- Context Business Lending Increases its Investment Power
- MITER Brands Announces $500 Million Offering of Senior Secured Notes
- Singing Machine Company Secures $15.0 Million Senior Secured Financing with Fifth Third Bank
- Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
- Eclipse Business Capital Provides $15mm ABL Credit Facility to a Connector & Cable Manufacturer
U.S. Concrete Announces Preliminary First Quarter 2020 Financial Results, New $180 Million Credit Facility and First Quarter 2020 Investor Conference Call Schedule
April 20, 2020
Source: AP News
U.S. Concrete, Inc. (NASDAQ: USCR) (“U.S. Concrete” or the “Company”) provided an update today regarding its expected financial results for the first quarter of 2020, announced a new credit facility and announced the Company’s investor conference call for the first quarter of 2020.
Preliminary Financial Results - Quarter Ended March 31, 2020
The Company today provided its expected results for the first quarter of 2020:
Consolidated revenue of approximately $334 million
Net loss of approximately $3 million
Adjusted EBITDA(1) of approximately $34 million
Liquidity of $144 million as of March 31, 2020
(1) Total Adjusted EBITDA is a non-GAAP financial measure. Please refer to the reconciliation and other information provided at the end of this press release.
Across the country, U.S. Concrete is considered an essential service and is operational in all regions with the implementation of new safety and health protocols. The safety and health of the Company’s employees and their families, customers and communities are the Company’s highest priority during these uncertain times.
U.S. Concrete President and Chief Executive Officer, Ronnie Pruitt said, “Although we cannot currently predict the length or impact of the COVID-19 pandemic, we are committed to driving shareholder value. We continually evaluate the effect that the pandemic has on our business and financial results. Business contingency plans and cost-cutting measures have been implemented across the Company and will be adjusted in response to this evolving pandemic. The Company has significant liquidity and no near-term debt maturities, which provides us the flexibility to proactively manage the business while we navigate through uncertainty.”
Mr. Pruitt continued, “Our first quarter performance reflects the hard work of each of our employees across the country. Through their efforts, we are pleased with the preliminary financial results despite the impact of the Coronavirus and record rainfall in Texas during the quarter.”
Given the disruption in the current business environment, the Company is withdrawing the outlook for 2020 financial performance provided on February 25, 2020, which did not contemplate the effects of COVID-19.
New $180 Million Credit Facility Provides Liquidity and Flexibility
On April 17, 2020, U.S. Concrete entered into a new $180 million delayed draw term loan facility provided by Bank of America, N.A., as Administrative Agent. The term loan facility’s flexible structure provides additional liquidity and allows the Company to draw incrementally on the facility if needed. The term loan has a 5-year maturity and will bear interest at the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 2.75% up to 3.75%, depending on the amount borrowed. The agreement contains customary terms and conditions consistent with similar facilities and contains no financial maintenance covenants.
Mr. Pruitt concluded, “As we navigate through the COVID-19 health crisis, we are implementing plans to reduce capital spending and modifying our operating structure to maximize financial strength and flexibility. This additional borrowing capacity further strengthens our liquidity position to support the Company’s long-term strategy and business opportunities.”
First Quarter Fiscal Year 2020 Earnings Results Conference Call
U.S. Concrete plans to release its first quarter 2020 financial results before the market opens on Tuesday, May 5, 2020 and hold a conference call on Tuesday, May 5, 2020 at 8:30 a.m. Eastern Time. The conference call will be webcast and can be accessed on the Company’s website: http://investorrelations.us-concrete.com.
Conference Call and Webcast Details
To listen to the call, please dial (877) 312-8806 - Conference ID: 2787005 at least ten minutes before the conference call begins and ask for the U.S. Concrete conference call. A live webcast of the conference call and accompanying presentation materials will be available on the Investor Relations section of the Company’s website at http://investorrelations.us-concrete.com. Please visit the website at least 15 minutes before the call begins to register and download and install any necessary audio software.
A replay of the conference call and archive of the webcast will be available after the call under the investor relations section of the Company’s website.
About U.S. Concrete, Inc.
U.S. Concrete, Inc. (NASDAQ: USCR) is a leading supplier of aggregates and high-performance concrete for large-scale commercial, residential and infrastructure projects in high-growth markets across the country. The Company holds leading market positions in New York, Philadelphia, San Francisco, Dallas-Fort Worth and Washington, D.C., and its materials have been used in some of the most complex and highly specialized construction projects of the last decade. U.S. Concrete has continued to grow organically and through a series of strategic acquisitions of independent producers in our target markets.
For more information on U.S. Concrete, visit the “About Us” section of our website - www.us-concrete.com/about-us.
Preliminary Unaudited Financial Information
Our financial closing procedures for the quarter ended March 31, 2020 are not yet complete. Therefore, any information with respect to or prepared on the basis of our unaudited, interim financial information as of and for three months ended March 31, 2020 is a preliminary estimate based upon information available to management as of the date of this press release. As a result, it is possible that our actual results may differ materially from these estimates due to the completion of the our financial closing procedures, final adjustments and other developments that may arise between now and the time we finalize our financial results for the three months ended March 31, 2020, including the finalization of our assessment of the effects of COVID-19 on our business. Accordingly, you should not place undue reliance on these preliminary estimates or any other financial information, pro forma or otherwise, based on these preliminary estimates, as such information has not been reviewed, audited or subjected to any other procedures by our independent registered public accountant.
Non-GAAP Financial Measures
Included in this press release are certain non-GAAP financial measures that we believe are useful for investors. These non-GAAP financial measures may not be comparable to similarly titled measures other companies report and are not intended to be used as an alternative to any measure of our performance in accordance with GAAP.
Company Contact Information:
U.S. Concrete, Inc. Investor Relations
844-828-4774
IR@us-concrete.com
Media Contact:
Media@us-concrete.com
In This Section