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U.S. Concrete Announces 2013 Second Quarter Results

  • Adjusted EBITDA increased 96% to $17.0 million
  • Adjusted net income increased $10.2 million to $11.7 million
  • Consolidated revenue increased 17.6% to $162.5 million
  • Ready-mixed concrete volume rose 8.5% to approximately 1.4 million cubic yards
  • Ready-mixed concrete average sales price improved 7.6%
  • Net income of $6.7 million

EULESS, Texas, Aug. 8, 2013 (GLOBE NEWSWIRE) -- U.S. Concrete, Inc. (Nasdaq:USCR) today reported adjusted net income of $11.7 million, or $0.86 per diluted share, for the second quarter of 2013, compared to adjusted net income of $1.5 million, or $0.12 per diluted share, in the second quarter of 2012. Second quarter 2013 adjusted net income excludes a non-cash loss related to the fair value change in the Company's derivatives of $1.9 million, $0.3 million of expense related to the relocation of the corporate headquarters, and $2.8 million of non-cash stock compensation expense. Second quarter 2012 adjusted net income excludes a non-cash loss related to the fair value change in the Company's derivatives of $0.6 million, $0.5 million of expense related to the relocation of the corporate headquarters, and $0.8 million of non-cash stock compensation expense. Including the loss related to derivatives, expense related to the relocation of the corporate headquarters and non-cash stock compensation expense, net income for the second quarter of 2013 was $6.7 million, compared to a net loss of $0.3 million in the second quarter of 2012.

The Company defines adjusted net income (loss) and adjusted net income (loss) per share as net income (loss) and net income (loss) per share excluding non-cash stock compensation expense, derivative loss, gain (loss) 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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