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North / South America
U.S. Concrete warns future is in doubt
Mar, 11 2010
U.S. Concrete Inc. on Wednesday reported a narrower fourth-quarter net loss, but warned
that without a successful restructuring there's "substantial doubt
about our ability to continue to operate as a going concern."
The
company's loss narrowed to $16.7 million, or 46 cents a share, from
$132.2 million, or $3.63 a share, a year earlier, when it took a
goodwill charge of $3.29 a share. Revenue fell 31% to $119.9 million as
the slowdown in the construction industry further weighed on demand.
The group said it had debts of $296.5 million at the end of December
and cash and equivalents of $4.2 million, along with $45.3 million of
available borrowing capacity. Chief Financial Officer Robert Hardy said
liquidity -- comprising cash and available credit under the revolving
credit facility -- had fallen to less than $25 million at the end of
February.
The domestic cement industry saw no major relief from the demand slowdown in August....
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