The Company reported third quarter 2012 revenues of $115.9 million, an increase of $42.4 million, or 58% from the $73.5 million reported for the same period in 2011. Overall sales volume increased to nearly 1.9 million tons, or 19% above the prior year sales volume of 1.6 million tons.

The Oil and Gas Proppants segment was the primary driver of year-over-year revenue growth. Third quarter Oil and Gas revenues were $64.5 million – up 166% compared to third quarter of 2011. The Company sold 769.0 thousand tons of sand into the Oil and Gas services markets, which produced $34.2 million in contribution margin for the third quarter, compared to nearly 458.8 thousand tons and a contribution margin of $15.6 million in the third quarter of 2011.

Third quarter Industrial and Specialty Products segment revenues were $51.3 million, a year-over-year increase of 4%. The ISP segment sold 1.1 million tons and delivered $14.2 million in contribution margin, compared to 1.1 million tons and a contribution margin of $13.7 million in the third quarter of 2011.

SG&A expense was $10.1 million for the third quarter of 2012 compared to $5.2 million for the third quarter of 2011. The increase continues to be driven by additional staffing to support our growth and the administrative requirements of a public company.

Adjusted EBITDA for the third quarter of 2012 was $37.5 million, an increase of 62% compared to $23.2 million for the third quarter of 2011.

Capital Update

As of September 30, 2012, we had $93.0 million of cash and cash equivalents and $23.8 million available under our credit facilities. Our total outstanding long-term debt was $260.0 million. Capital spending for the first three quarters of 2012 was $74.9 million.

In June 2012, we announced a stock repurchase program of up to $25 million over the next 18 months. As of the end of the third quarter, we had repurchased 100,000 shares under the program for $1.1 million, and we are treating these shares as treasury stock.

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