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U.S. Concrete emerges from Chapter 11 with third quarter revenues down 6%

Last updated: 20:28 09 Nov 2010 GMT, First published: 21:28 09 Nov 2010 GMT

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U.S. Concrete (OTCBB: USCR), a concrete producer based in Houston, Texas, saw its third quarter revenues fall after emerging from Chapter 11 bankruptcy in August, followed by a debt restructuring.

The firm's third quarter revenues decreased 5.1% year-over-year to $129.4 million, as the construction market continued to weaken.

The ready-mixed concrete segment added about $116.9 million to total third quarter revenues, a decline of 6.3% from the year-ago period on lower volumes and sales prices, the company said.

However, the precast concrete segment contributed about $16.2 million to Q3 revenues, a 3.6% year-over-year increase.  
For the third quarter, the company reported income from continuing operations of $63.1 million, mainly due to a $65.8 million gain from debt cancellation associated with the company's reorganization.

Under the restructuring plan completed on August 31, the company converted about $285 million of principal and interest on its subordinated notes into equity of the reorganized company. In addition, the company secured a $75.0 million revolving secured credit facility and issued $55.0 million of convertible notes.

At the end of the third quarter, the firm had $4.6 million in cash and $47 million in long term debt.

U.S. Concrete has 101 fixed and 11 portable ready-mixed concrete plants, seven precast concrete plants and seven producing aggregates facilities. During 2009, these plant facilities produced about 4.0 million cubic yards of ready-mixed concrete and 3.0 million tons of aggregates.

The company’s shares are slightly down by 0.85% to trade at $8.18 as of 10:11 am ET.

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