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New words:
addressed, broader, CVIAQ, Deficiency, holder, OTC, persist, Pink, Pool, redundant, rendering, suspended, underway, Unimpaired
Removed:
accelerated, Alabama, backed, BNP, borrowing, consummation, correlate, covenant, expanding, expansion, lime, Oregon, pressure, purpose, rationalization, recognition, relocation, tested, unpaid, vary
Financial report summary
?Competition
Carbo Ceramics • Momentive Performance Materials • U.S. Silica • Smart Sand • Hi-Crush • Emerge Energy Services • Mammoth Energy ServicesRisks
- We are subject to the risks and uncertainties associated with Chapter 11 proceedings.
- Operating under Bankruptcy Court protection for a long period of time may harm our business.
- The Chapter 11 Cases limit the flexibility of our management team in running our business.
- We may not be able to obtain confirmation of a Chapter 11 plan of reorganization.
- Our long-term liquidity requirements and the adequacy of our capital resources are difficult to predict at this time.
- As a result of the Chapter 11 proceedings, our financial results may be volatile and may not reflect historical trends.
- We may experience increased levels of employee attrition as a result of the Chapter 11 proceedings.
- Trading in our common stock during the pendency of the Chapter 11 proceedings is highly speculative and poses substantial risks.
Management Discussion
- Revenues were $229.4 million for the three months ended September 30, 2020 compared to $409.0 million for the three months ended September 30, 2019, a decrease of $179.6 million, or 44%. Volumes were 4.7 million tons for the three months ended September 30, 2020 compared to 7.8 million tons for the three months ended September 30, 2019, a decrease of 3.1 million tons, or 40%. Our volumes and revenues decreased as a result of declining demand across both segments, primarily attributable to the reduction in oil production and the effects of the COVID-19 pandemic on key end-markets served by our business. Although the Company realized an average product selling price increase of approximately 2% in the third quarter of 2020 compared to the third quarter of 2019, the Company’s total average selling price for the third quarter of 2020 declined by approximately 8% compared to the third quarter of 2019 due to declines in freight revenue as well as unfavorable product mix away from higher priced product lines.