemplated asset sales, and other risks and uncertainties. Additional factors that could affect our future results or events are described from time to time in our reports filed with the Securities and Exchange Commission (the "SEC"). Please see the discussion set forth under the caption "Risk Factors" in our most recent annual report on Form 10-K, and similar disclosures in subsequently filed reports with the SEC. We assume no obligation to update forward-looking statements, except as required by law.
CARBO Ceramics Inc.
Mark Thomas
Director of Investor Relations
281-921-6400
heide
6 years ago
I believe Wilk Brothers are shorties because of
1. insider information
2. US fracing industry information (US Fracing industry are hedged hugely and likes lower oil prices) = i could bet the OPEC is doing nothing
3. They protected and overpaid this incompetent CEO Gary Kolstad
Liar and completely failure CEO Gary Kolstad in the 4Q16:
"We believe technology sales growth, broader sources of revenue, an improving commodity price environment and a corresponding increase in industry activity, will contribute towards our goal of a positive EBITDA exit rate by year end". LIE!
He has not achieved it in 2017.
Outlook 3Q18
"We continue to be very encouraged by customer interest in our three sectors' technology products, increasing international activity, and the expected recovery in the North American oilfield in 2019. This, combined with continued reduction in structural costs gives us confidence in reaching positive EBITDA".
Two years later Gary Kolstad has almost ruined CRR. He has already ruined the share. No smart investor will put money in this company with such lying leader. Wilks can read quarter reports. They must know that Gary Kolstad can only burn money. Over 400 Mill $ burnt Gary Kolstad in 4 years.
Do you think Gary Kolstad can reach a positive EBITDA??? Gary Kolstad projected positive EBITDA in 2016 for 2017 = he achieved a 100 Mill $ operating loss, burnt over 200 Mill $ in stockholder equity and the Board of Director increased his salary over 90 % to 3,5 Mill $ in compare to 2016 for crashing the stock in 3 years over 95%.
When i read all facts are the Wilk Brothers happy, when the board raised the salary so enormous. I know why!!!
Wilk are shorties.
They give a piece of ... of all long term or retail shareholders like me.
Why was not/is not our lovely Gary Kolstad purchasing large blocks of shares in 2016 or 2018????
They are short and enrich themself.
heide
6 years ago
https://www.fool.com/investing/2018/04/25/is-carbo-ceramics-a-buy.aspx
Apr 25, 2018
https://finance.yahoo.com/news/carbo-announces-second-quarter-2018-100000068.html
July 26, 2018
2Q18:
CEO Gary Kolstad commented, "Our results continue to improve as we execute on our transformation strategy to diversify our revenue streams and return the company to profitability".
Lie, he want to fool retail investors to win more and more broken bagholders for the short Wilk Brothers.
Why is not this CEO buying huge stocks, when his strategy is so great?
He lies.
Outlook
"CEO Gary Kolstad commented on the outlook for CARBO stating, "Based on our client discussions and current industry activity, we continue to estimate our full year 2018 revenue to approximate $250 million. As a result, we expect continued improvement in revenue and positive EBITDA with strong incremental margins year-on-year in the second half of 2018".
This criminal CEO Kolstad should know the article of "fool", that the frac sand business is collapsing.
This failure CEO Kolstad should know, that the US fracing industry shorted the oil price with huge amounts.
This outlook was a willful lie for murdering shareholders like me.
heide
6 years ago
I would bet that CRR will be under 2 $/share in 2019 or 2020 except a takeover in this time. I can give you a quick explanation of my confidence:
misinvestments and mismanagement in the last 5 years
CEO Gary Kolstad is a lying incompetent overpaid failure
or i can give you a detailed explanation:
https://finance.yahoo.com/m/17bc3999-c384-364d-ae8b-87e5f30e3ecd/oil-rig-fear-might-be-looming.html
The fracing is booming in the USA, frac sand companies SLCA and HCLP are creating huge profits with exploding and imploding oil prices in the past and CRR, a oil service contractor, is crashing in revenue, in cash, in reputation and the share price because of enormous mismanagement and misinvestments in the past and now.
Lying Failure CEO Gary Kolstad failed to win market shares in the frac sand business. Why is not this boy reporting frac sand numbers in the quarter reports??? I can not foind any numbers about a profit. He knew why, he failed to win market shares.
Lying overpaid incompetent CEO Gary Kolstad expanded hugely the ceramic proppant business but no one needed the products. With his convenience strategy he will ruin or has ruined already Carbo Ceramics.
https://simplywall.st/stocks/us/energy/nyse-crr/carbo-ceramics/news/does-carbo-ceramics-incs-nysecrr-ceo-salary-compare-well-with-others/
The worse is this boy is enriching himself for lying and burning money. I can not understand the Board of Directors. How can this boy earn over 3.5 Mill $ in 2017 for destroying 200 Mill $ of stockholder equity, for creating a 100 Mill $ operating loss ...
I can not understand. Read this article of simplywall!
Conclusion:
Fracing is booming = CRR can not sell ceramic proppant, can not grow except the great environmental business and will report a worse 4Q18 with a loss of over 20 Mill $.
How much will cost to start the production of M-Tone Black Pigments?
"PicOnyx and Carbo Ceramics to Unite in Strategic Partnership for the production of M-Tone™ Black Pigments"
I think a lot. Our lovely failure CEO Gary Kolstad has not talked about it in the AdHoc. I know why.
He burnt in 4 years over 350 Mill $ in working capital. 130 Mill $ are left, but when i add the next four quarters without revenue growth in ceramic and frac sand, CRR will be ruined.
I think the share is stabilizing right now of the 2 Mill share buyback program, but this program will decrease CRR working capital even more and faster.
CRR can only survive:
A: Sale the frac sand business
B: Ceramic proppant can only produce by orders
C: Cost structure must be down rapidly
D: Sale more facilities
E: Environmental solutions must be propelled rapidly
F: CRR has still value in the balance but 1 more year with this failed convenience strategy and with him the lying failure CEO Gary Kolstad = CRR will run in bankruptcy
= With the right person with the right plan CRR can bloom!
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