U.S. Concrete's net debt up in 2012 to $59 million, revenue grows 19%

By Lisa Kerner

Charlotte, N.C., March 7 - U.S. Concrete Inc. had net debt at year-end of about $59 million, up $1.8 million from 2011.

The rise was due mainly to an increase in the balance of the company's convertible notes from amortization of the discount on the notes and the addition of seller-financed debt from acquisitions, partially offset by a decrease in the balance of U.S. Concrete's revolving credit facility, according to the company's fourth-quarter and full-year 2012 earnings news release.

Net debt included total debt of $63.5 million, less cash and cash equivalents of $4.8 million.

For the full year, consolidated revenue rose 19.1% to $531 million, and adjusted EBITDA was up 225.5% at $24.9 million.

Consolidated revenue increased 14.5% to $134.9 million for the fourth quarter, while adjusted EBITDA increased 24.3% to $5.7 million, also for the quarter.

Cash from operations for the quarter rose to $18.7 million from $8.2 million in the prior-year period.

The company had a net loss of $12 million, or 98 cents per diluted share for the quarter, compared to net income of $900,000, or seven cents per diluted share, in the fourth quarter of 2011.

U.S. Concrete is a Euless, Texas-based company that operates through two segments: ready-mixed concrete and concrete-related products as well as precast concrete products.

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