U.S. Concrete (RMIX) May Not Be Able "To Operate As A Going Concern"

Shares of U.S. Concrete, Inc. (NASDAQ: RMIX) were down more than 24% during Wednesday afternoon trading after Executive Vice President and Chief Financial Officer Robert D. Hardy warned that, "absent a successful restructuring, there is substantial doubt about our ability to continue to operate as a going concern." U.S. Concrete reported that its 4th quarter loss narrowed to $16.7 million, or 46 cents per share, from $132.2 million, or $3.63 a share, the year before, which included a goodwill charge of $3.29 per share. Revenue plummeted 31% to $119.9 million. U.S. Concrete said its debts now totaled $296.5 million, while it held cash and equivalents of only $4.2 million and an available borrowing capacity of $45.3 million.