Financials

v3.7.0.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 4,045 $ 8,389
Trade receivables, net 24,248 22,193
Inventories 14,957 17,871
Prepaid expenses and other assets 3,481 3,511
Taxes receivable 4,143 3,983
Total current assets 50,874 55,947
Plant, pipeline and equipment, net 151,606 140,009
Goodwill 21,798 21,798
Other intangible assets, net 22,204 22,669
Investment in AMAK 48,420 49,386
Mineral properties in the United States 588 588
Other assets 63 87
TOTAL ASSETS 295,553 290,484
Current Liabilities    
Accounts payable 13,062 13,306
Current portion of derivative instruments 34 58
Accrued liabilities 3,247 2,017
Current portion of post-retirement benefit 314 316
Current portion of long-term debt 8,061 10,145
Current portion of other liabilities 1,112 870
Total current liabilities 25,830 26,712
Long-term debt, net of current portion 76,092 73,107
Post-retirement benefit, net of current portion 897 897
Other liabilities, net of current portion 1,977 2,309
Deferred income taxes 24,261 23,083
Total liabilities 129,057 126,108
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 54,077 53,474
Common stock in treasury, at cost (254) (284)
Retained earnings 109,933 108,446
Total Trecora Resources Stockholders' Equity 166,207 164,087
Noncontrolling Interest 289 289
Total equity 166,496 164,376
TOTAL LIABILITIES AND EQUITY $ 295,553 $ 290,484
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
REVENUES    
Petrochemical and Product Sales $ 50,899 $ 47,181
Processing Fees 4,643 5,019
Total Revenues 55,542 52,200
OPERATING COSTS AND EXPENSES    
Cost of Sales and Processing (including depreciation and amortization of $2,383 and $2,219, respectively) 44,924 40,429
GROSS PROFIT 10,618 11,771
GENERAL AND ADMINISTRATIVE EXPENSES    
General and Administrative 6,221 5,449
Depreciation 205 177
Total General and Administrative Expenses 6,426 5,626
OPERATING INCOME 4,192 6,145
OTHER INCOME (EXPENSE)    
Interest Income 2 4
Interest Expense (636) (628)
Equity in Earnings (Losses) of AMAK (966) 5,367
Miscellaneous Expense (44) (17)
Total other income (expense) (1,644) 4,726
INCOME BEFORE INCOME TAXES 2,548 10,871
INCOME TAXES 1,061 3,647
NET INCOME 1,487 7,224
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 1,487 $ 7,224
Basic Earnings per Common Share    
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.06 $ 0.30
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,240 24,484
Diluted Earnings per Common Share    
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.06 $ 0.29
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,054 25,085
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net Income $ 1,487 $ 7,224
Adjustments to Reconcile Net Income of Trecora Resources To Net Cash Provided by Operating Activities:    
Depreciation 2,123 1,926
Amortization of Intangible Assets 465 469
Unrealized Gain on Derivative Instruments (24) (30)
Share-based Compensation 633 647
Deferred Income Taxes 1,178 1,407
Postretirement Obligation (2) 2
Equity in (earnings) losses of AMAK 966 (5,367)
Amortization of loan fees 68 68
Changes in Operating Assets and Liabilities:    
(Increase) Decrease in Trade Receivables (2,056) 695
(Increase) Decrease in Taxes Receivable (160) 2,177
(Increase) Decrease in Inventories 2,914 (1,521)
Decrease in Prepaid Expenses and Other Assets 79 180
Increase (Decrease) in Accounts Payable and Accrued Liabilities 989 (1,430)
Increase (Decrease) in Other Liabilities 70 (1,244)
Net Cash Provided by Operating Activities 8,730 5,203
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (13,881) (7,602)
Advances to AMAK, net (26) 0
Cash Used in Investing Activities (13,907) (7,602)
FINANCING ACTIVITIES    
Issuance of Common Stock 0 11
Addition to Long-Term Debt 5,000 0
Repayment of Long-Term Debt (4,167) (2,083)
Net Cash Provided by (Used in) Financing Activities 833 (2,072)
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,344) (4,471)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 8,389 18,623
CASH AND CASH EQUIVALENTS AT END OF PERIOD 4,045 14,152
Supplemental disclosure of cash flow information:    
Cash payments for interest 936 583
Cash payments for taxes, net of refunds 0 0
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense $ 161 $ 197