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TheStreet Open House

U.S. Concrete Announces 2013 First Quarter Results

  • Consolidated Revenue Increased 15.2% to $127.7 Million
  • Ready-Mixed Concrete Volume Rose 11.7% to 1.1 Million Cubic Yards
  • Ready-Mixed Concrete Average Sales Price Improved 4.1%
  • Adjusted EBITDA Increased 130.2% to $3.5 Million
  • Net Loss of $14.4 Million (Includes Loss From Derivative Fair Value of $18.4 Million)

EULESS, Texas, May 9, 2013 (GLOBE NEWSWIRE) -- U.S. Concrete, Inc. (Nasdaq:USCR) today reported adjusted net income of $0.8 million, or $0.06 per diluted share, for the first quarter of 2013, compared to adjusted net loss of $5.0 million, or $(0.41) per diluted share, in the first quarter of 2013. First quarter 2013 adjusted net income excludes a non-cash loss related to the fair value change in the Company's derivatives of $18.4 million, gain on extinguishment of debt of $4.3 million, $0.2 million of expense related to the relocation of the corporate headquarters and $0.8 million of non-cash stock compensation expense. First quarter 2012 adjusted net loss excludes a non-cash loss related to the fair value change in the Company's derivatives of $3.4 million, $1.1 million of expense related to the relocation of the corporate headquarters and $0.7 million of non-cash stock compensation expense. Including the loss on derivatives, expense related to the relocation of the corporate headquarters and non-cash stock compensation expense, net loss for the first quarter of 2013 was $14.4 million compared to a net loss of $10.2 million in the first quarter of 2012.

The Company defines adjusted net income (loss) and adjusted net income (loss) per share as net loss and net loss per share excluding non-cash stock compensation expense, derivative loss, gain on extinguishment of debt and expense related to the Company's relocation of the corporate headquarters. Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP financial measures. For a reconciliation of adjusted net income (loss) and adjusted net income (loss) per share to the most directly comparable GAAP financial measures, please see the attached "Additional Statistics" schedule.

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