In June 2012, we announced a stock repurchase program of up to $25 million over the next 18 months. As of the end of the second quarter, we had repurchased 20,000 shares for slightly over $200,000 and are treating these shares as treasury stock.
Outlook and Guidance
The Company expects full year revenues of approximately $395 million to $415 million and reaffirms Adjusted EBITDA of $142 million to $150 million, with the most likely outcome to be in the lower half of the range.
Conference CallU.S. Silica will host a conference call for investors today, July 31, 2012 at 10:00 a.m. Eastern Time to discuss these results. Hosting the call will be Bryan A. Shinn, President and Chief Executive Officer, and William A. White, Chief Financial Officer. The call can be accessed live over the telephone by dialing (877) 705-6003, or for international callers, (201) 493-6725. A replay will be available shortly after the call and can be accessed by dialing (877) 870-5176, or for international callers, (858) 384-5517. The passcode for the replay is 397401. A webcast of the call can be accessed by visiting the Company’s website at www.ussilica.com. A replay of the webcast will also be available for approximately two weeks following the call. About U.S. Silica Holdings, Inc. U.S. Silica Holdings, Inc., a Delaware corporation, is the second largest domestic producer of commercial silica, a specialized mineral that is a critical input into the oil and gas proppants end market. The Company also processes ground and unground silica sand for a variety of industrial and specialty products end markets such as glass, fiberglass, foundry molds, municipal filtration and recreational uses. During its 112-year history, U.S. Silica Holdings, Inc. has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 200 products to customers across these end markets. U.S. Silica Holdings, Inc. is headquartered in Frederick, Maryland.