HOUSTON, July 17, 2012 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) announced today that its Board of Directors has approved an increase in the Company's quarterly dividend to 27 cents per common share, or $1.08 per common share on an annualized basis.
This represents an increase of 13% over the Company's previous quarterly dividend and marks the twelfth consecutive year the Company has increased its dividend to shareholders. The dividend is payable on August 15, 2012 to shareholders of record as of August 1, 2012.
In commenting on the 13% dividend increase, Gary Kolstad, Chief Executive Officer, said, "I am pleased that CARBO's strong balance sheet provides us the opportunity to pay dividends to shareholders while executing on our long term growth plans. The decision to increase our dividend for the twelfth consecutive year demonstrates a continued confidence in our long term cash flow outlook."CARBO is the world's largest supplier of ceramic proppant for fracturing oil and gas wells, and a supplier of resin-coated sand proppant; the provider of the world's most widely used fracture simulation software; and a provider of fracture design and consulting services. The Company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring. The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. 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 cost of raw materials and natural gas used in manufacturing our products, changes in demand and prices charged for our products, changes in the demand for, or price of, oil and natural gas, risks of increased competition, technological, manufacturing, distribution and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, the risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties described in our publicly available filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements, except as required by law. Release # 12-09 SOURCE CARBO Ceramics Inc.