Emerge Energy Services LP Announces Unaudited Consolidated Financial and Production Results for the Third Quarter and Nine Months Ended September 30, 2017; Reaffirms Earnings Guidance for the Year 2017 and 2018
For the nine months, the company reported total revenue of $261,161,000 against $85,780,000 a year ago. Operating income was $744,000 against loss of $71,270,000 a year ago. Loss from continuing operations before provision for income taxes was $9,391,000 against $92,517,000 a year ago. Net loss from continuing operations was $9,333,000 against $92,546,000 a year ago. Net loss was $12,458,000 against $51,995,000 a year ago. Diluted loss per common unit from continuing operations was $0.42 per unit against $3.82 per unit a year ago. Diluted loss per common unit was $0.52 per unit against $2.15 per unit a year ago. EBITDA from continuing operations was $20,371,000 against LBITDA of $60,162,000 a year ago. EBITDA was $17,246,000 against LBITDA of $15,511,000 a year ago. Adjusted EBITDA from continuing operations was $26,345,000 against LBITDA of $39,882,000 a year ago. Adjusted EBITDA was $26,345,000 against LBITDA of $26,706,000 a year ago. Cash flows used in operating activities was $13,887,000 against $27,835,000 a year ago.
For the quarter, the company reported that total volume of frac sand produced of 1,375,000 tons against 458,000 tons a year ago.
For the nine months, the company reported that total volume of frac sand produced of 4,032,000 tons against 1,392,000 tons a year ago.
The company also expects its volumes at its 2 Texas in-basin plants to further increase in the fourth quarter. Finally, the company issued guidance earlier in the year for $40 million in adjusted EBITDA for 2017. Based on year-to-date performance of approximately $26 million, the company expects to meet or exceed its 2017 adjusted EBITDA guidance at $40 million.
The company guidance for 2018 adjusted EBITDA is unchanged at $140 million to $160 million, which the company believe is achievable based on the strong market demand for both Northern White and in-basin frac sand. The company fully expects to execute on its plan, and the highest priority in the company remains the build-out of the company's expansion at the San Antonio site.