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U.S. Silica Holdings, Inc. Announces Second Quarter 2012 Results

The following table sets forth a reconciliation of net income, the most directly comparable GAAP financial measure, to Adjusted EBITDA.

Three Months Ended June 30,
2012 2011
(in thousands)
Net income $ 19,451 $ 6,356
Total interest expense, net of interest income 3,383 5,217
Provision for taxes (benefit) 7,287 2,474
Total depreciation, depletion and amortization expenses   5,974   5,252
EBITDA 36,095 19,299

Non-recurring expenses (income)
- -
Transaction expenses - 6,043
Permitted management fees and expenses - 312
Non-cash incentive compensation 493 54
Post-employment expenses (excluding service costs) 404 628
Other adjustments allowable under our existing credit agreements   120   94
Adjusted EBITDA $ 37,112 $ 26,430


Includes the gain on the sale of assets.


Includes fees and expenses related to the January 27, 2012 amendment of our Term Loan Facility and ABL Facility.


Includes fees and expense paid to Golden Gate Capital for ongoing consulting and management services provided pursuant to an Advisory Agreement entered into in connection with the Golden Gate Capital Acquisition; this Advisory Agreement was terminated in connection with our IPO.


Includes vesting of incentive equity compensation issued to our employees.


Includes net pension cost and net post-retirement cost relating to pension and other post-retirement benefit obligations during the applicable period, but in each case excluding the service cost relating to benefits earned during such period.


Reflects miscellaneous adjustments permitted under our existing credit agreements, including such items as expenses related to reviewing growth initiatives and potential acquisitions.

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