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moncler outlets uk Sign in / Join NowGood day, ladies and gentlemen and welcome to the Smart Sand Fourth Quarter moncler sale and Full Year 2017 Earnings Conference Call. [Operator Instructions]. As a reminder this conference is being recorded. I would now like to hand the floor over to Phil Cerniglia, Investor Relations Manager. Please go ahead, sir.Good morning, and thank you for joining us for Smart Sand’s Fourth Quarter and Full Year 2017 Earnings Call. On the call today, we have Chuck Young, Founder and Chief Executive Officer; Lee Beckelman, Chief Financial Officer; and John Young, Executive Vice President of Sales and Logistics. Before we begin, I would like to remind all participants that our comments made today will include forward looking statements, which are subject to certain risks and uncertainties that could cause actual results or events to materially differ from those anticipated. For a complete discussion of such risks and uncertainties, please refer to the company’s press release and our documents on moncler outlet sale file with the cheap moncler coats mens SEC.Smart Sand disclaims any intention or obligation to update or revise any financial projections or forward looking statements, whether because of the moncler uk outlet information, future events or otherwise. This conference call contains time sensitive information and is accurate only cheap moncler jackets mens as of the live broadcast today, March 15, 2018.Additionally, we may refer to the non GAAP financial measures of adjusted EBITDA and production costs during this call. These measures, when used in combination with GAAP results, provide us and our investors with useful information to better understand our business. Please refer to our most recent press release or our public filings for a full reconciliation of adjusted EBITDA to net income and production costs to cost of goods sold [Operator Instructions].I would now like to turn the call over to our CEO, Chuck Young.Thanks, Phil. Good morning. I’m pleased to report that Smart Sand has posted another good quarter and good year. Here are some highlights. We had the highest utilization levels in our history, up nearly 200% year over year. Revenues and net income were higher for both moncler outlet woodbury Cheap Moncler the quarter and the year, and market demand was and continues to be very positive. Demand for frac sand remains strong. In discount moncler jackets fact, we believe we could top 120 million tons this year. We also continue to see positive momentum in frac sand pricing. Lee will give you more details cheap moncler jackets on our financial results during his prepared remarks, but first, I’d like to give you a progress report.Let’s start with our Oakdale expansion. We announced last year that we’ll be boosting Oakdale capacity to 5.5 million tons. Things are moving along nicely. We completed the construction of our third rail loop last June and our second wet plant in October. We also finished the multiunit train build out of the Byron transload facility on the Union Pacific railroad in moncler online store December. Our 2 new dry plants should be completed and operational during the second quarter. The new capacity should ramp up over the second quarter and be fully operational moncler outlet online by the third quarter. Starting in the second quarter, our annual production capacity of 5.5 million tons will be 55% contracted. These contracts have a weighted average life of just over 2 years. Our strategy remains centered around our team’s ability to adapt quickly to the constantly changing industry landscape while operating safely and efficiently to maximize profitability through all industry cycles.Operating at this record level would not have moncler usa been possible without the hard work and best moncler jackets dedication of our talented employees. We believe several key advantages will enable Smart Sand to continue to take advantage of the current positive market trends. They include our dedicated workforce, our long term take or pay contracts, our low cost operating structure, our strategic investments and logistics infrastructure at our Oakdale facility, and our strong balance sheet that provides us flexibility to support our long term growth initiatives.Now I’d like to talk about Smart Sand’s initiative to expand its geographic and product delivery footprint. As I’ve said on past calls, we’re looking to grow our business model to have more direct exposure and sales opportunities in the operating basins. We’re pursuing investments primarily in three growth areas, transloads in the operating basins, last mile solutions for sand storage at the well site, and development of mine locations outside of Oakdale.In regard to transloads, we’re in active discussions to acquire and/or develop transloads in such basins as the Bakken and the Marcellus. We’re also in discussions with potential anchor customers for these facilities. We believe investing in transloads in the operating basins provides 3 major long term benefits for Smart Sand.First is the opportunity to attract new contracted customers. Many customers in today’s market want surety of supply at a specific location in the basin in which they operate. By having our own terminals, we can market directly to these customers. Second is increased opportunity for on demand, in basin spot sales. We can forward load sand to have available in the basins, allowing us to capture potential additional spot business. And finally, we’ll have the opportunity to capture incremental margin on the sale of our sand farther down the supply chain.While having our own invasive terminal capacity, we’ll have the opportunity to directly manage the costs of rail and terminal operations. That will increase the potential margin we capture as we sell our sand at an in basin price. We believe long term