Financials

v3.5.0.2
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 7,587 $ 18,623
Trade receivables, net 19,829 19,474
Inventories 18,376 15,804
Prepaid expenses and other assets 3,939 2,392
Taxes receivable 3,578 7,672
Deferred income taxes 1,703 2,116
Total current assets 55,012 66,081
Plant, pipeline and equipment, net 129,738 96,907
Goodwill 21,798 21,798
Other intangible assets, net 23,134 24,549
Investment in AMAK 52,776 47,697
Mineral properties in the United States 588 588
Other assets 109 171
TOTAL ASSETS 283,155 257,791
Current Liabilities    
Accounts payable 9,229 8,090
Current portion of derivative instruments 80 118
Accrued liabilities 4,228 4,062
Current portion of post-retirement benefit 480 294
Current portion of long-term debt 8,061 8,061
Current portion of other liabilities 771 2,050
Total current liabilities 22,849 22,675
Long-term debt, net of current portion 70,123 73,169
Post-retirement benefit, net of current portion 649 649
Derivative instruments, net of current portion 8 59
Other liabilities, net of current portion 2,383 2,351
Deferred income taxes 22,817 16,503
Total liabilities 118,829 115,406
EQUITY    
Common stock-authorized 40 million shares of $.10 par value; issued and outstanding 24.2 million and 24.1 million shares in 2016 and 2015, respectively 2,451 2,416
Additional paid-in capital 52,804 50,662
Common stock in treasury, at cost 0.3 million shares (284) 0
Retained earnings 109,066 89,018
Total Trecora Resources Stockholders' Equity 164,037 142,096
Noncontrolling Interest 289 289
Total equity 164,326 142,385
TOTAL LIABILITIES AND EQUITY $ 283,155 $ 257,791
v3.5.0.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
REVENUES        
Petrochemical and Product Sales $ 52,115 $ 63,190 $ 143,662 $ 170,396
Processing Fees 5,027 3,748 14,534 11,035
Total Revenues 57,142 66,938 158,196 181,431
OPERATING COSTS AND EXPENSES        
Cost of Sales and Processing (including depreciation and amortization of $2,373, $2,118, $6,620, and $6,083, respectively) 48,237 50,903 125,946 135,679
GROSS PROFIT 8,905 16,035 32,250 45,752
GENERAL AND ADMINISTRATIVE EXPENSES        
General and Administrative 4,585 4,778 15,525 14,886
Depreciation 192 194 556 579
Total General and Administrative Expenses 4,777 4,972 16,081 15,465
OPERATING INCOME 4,128 11,063 16,169 30,287
OTHER INCOME (EXPENSE)        
Interest Expense (568) (535) (1,803) (1,718)
Bargain purchase gain from acquisition 0 0 11,549 0
Equity in Earnings (Losses) of AMAK (2,089) (2,054) 5,079 (2,364)
Miscellaneous Income (Expense) (72) 7 38 6
Total other income (expense) (2,729) (2,582) 14,863 (4,076)
INCOME BEFORE INCOME TAXES 1,399 8,481 31,032 26,211
INCOME TAXES 659 3,163 10,984 8,735
NET INCOME 740 5,318 20,048 17,476
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 740 $ 5,318 $ 20,048 $ 17,476
Basic Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.03 $ 0.22 $ 0.82 $ 0.72
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,507 24,369 24,498 24,344
Diluted Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.03 $ 0.21 $ 0.80 $ 0.69
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,205 25,228 25,158 25,176
v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net Income $ 20,048 $ 17,476
Adjustments to Reconcile Net Income of Trecora Resources To Net Cash Provided by Operating Activities:    
Depreciation 5,761 5,231
Amortization of Intangible Assets 1,415 1,217
Unrealized Gain on Derivative Instruments (89) (332)
Share-based Compensation 1,882 1,794
Deferred Income Taxes 6,728 (231)
Postretirement Obligation 186 6
Bargain purchase gain (11,549) 0
Equity in (earnings) losses of AMAK (5,079) 2,364
Changes in Operating Assets and Liabilities:    
(Increase) Decrease in Trade Receivables (355) 5,441
Decrease in Taxes Receivable 4,094 434
(Increase) Decrease in Inventories (2,573) 302
(Increase) Decrease in Prepaid Expenses and Other Assets (1,281) 112
Increase (Decrease) in Accounts Payable and Accrued Liabilities 1,304 (342)
Increase (Decrease) in Other Liabilities (418) 1,690
Net Cash Provided by Operating Activities 20,074 35,162
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (25,860) (23,540)
Cash paid for acquisition of BASF facility (2,011) 0
Acquisition Goodwill Adjustment 0 (47)
Cash Used in Investing Activities (27,871) (23,587)
FINANCING ACTIVITIES    
Issuance of Common Stock 11 46
Addition to Long-Term Debt 3,000 0
Repayment of Long-Term Debt (6,250) (5,250)
Net Cash Used in Financing Activities (3,239) (5,204)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (11,036) 6,371
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,623 8,506
CASH AND CASH EQUIVALENTS AT END OF PERIOD 7,587 14,877
Supplemental disclosure of cash flow information:    
Cash payments for interest 1,804 1,147
Cash payments for taxes, net of refunds 277 6,902
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 829 599
Estimated Earnout Liability (Note 6) $ 733 $ 0