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U.S. Concrete Announces 2012 Fourth Quarter And Full Year Results

Full Year Highlights
  • Consolidated revenue increased 19.1% to $531.0 million
  • Ready-mixed concrete volume rose 19.6% to 4.8 million cubic yards
  • Ready-mixed concrete average sales price improved 3.3%
  • Adjusted EBITDA increased 225.5% to $24.9 million

Fourth Quarter 2012 Year-over-Year Highlights
  • Consolidated revenue increased 14.5% to $134.9 million
  • Ready-mixed concrete volume rose 15.7% to 1.2 million cubic yards
  • Ready-mixed concrete average sales price improved 1.1%
  • Adjusted EBITDA increased 24.3% to $5.7 million

EULESS, Texas, March 7, 2013 (GLOBE NEWSWIRE) -- U.S. Concrete, Inc. (Nasdaq:USCR) today reported a net loss of $12.0 million, or $(0.98) per diluted share, for the fourth quarter of 2012, compared to net income of $0.9 million, or $0.07 per diluted share, in the fourth quarter of 2011. Included in the fourth quarter 2012 net loss amount was a non-cash loss related to the fair value change in the Company's derivatives of $13.2 million, $0.2 million of expense related to the recently completed relocation of the corporate headquarters to Euless, Texas and $0.2 million of non-cash stock compensation expense. Included in fourth quarter 2011 net income was a non-cash gain related to the fair value change in the Company's derivatives of $3.6 million, $0.4 million of expense related to the departure of our former President and Chief Executive Officer as well as the hiring of our new President and Chief Executive Officer in August 2011, and $0.7 million of non-cash stock compensation expense. Excluding the loss on derivatives, relocation related expenses, and non-cash stock compensation expense, net income and net earnings per diluted share for the fourth quarter of 2012 would have been $1.6 million, or $0.13 per diluted share. Excluding the gain on derivatives, expenses related to the departure of the Company's former President and Chief Executive Officer and the hiring of our new President and Chief Executive Officer, and non-cash stock compensation expense, net loss and net loss per diluted share for the fourth quarter of 2011 would have been $1.6 million, or $0.14 per diluted share.

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