that many customers want a sand service company that can not only provide high quality sand but also offer efficient and cost effective solutions for delivering that sand all the way https://www.moncleroutletmall.com through the wellhead.With that in mind, we continue to actively moncler sale outlet evaluate opportunities for last mile solutions. We think there’s a lot of product innovation in this area, so we continue to evaluate our options to invest or partner in last mile solution. Stay tuned on this as we are very close to finalizing how we plan to compete in this segment of the sand logistics supply chain. Hopefully, we’ll be able to uk moncler sale provide greater detail on this on our next earnings call, if cheap moncler jackets womens not sooner.Finally, we signed long term leases on 2 locations in the Permian Basin of West Texas. These leases give us access to acreage in basin under 20 year leases at a very low cost upfront and low minimum royalties. We incurred less than $5 million in upfront payments to acquire these leases. We estimate that these locations collectively have several hundred million tons moncler outlet or more of frac sand reserves. These locations are available to us for future development to provide frac sand directly to the customers in the Permian.We’re currently in the process of permitting and initial design of a potential facility at one of these locations. And due to our low cost of entry, time is on our side. We have the option of waiting until we’re more certain of the market demand for this new regional sand supply before we commit fully to invest in developing a mine at one of these locations.Looking ahead, we see a number of positive signs including these, increasing demand for frac sand, positive momentum in pricing, and continued progress in our expansion programs.I’ll now turn the call over to our CFO, Lee Beckelman, for a closer look at the company’s fourth quarter and full year 2017 results.Thanks, Chuck. As Chuck highlighted, we had a strong fourth quarter for sales volume and a very successful 2017 in terms of overall sales and financial results. My comments primarily will be focused on comparing the fourth quarter 2017 results with the third quarter 2017 results. I’ll also touch on the calendar year 2017 results as well.Starting with sales volumes. We sold approximately 706,000 tons in the fourth quarter, an 8% increase compared to third quarter 2017. Our spot sales activity increased in the fourth quarter compared to the third quarter, while spot sales increasing to approximately 26% of our total sales volumes versus approximately 20% in the third quarter.In the fourth quarter 2017, approximately 68% of our sales were shipped via unit train compared to approximately 77% in the third quarter. This reduction in unit train shipments was somewhat related to the increased spot sales activity during the quarter.Total revenues for the fourth quarter were $43 million, a 9% increase over third quarter results. Sand sales revenues increased to $24.4 million in the fourth quarter from $22.2 million last moncler outlet prices quarter due primarily to higher sales volumes. The average sales price per ton in the fourth quarter was basically flat with the third quarter 2017 results at $34.49 per ton versus $34 per ton last quarter. Pricing in the quarter actually improved at the mine gate in the 5% to 10% range. However, we had less spot in basin sales during the fourth quarter, which moncler outlet store led to overall lower average spot sales pricing in the quarter relative to the third quarter. Reservation revenue, which is included as part cheap moncler sale of sand sales revenue, was $7.5 million in the moncler womens jackets quarter, equal to the third quarter 2017.During the quarter we had no shortfall revenue. In the third quarter 2017, we recognized $1.2 million of shortfall revenue related to moncler sale online an annual contractual shortfall payment from one of our customers. Transportation revenue, which includes freight and railcar rental, was $18.7 million in the quarter compared to $15.9 million last quarter due to higher shipments under contracts, in which we passed through freight expenses to our customers.Our cost of sales for the quarter was $32.9 million compared to $26.3 million last quarter. The increase in cost of sales was primarily due to a number of seasonal maintenance and onetime factors, including less capitalization of costs during the winter. As we have highlighted on our third quarter earnings call, typically we have higher recorded expenses in the fourth quarter and first quarter of each year as we typically shut down our wet plant operations during the winter months. This leads to less costs being absorbed and capitalized into inventory during these time periods and as such, leads to higher overall reported expenses during these quarters relative to the second and third quarters, when we are operating the wet plant at full capacity.Secondly, we had higher labor uk moncler outlet costs in the quarter. We had approximately $1.3 million in higher labor costs in the fourth quarter due to discretionary bonuses being paid in the quarter and due to increased headcount as we began building up and training our staff to be ready for the plant expansion expected to be operational in the second quarter of 2018. We are continuing to ramp up our workforce, so we’ll continue to have higher wages relative to our production levels in the first quarter as well. We expect this ramp up of labor expense to moderate beginning in the second quarter as we approach full staffing to support our expanding capacity of 5.5 million tons per year.We also had increased utility expense of approximately $718,000 in the quarter. We experienced extremely cold weather in the fourth quarter in Wisconsin, which led to increased fuel usage expense to run our operating plants moncler outlets uk.