Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 6,735 $ 3,028
Trade receivables, net (Note 5) 27,112 25,779
Inventories (Note 7) 16,539 18,450
Prepaid expenses and other assets (Note 6) 4,664 3,645
Taxes receivable 182 5,584
Total current assets 55,232 56,486
PLANT, PIPELINE, AND EQUIPMENT – AT COST 268,419 245,761
LESS ACCUMULATED DEPRECIATION (73,762) (63,240)
PLANT, PIPELINE, AND EQUIPMENT, NET 194,657 182,521
GOODWILL (Note 9) 21,798 21,798
OTHER INTANGIBLE ASSETS, net (Note 9) 18,947 20,808
INVESTMENT IN AMAK (Note 10) 38,746 45,125
MINERAL PROPERTIES IN THE UNITED STATES (Note 11) 588 588
TOTAL ASSETS 329,968 327,326
CURRENT LIABILITIES    
Accounts payable 19,106 18,347
Accrued liabilities (Note 13) 5,439 3,961
Current portion of post-retirement benefit (Note 22) 19 305
Current portion of long-term debt (Note 12) 4,194 8,061
Current portion of other liabilities 733 870
Total current liabilities 29,491 31,544
LONG-TERM DEBT, net of current portion (Note 12) 98,288 91,021
POST- RETIREMENT BENEFIT, net of current portion (Note 22) 358 897
OTHER LIABILITIES , net of current portion 994 1,611
DEFERRED INCOME TAXES (Note 16) 15,676 17,242
Total liabilities 144,807 142,315
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY    
Common Stock ‑ authorized 40 million shares of $.10 par value; issued 24.6 and 24.5 million in 2018 and 2017, respectively, and outstanding 24.5 and 24.3 million in 2018 and 2017, respectively 2,463 2,451
Additional Paid-in Capital 58,294 56,012
Common Stock in Treasury, at cost 0.1 million and 0.2 million shares in 2018 and 2017, respectively (8) (196)
Retained Earnings 124,123 126,455
Total Trecora Resources Stockholders' Equity 184,872 184,722
Noncontrolling interest 289 289
Total equity 185,161 185,011
TOTAL LIABILITIES AND EQUITY $ 329,968 $ 327,326
v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues      
Revenues $ 287,932 $ 245,143 $ 212,399
Operating costs and expenses      
Cost of specialty petrochemical, product sales, and processing (including depreciation and amortization of $13,618, $10,089, and $9,016, respectively) 260,114 203,582 172,497
Gross Profit 27,818 41,561 39,902
General and Administrative Expenses      
General and administrative 22,396 22,587 20,434
Restructuring and severance (Note 21) 2,347 0 0
Depreciation 740 872 761
Total General and Administrative Expenses 25,483 23,459 21,195
Operating income (loss) 2,335 18,102 18,707
Other income (expense)      
Interest expense (4,100) (2,931) (1,985)
Loss on extinguishment of debt (315) 0 0
Bargain purchase gain from acquisition (Note 3) 0 0 11,549
Equity in losses of AMAK (Note 10) (901) (4,261) (1,479)
Gain from additional equity issuance by AMAK (Note 10) 0 0 3,168
Miscellaneous expense (158) (60) (28)
Total other income (expense) (5,474) (7,252) 11,225
Income (loss) before income tax expense (3,139) 10,850 29,932
Income tax benefit (expense) 807 7,159 (10,504)
Net income (loss) attributable to Trecora Resources $ (2,332) $ 18,009 $ 19,428
Net income (loss) per common share      
Basic earnings (loss) per share (in dollars per share) $ (0.10) $ 0.74 $ 0.80
Diluted earnings (loss) per share (in dollars per share) $ (0.10) $ 0.72 $ 0.78
Weighted average number of common shares outstanding      
Basic (in shares) 24,438 24,294 24,284
Diluted (in shares) 24,438 25,129 24,982
Specialty petrochemical and product sales      
Revenues      
Revenues $ 269,780 $ 227,334 $ 193,581
Processing fees      
Revenues      
Revenues $ 18,152 $ 17,809 $ 18,818
v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) attributable to Trecora Resources $ (2,332) $ 18,009 $ 19,428
Adjustments to reconcile net income (loss) attributable to Trecora Resources to net cash provided by operating activities:      
Depreciation 12,497 9,100 7,896
Amortization of intangible assets 1,861 1,861 1,880
Unrealized gain on derivative instruments 0 (58) (119)
Share-based compensation 1,753 2,707 2,552
Deferred income taxes (1,566) (5,841) 8,697
Postretirement obligation (825) (11) 271
Bargain purchase gain from acquisition 0 0 (11,549)
Equity in loss of AMAK 901 4,261 1,479
Gain from additional equity issuance by AMAK 0 0 (3,168)
Bad debt expense 152 0 90
Amortization of loan fees 261 247 272
Loss on extinguishment of debt 315 0 0
Changes in operating assets and liabilities:      
Increase in trade receivables (1,485) (3,586) (2,809)
(Increase) decrease in taxes receivable 5,401 (1,601) 3,689
(Increase) decrease in inventories 1,911 (579) (2,067)
Increase in prepaid expenses and other assets (1,222) (806) (1,022)
Increase (decrease) in other liabilities 33 142 (174)
Increase in accounts payable and accrued liabilities 2,240 6,983 3,168
Net cash provided by operating activities 19,895 30,828 28,514
Investing activities      
Additions to plant, pipeline and equipment (25,285) (51,584) (38,484)
Acquisition of B Plant 0 0 (2,011)
Proceeds from AMAK share repurchase (Note 10) 5,347 0 0
Advances to AMAK, net 67 (107) (14)
Net cash used in investing activities (19,871) (51,691) (40,509)
Financing Activities      
Issuance of common stock 0 25 11
Net cash received (paid) related to stock-based compensation 860 (106) 0
Additions to long-term debt 18,177 26,000 8,000
Repayment of long-term debt (15,354) (10,417) (6,250)
Net cash provided by in financing activities 3,683 15,502 1,761
Net increase (decrease) in cash and cash equivalents 3,707 (5,361) (10,234)
Cash and cash equivalents at beginning of year 3,028 8,389 18,623
Cash and cash equivalents at end of year 6,735 3,028 8,389
Supplemental disclosure of cash flow information:      
Cash payments for interest 4,560 3,540 2,545
Cash payments (net of refunds) for taxes (4,182) 92 (1,630)
Supplemental disclosure of non-cash items:      
Capital Expansion amortized to depreciation expense 787 840 1,047
Estimated earnout liability (Note 3) 0 0 733
Stock exchange (Notes 10 & 18) $ 131 $ 0 $ 0