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CARBO CERAMICS: Ernst & Young Raises Going Concern Doubt

CARBO Ceramics Inc. filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $304,201,000 on $161,707,000 of revenues for the year ended Dec. 31, 2019, compared to a net loss of $75,433,000 on $210,745,000 of revenues for the year ended in 2018.

The audit report of Ernst & Young LLP states that as a result of the Company’s financial condition, the defaults under the Credit Agreement and the risk of uncertainties surrounding the Chapter 11 Cases, substantial doubt exists regarding the Company’s ability to continue as a going concern.

The Company’s balance sheet at Dec. 31, 2019, showed total assets of $191,514,000, total liabilities of $152,207,000, and a total shareholders’ equity of $39,307,000.

A copy of the Form 10-K is available at:

https://is.gd/OVfaA4

CARBO Ceramics Inc. is a global technology company providing products and services to the oil and gas, industrial, and environmental markets. CARBO offers oilfield ceramic technology products, base ceramic proppant, and frac sand proppant for use in the hydraulic fracturing of oil and natural gas wells.

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