CARBO Completes Sale of Millen Facility; 2018 Revenue up 12% Year-on-Year; Maintains Solid Cash Position at Year End
CARBO CERAMICS (CRR)
Last carbo ceramics earnings: 11/8 05:00 pm
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US:NYSE Investor Relations:
carboceramics.com/contact/carbo-corporate/investor-relations
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Source: PR Newswire
HOUSTON, Jan. 7, 2019 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) announced that it has closed on the sale of its Millen, Georgia facility with a final purchase price of $23 million. Net proceeds are expected to approximate $21 million after certain post-closing items are completed.Logo - http://photos.prnewswire.com/prnh/20120503/MM00528LOGOCEO Gary Kolstad commented, "In keeping with our previously discussed transformation strategy, we have completed the sale of the Millen facility. The City of Millen was a great partner to us over the years and we have appreciated being part of their community. "We are pleased that our cash and cash equivalents and restricted cash balance ended the year at approximately $60 million, excluding proceeds from the sale of Millen, compared to $59 million at the end of the third quarter of 2018. Maintaining a solid cash position during our transformation is a priority."Including proceeds from the sale of Millen, we are entering 2019 with over $80
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