Прошедшая неделя была с маленьким количеством событий

http://ir.hicrush.com/news-releases/news-release-details/hi-crush-inc-reports-first-quarter-2020-results-and-provides?field_nir_news_date_value[min]=2020

HOUSTON, June 25, 2020 (GLOBE NEWSWIRE) — Hi-Crush Inc. (NYSE: HCR) (“Hi-Crush” or the “Company”), a fully-integrated provider of proppant logistics solutions, today reported first quarter 2020 results, along with additional financial and operational updates. Revenues during the first quarter of 2020 totaled $146.4 million compared to $125.5 million during the fourth quarter of 2019.

Net loss for the first quarter of 2020 was $146.9 million, including $145.7 million of non-cash asset impairments associated with the write-down of certain production and terminal facilities. This resulted in basic and diluted loss of $1.46 per share, compared to net loss of $21.4 million and basic and diluted loss of $0.21 per share, including $11.1 million of non-cash asset impairments, for the fourth quarter of 2019. Adjusted net loss for the first quarter of 2020 was $15.5 million or basic and diluted adjusted loss of $0.15 per share, excluding the non-cash asset impairments. Adjusted EBITDA for the first quarter of 2020 was $9.1 million, compared to $7.2 million for the fourth quarter of 2019.

First Quarter 2020 Results

Revenues during the first quarter of 2020 totaled $146.4 million, compared to $125.5 million in the fourth quarter of 2019. Revenues associated with logistics services were $60.7 million in the first quarter of 2020, compared to $47.8 million in the fourth quarter of 2019.

Revenues from sales of frac sand totaled $85.7 million in the first quarter of 2020, compared to $77.3 million in the fourth quarter of 2019. Total frac sand volumes sold were 2.5 million tons in the first quarter of 2020, compared to 2.1 million tons in the fourth quarter of 2019. Volumes sold directly to exploration & production companies (“E&Ps”) during the first quarter of 2020 were 63% of the total, compared to 70% in the fourth quarter of 2019 and 63% in the first quarter of 2019. Contribution margin was $8.48 per ton in the first quarter of 2020, compared to $9.02 per ton in the fourth quarter of 2019.

General and administrative expenses totaled $12.3 million in the first quarter of 2020, excluding non-recurring expenses of $0.6 million associated with business development activities. General and administrative expenses totaled $11.6 million in the fourth quarter of 2019, excluding $0.1 million of business development activities.

Market and Operational Update

During the first quarter of 2020, the oil and natural gas industry, and Hi-Crush, faced a sharp and rapid decline, which was driven by a decrease in crude oil prices and overall oilfield activity, predominantly caused by decisions made by the Organization of Petroleum Exporting Countries and other oil producing nations, and impacts to the demand for crude oil associated with the emerging COVID-19 pandemic.

In response to the continued effects on the Company’s business and operations caused by the COVID-19 pandemic and decrease in the price of crude oil during the first quarter of 2020, Hi-Crush has taken a number of steps to better align its cost structure with current and expected market demand. The Company has reduced its workforce by approximately 60% since mid-March 2020, lowered expected capital expenditures for full-year 2020 by nearly 40% since initial guidance, and idled three production and three terminal facilities during April 2020. The Company currently operates only its Wyeville facility in Wisconsin and one of its Kermit facilities in West Texas, both at reduced rates of utilization. Working production capacity for Hi-Crush is currently 5.7 million tons per year, out of total nameplate capacity of 17.3 million tons per year.

Hi-Crush also adjusted the deployment schedule for its first OnCore Processing mobile frac sand unit (“OnCore unit”) due to the deterioration in market conditions experienced by the industry since late-March 2020. The first OnCore unit is deployed for field demonstrations for potential customers at Hi-Crush’s Kermit complex in West Texas. Hi-Crush has also delayed completing production of its second OnCore unit until current market conditions improve.

Capital Expenditures

Total capital expenditures for the first quarter of 2020 were $8.4 million, comprised of $7.9 million of growth capital expenditures and $0.5 million of maintenance capital expenditures. Growth capital expenditures for the first quarter of 2020 were primarily related to the development of the Company’s OnCore units and enhancements to its NexStage silo sets.

Liquidity

As of June 22, 2020, the Company had cash of $34.6 million. The Company borrowed $25.0 million under its senior secured revolving credit facility (the “ABL Credit Facility”) during March 2020, and repaid all borrowings under the ABL Credit Facility during the second quarter of 2020.

Effective June 22, 2020, with the submission of its May 31, 2020 borrowing base certificate under the ABL Credit Facility, the Company was in default under the ABL Credit Facility due to its failure to be in compliance with the springing fixed charge coverage ratio financial covenant under the ABL Credit Facility (the “Specified Default”), which is triggered when the Company’s borrowing base decreases below a level specified in the ABL Credit Facility. Due to the Specified Default, Hi-Crush is currently unable to borrow any amounts under the ABL Credit Facility.

On June 22, 2020, the Company and certain of its subsidiaries entered into a forbearance agreement and amendment to the ABL Credit Facility (the “Forbearance Agreement”) with the lenders under the ABL Credit Facility (the “ABL Lenders”), pursuant to which the ABL Lenders have agreed to forbear from exercising default-related rights and remedies with respect to the Specified Default until July 5, 2020 (which date may be extended with the consent of the ABL Lenders), and have required that the Company make a deposit of $12 million in a cash collateral account as a condition of the Forbearance Agreement. The occurrence or continuation of another event of default under the ABL Credit Facility, a breach of any representation or warranty in the Forbearance Agreement or the failure to comply with any term or agreement in the Forbearance Agreement, will result in the early termination of the forbearance period.

The Company has engaged advisors and has been in negotiations with holders of its 9.50% senior unsecured notes due 2026 and the ABL Lenders on terms and conditions of a prearranged bankruptcy filing. Regardless of whether the terms and conditions of a prearranged filing can be agreed upon with the debt holders, the Company expects to file for protection from its creditors under the United States Bankruptcy Code.

МОСКВА, 27 июня. /ТАСС/. Акционеры АФК “Система” решили направить на выплату дивидендов по результатам 2019 года 0,13 рубля на одну обыкновенную акцию (или 2,6 рубля на одну GDR) – на общую сумму 1,25 млрд рублей. Такое решение акционеры приняли на общем годовом собрании компании.

Датой, на которую определяются лица, имеющие право на получение дивидендов, установлено 16 июля 2020 года.