Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 1,748 $ 8,389
Trade receivables, net 25,032 22,193
Inventories 15,118 17,871
Prepaid expenses and other assets 3,574 3,511
Taxes receivable 3,200 3,983
Total current assets 48,672 55,947
Plant, pipeline and equipment, net 163,182 140,009
Goodwill 21,798 21,798
Other intangible assets, net 21,738 22,669
Investment in AMAK 45,122 49,386
Mineral properties in the United States 588 588
Other assets 42 87
TOTAL ASSETS 301,142 290,484
Current Liabilities    
Accounts payable 10,839 13,306
Current portion of derivative instruments 19 58
Accrued liabilities 4,596 2,017
Current portion of post-retirement benefit 311 316
Current portion of long-term debt 8,061 10,145
Current portion of other liabilities 2,044 870
Total current liabilities 25,870 26,712
Long-term debt, net of current portion 81,002 73,107
Post-retirement benefit, net of current portion 897 897
Other liabilities, net of current portion 1,829 2,309
Deferred income taxes 23,589 23,083
Total liabilities 133,187 126,108
EQUITY    
Common stock-authorized 40 million shares of $.10 par value; issued 24.5 million in 2017 and 2016 and outstanding 24.3 million and 24.2 million shares in 2017 and 2016, respectively 2,451 2,451
Additional paid-in capital 54,653 53,474
Common stock in treasury, at cost (203) (284)
Retained earnings 110,765 108,446
Total Trecora Resources Stockholders' Equity 167,666 164,087
Noncontrolling Interest 289 289
Total equity 167,955 164,376
TOTAL LIABILITIES AND EQUITY $ 301,142 $ 290,484
v3.7.0.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUES        
Petrochemical and Product Sales $ 57,016 $ 44,366 $ 107,915 $ 91,547
Processing Fees 5,099 4,488 9,742 9,507
Total Revenues 62,115 48,854 117,657 101,054
OPERATING COSTS AND EXPENSES        
Cost of Sales and Processing (including depreciation and amortization of $2,363, $2,028, $4,746, and $4,247, respectively) 51,008 37,280 95,932 77,709
GROSS PROFIT 11,107 11,574 21,725 23,345
GENERAL AND ADMINISTRATIVE EXPENSES        
General and Administrative 5,740 5,491 11,961 10,940
Depreciation 205 187 410 364
Total General and Administrative Expenses 5,945 5,678 12,371 11,304
OPERATING INCOME 5,162 5,896 9,354 12,041
OTHER INCOME (EXPENSE)        
Interest Expense (678) (607) (1,314) (1,235)
Bargain purchase gain from acquisition 0 11,549 0 11,549
Equity in Earnings (Losses) of AMAK (3,298) (1,017) (4,264) 4,350
Miscellaneous Income (Expense) (22) 123 (64) 110
Total other income (expense) (3,998) 10,048 (5,642) 14,774
INCOME BEFORE INCOME TAXES 1,164 15,944 3,712 26,815
INCOME TAXES 332 5,692 1,393 9,339
NET INCOME 832 10,252 2,319 17,476
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 832 $ 10,252 $ 2,319 $ 17,476
Basic Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.03 $ 0.42 $ 0.10 $ 0.72
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,256 24,204 24,248 24,344
Diluted Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.03 $ 0.41 $ 0.09 $ 0.70
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,034 24,885 25,044 24,985
v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net Income $ 2,319 $ 17,476
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:    
Depreciation 4,226 3,667
Amortization of Intangible Assets 931 944
Unrealized Gain on Derivative Instruments (38) (55)
Share-based Compensation 1,289 1,274
Deferred Income Taxes 505 6,476
Postretirement Obligation (5) 94
Bargain purchase gain 0 (11,549)
Equity in (earnings) losses of AMAK 4,264 (4,350)
Amortization of loan fees 61 159
Changes in Operating Assets and Liabilities:    
(Increase) Decrease in Trade Receivables (2,839) 1,893
Decrease in Taxes Receivable 783 2,751
(Increase) Decrease in Inventories 2,752 (4,260)
Increase in Prepaid Expenses and Other Assets 36 212
Increase (Decrease) in Accounts Payable and Accrued Liabilities 114 (1,112)
Increase (Decrease) in Other Liabilities 1,129 (347)
Net Cash Provided by Operating Activities 15,527 13,273
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (27,833) (16,383)
Cash paid for acquisition of BASF facility 0 (2,011)
Advances to AMAK, net (55) 0
Cash Used in Investing Activities (27,888) (18,394)
FINANCING ACTIVITIES    
Issuance of Common Stock 25 11
Payments related to tax withholding for stock-based compensation (55) 0
Addition to Long-Term Debt 12,000 0
Repayment of Long-Term Debt (6,250) (4,167)
Net Cash Provided by (Used in) Financing Activities 5,720 (4,156)
NET DECREASE IN CASH AND CASH EQUIVALENTS (6,641) (9,277)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 8,389 18,623
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,748 9,346
Supplemental disclosure of cash flow information:    
Cash payments for interest 2,721 1,186
Cash payments for taxes, net of refunds 220 277
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 435 637
Estimated earnout liability $ 0 $ 733