U.S. Concrete Announces First Quarter 2018 Results

MANAGEMENT COMMENTARY
William J. Sandbrook, President, Chief Executive Officer and Vice Chairman of U.S. Concrete stated, "Despite yet another challenging quarter due to weather, we are pleased to report multiple financial accomplishments, including our 29th straight quarter of year-over-year revenue growth, our 28th straight quarter of ready-mixed concrete pricing growth as well as a new first quarter revenue high of $328 million. We continue to maintain our focus on operating excellence and push forward with accelerated efforts on integrating our recent acquisitions, which were strong contributors for the quarter."

Mr. Sandbrook continued, "We have a lot to be excited about heading into the peak months of the construction season and are optimistic about the rest of the year. We have grown and maintained record backlog levels, we have just scratched the surface on the production and earnings capacity of our recent acquisitions and demand remains high in all of our markets, which we intend to capitalize on in the coming months with the cooperation of more normalized weather."

Mr. Sandbrook concluded, "Our recent acquisition of Polaris Materials represents a key success in our vertical integration growth strategy. The addition means more than just an internal source of aggregates for our ready-mixed concrete business in Northern California and entrance into new markets, but represents our ability to provide high-quality materials in otherwise supply-constrained areas for the foreseeable future. Our integration of Polaris remains ahead of our internal plan, and we continue to aggressively work on the acceleration of volume into the various markets we serve as well as plans to further develop land acquired as part of the transaction for additional capacity. We are extremely excited and confident with the anticipated returns from this dynamic acquisition."

BALANCE SHEET AND LIQUIDITY
Net cash provided by operating activities in the first quarter of 2018 was $25.9 million, compared to net cash provided by operating activities in the prior year first quarter of $29.5 million.  The reduction in net cash provided by operating activities in the first quarter of 2018 primarily related to lower net income.  The Company's Adjusted Free Cash Flow in the first quarter of 2018 was $19.5 million, which primarily reflects the impact of working capital changes, as compared to $19.6 million in the prior year first quarter.  Adjusted Free Cash Flow is a non-GAAP financial measure.  Please refer to the definitions, reconciliations and other information at the end of this press release.

At March 31, 2018, the Company had cash and cash equivalents of $36.6 million and total debt of $755.7 million, resulting in Net Debt of $719.1 million.  Net Debt increased by $48.4 million from December 31, 2017, largely as a result of the successful deployment of capital for the continued execution of our acquisition strategy and capital expenditures for plant equipment to support the growing demands in our markets.  The Company had $137.7 million of unused availability under its revolving credit facility at March 31, 2018.  Net Debt is a non-GAAP financial measure.  Please refer to the definitions, reconciliations and other information at the end of this press release.

CONFERENCE CALL AND WEBCAST DETAILS
U.S. Concrete will host a conference call on Monday, April 30, 2018 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time), to review its first quarter 2018 results.  To participate in the call, please dial (877) 312-8806 – Conference ID: 5959087 at least ten minutes before the conference call begins and ask for the U.S. Concrete conference call. 

A live webcast will be available on the Investor Relations section of the Company's website at www.us-concrete.com.  Please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software.  A replay of the conference call and archive of the webcast will be available shortly after the call on the Investor Relations section of the Company's website at www.us-concrete.com.

ABOUT U.S. CONCRETE
U.S. Concrete serves the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products.  The Company has 181 standard ready-mixed concrete plants, 17 volumetric ready-mixed concrete facilities, and 19 producing aggregates facilities.  During 2017, U.S. Concrete sold approximately 9.0 million cubic yards of ready-mixed concrete and approximately 6.2 million tons of aggregates.

For more information on U.S. Concrete, visit www.us-concrete.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's beliefs, as well as assumptions made by and information currently available to management.  These forward-looking statements speak only as of the date of this press release.  The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them.  Forward-looking information includes, but is not limited to, statements regarding: the expansion of the business; the opportunities and results of our acquisitions; the prospects for growth in new and existing markets; encouraging nature of volume and pricing increases; the business levels of our existing markets; ready-mixed concrete backlog; ability to maintain our cost structure and monitor fixed costs; ability to maximize liquidity, manage variable costs, control capital spending and monitor working capital usage; and the adequacy of current liquidity.  Although U.S. Concrete believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct.  Such statements are subject to certain risks, uncertainties and assumptions, including, among other matters: general and regional economic conditions; the level of activity in the construction industry; the ability of U.S. Concrete to complete acquisitions and to effectively integrate the operations of acquired companies; development of adequate management infrastructure; departure of key personnel; access to labor; union disruption; competitive factors; government regulations; exposure to environmental and other liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse weather conditions; the availability and pricing of raw materials; the availability of refinancing alternatives; results of litigation; and general risks related to the industry and markets in which U.S. Concrete operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected.  These risks, as well as others, are discussed in greater detail in U.S. Concrete's filings with the Securities and Exchange Commission, including U.S. Concrete's Annual Report on Form 10-K for the year ended December 31, 2017.

(Tables Follow)   

U.S. CONCRETE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
	Three Months Ended March 31,
	2018				2017
Revenue	$	327,787			$	299,133
Cost of goods sold before depreciation, depletion and amortization	267,232				235,759
Selling, general and administrative expenses	32,276				25,817
Depreciation, depletion and amortization	20,575				15,859
Change in value of contingent consideration	368				608
Gain on sale of assets, net	(190)				(192)
Operating income	7,526				21,282
Interest expense, net	11,309				10,142
Derivative income	—				(1,856)
Other income, net	(1,619)				(708)
Income (loss) from continuing operations before income taxes	(2,164)				13,704
Income tax expense	1,652				6,702
Income (loss) from continuing operations	(3,816)				7,002
Loss from discontinued operations, net of taxes	—				(122)
Net income (loss)	(3,816)				6,880
Less: Net income attributable to non-controlling interest	(42)				—
Net income (loss) attributable to U.S. Concrete	$	(3,858)			$	6,880
Basic income (loss) per share attributable to U.S. Concrete:
Income (loss) from continuing operations	$	(0.23)			$	0.45
Loss from discontinued operations, net of taxes	—				(0.01)
Net income (loss) per share attributable to U.S. Concrete - basic	$	(0.23)			$	0.44
Diluted income (loss) per share attributable to U.S. Concrete:
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