Select Sands Corp V.SNS

EBITDA

[JUICE01]

This company is ontrack for positive EBITDA. I believe 4th quarter will be positive. This will definetly be worth the gamble and watch. The past two days the sp climbed from yearly lows only to surpass the yearly highs beating it by 45%. 

THIRD QUARTER 2020 AND RECENT HIGHLIGHTS

• Sold 49,248 tons of frac and industrial sand during Q3 2020, compared to 73 tons in Q2 2020. Actual sales volumes for Q3 2020 were at the high-end of the Company’s guidance of 35,000 to 50,000 tons, which was provided in Select Sands’ second quarter earnings results released on August 25, 2020.
• Generated revenue of $2.9 million and a gross margin of $0.1 million in Q3 2020, versus $0.04 million of revenue and a gross loss of $0.6 million in Q2 2020.
• Reported a Q3 2020 net loss of $0.7 million, or $0.01 loss per diluted share, compared to a net loss of $1.2 million, or $0.01 loss per diluted share, in Q2 2020.
• Posted a lower adjusted EBITDA⁽¹⁾ loss of $0.3 million for Q3 2020, versus a loss of $0.8 million in Q2 2020.
• As of September 30, 2020, cash and cash equivalents were $0.7 million, accounts receivable was $1.0 million, and inventory was $2.4 million.
• Continued to make significant progress on the Company’s previously announced plant reconfiguration project to optimize and consolidate processing assets to improve costs. During Q3 2020, the new wet plant at Sandtown processed all products and the new dry plant at the Diaz rail facility processed 100 mesh product. More discussion is included in the “Plant Reconfiguration Project” section later in this release.
• Benefitted in Q3 2020 from its lower production cost profile and expects to achieve additional operational efficiencies in Q4 2020.
• Recently advised by its lending institution that Select Sands had successfully met all of the criteria necessary to have its Paycheck Protection Program loan of $416,153 made available through the Small Business Administration in the USA forgiven. This will be reflected in the Company’s Q4 2020 results.
• Adjusted EBITDA is a non-IFRS financial measure and is described and reconciled to net loss in the table under “Non-IFRS Financial Measures”.