Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities      
Net income attributable to Trecora Resources $ 18,598 $ 15,571 $ 19,498
Adjustments to reconcile net income of Trecora Resources to Net cash provided by operating activities:      
Depreciation 7,177 5,205 4,039
Amortization of intangible assets 1,883 471 0
Unrealized (gain) loss on derivative instruments (381) 376 57
Share-based compensation 2,353 2,141 1,215
Deferred income taxes 5,567 (1,903) 1,495
Postretirement obligation 7 8 5
Equity in (income) loss of AMAK 5,325 1,072 (4,703)
Gain from additional equity issuance by AMAK 0 0 (3,997)
Changes in operating assets and liabilities:      
(Increase) decrease in trade receivables 8,797 (3,380) (6,267)
(Increase) decrease in tax receivable (7,238) 137 611
(Increase) decrease in inventories (2,989) 2,587 (2,223)
(Increase) decrease in prepaid expenses and other assets 935 (337) (90)
(Increase) decrease in other assets 274 (1,024) (871)
Increase in other liabilities 2,151 90 3,048
Increase (decrease) in accounts payable and accrued liabilities (2,399) 1,836 1,421
Increase (decrease) in accrued liabilities in Saudi Arabia (495) 355 4
Net cash provided by operating activities 39,565 23,205 13,242
Investing activities      
Additions to plant, pipeline and equipment (31,247) (14,766) (6,828)
Acquisition of TC, Inc., net of cash of $107 purchased in 2014 (47) (74,712) 0
Advances to AMAK, net 0 536 1,626
Addition to Investment in AMAK 0 0 (7,500)
Net cash used in investing activities (31,294) (88,942) (12,702)
Financing Activities      
Issuance of common stock 46 91 60
Additions to long-term debt 15,000 87,200 6,000
Repayment of long-term debt (13,200) (20,656) (8,500)
Net cash provided by (used) in financing activities 1,846 66,635 (2,440)
Net increase (decrease) in cash and cash equivalents 10,117 898 (1,900)
Cash and cash equivalents at beginning of year 8,506 7,608 9,508
Cash and cash equivalents at end of year 18,623 8,506 7,608
Supplemental disclosure of cash flow information:      
Cash payments for interest 2,103 995 802
Cash payments (net of refunds) for taxes 11,428 8,959 6,006
Supplemental disclosure of non-cash items:      
Other liabilities for capital expansion amortized to depreciation expense 972 1,649 1,284
Unrealized gain on interest rate swap, net of tax expense $ 0 $ 366 $ 214