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U.S. Silica Holdings, Inc. Announces Results For The Third Quarter 2012

Stocks in this article: SLCA

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

   
Three Months Ended September 30,
2012 2011
(in thousands)
Net income $ 18,796 $ 10,342
Total interest expense, net of interest income 3,276 3,823
Provision for taxes (benefit) 8,302 3,412
Total depreciation, depletion and amortization expenses   5,968     5,295  
EBITDA 36,342 22,872
Non-recurring expenses (income) (1) (30 ) (1,295 )
Permitted management fees and expenses (2) - 312
Non-cash incentive compensation (3) 515 532
Post-employment expenses (excluding service costs) (4) 335 11
Other adjustments allowable under our existing credit agreements (5)   357     763  
Adjusted EBITDA $ 37,519   $ 23,195  
 
__________

(1)

 

Includes the gain on the sale of assets.

(2)

Includes fees and expenses 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.

(3)

Includes vesting of incentive equity compensation issued to our employees.

(4)

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.

(5)

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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