Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income attributable to Trecora Resources $ 18,009 $ 19,428 $ 18,598
Adjustments to reconcile net income attributable to Trecora Resources to net cash provided by operating activities:      
Depreciation 9,012 7,896 7,177
Amortization of intangible assets 1,861 1,880 1,883
Amortization of catalyst 88 0 0
Unrealized gain on derivative instruments (58) (119) (381)
Share-based compensation 2,707 2,552 2,353
Deferred income taxes (5,841) 8,697 5,567
Postretirement obligation (11) 271 7
Bargain purchase gain from acquisition 0 (11,549) 0
Equity in loss of AMAK 4,261 1,479 5,325
Gain from additional equity issuance by AMAK 0 (3,168) 0
Bad debt expense 0 90 0
Amortization of loan fees 247 272 272
Changes in operating assets and liabilities:      
(Increase) decrease in trade receivables (3,586) (2,809) 8,797
(Increase) decrease in taxes receivable (1,601) 3,689 (7,238)
Increase in inventories (579) (2,067) (2,989)
(Increase) decrease in prepaid expenses and other assets (806) (1,022) 937
Increase (decrease) in other liabilities 142 (174) 2,151
Increase (decrease) in accounts payable and accrued liabilities 6,983 3,168 (2,399)
Decrease in accrued liabilities in Saudi Arabia 0 0 (495)
Net cash provided by operating activities 30,828 28,514 39,565
Investing activities      
Additions to plant, pipeline and equipment (51,584) (38,484) (31,247)
Acquisition of TC, Inc., net of cash of $107 purchased in 2014 0 0 (47)
Acquisition of B Plant 0 (2,011) 0
Advances to AMAK, net (107) (14) 0
Cash used in investing activities (51,691) (40,509) (31,294)
Financing Activities      
Issuance of common stock 25 11 46
Payments related to tax withholding for stock-based compensation (106) 0 0
Additions to long-term debt 26,000 8,000 15,000
Repayment of long-term debt (10,417) (6,250) (13,200)
Net cash provided by in financing activities 15,502 1,761 1,846
Net increase (decrease) in cash and cash equivalents (5,361) (10,234) 10,117
Cash and cash equivalents at beginning of year 8,389 18,623 8,506
Cash and cash equivalents at end of year 3,028 8,389 18,623
Supplemental disclosure of cash flow information:      
Cash payments for interest 3,540 2,545 2,103
Cash payments (net of refunds) for taxes 92 (1,630) 11,428
Supplemental disclosure of non-cash items:      
Other liabilities for capital expansion amortized to depreciation expense 840 1,047 972
Estimated earnout liability (Note 3) $ 0 $ 733 $ 0