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Covia Holdings Corp

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Nov 9, 2020. Its latest SEC filing is a SC 13G/A from Feb 19, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Supplies frac sand, proppants and other oilfield minerals to oil and gas companies, and sells silica sand and other minerals to manufacturers in glass, ceramics and construction.

How Did They Make Money?

Customers buy minerals by volume at a price per ton under contracts typically lasting one to eight years. They are charged when products leave Covia’s facilities or reach agreed delivery points, with expected payment within one year.

FY2019 revenue

Who Were Their Customers?

Serves oil and gas companies and manufacturers in glass, ceramics, construction and other industries across the U.S., Canada, Mexico and elsewhere. Sales are primarily under supply agreements with terms that vary by customer.

Did Revenues Turn Into Profits?

No. It lost $1.3B in FY2019.

Operating income, FY2019
−90% of revenue
▲ +774% (Loss) vs FY2018 (−$163.8M, −9%)
Net income, FY2019
−81% of revenue
▲ +377% (Loss) vs FY2018 (−$270.5M, −15%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▼ −44%
vs $409M in Q3 FY2019
Net income
▼ Now a loss
vs $53.8M in Q3 FY2019
  • Dec 15, 2020 Court confirmed Covia’s reorganization plan Under the plan, existing common and preferred stock will be canceled, with no distribution to holders.
  • Jul 2, 2020 NYSE began delisting proceedings for Covia common stock
  • Jun 30, 2020 Covia filed for Chapter 11 and agreed to a restructuring framework

Grew. Revenue grew 62% in 3 years, from $982.7M in FY2016 to $1.6B in FY2019, about 18% a year.

Who Did They Compete With?

Competes with Black Mountain Silica, CARBO Ceramics, Hi-Crush, Signal Peak Silica, Smart Sand, Superior Silica, Vista Sands, 3M, Active Minerals, Astra, Cimbar, Custom Grinders, Florida Rock Industries, G3 Enterprises, Granite Mountain, Imerys, J.M. Huber, J.R. Simplot, Lhoist, and Mavisa

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