Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 4,219 $ 8,389
Trade receivables, net 22,738 22,193
Inventories 12,849 17,871
Prepaid expenses and other assets 3,276 3,511
Taxes receivable 3,764 3,983
Total current assets 46,846 55,947
Plant, pipeline and equipment, net 172,048 140,009
Goodwill 21,798 21,798
Intangible assets, net 21,273 22,669
Investment in AMAK 44,225 49,386
Mineral properties in the United States 588 588
Other assets 21 87
TOTAL ASSETS 306,799 290,484
Current Liabilities    
Accounts payable 12,381 13,306
Current portion of derivative instruments 7 58
Accrued liabilities 6,304 2,017
Current portion of post-retirement benefit 308 316
Current portion of long-term debt 8,061 10,145
Current portion of other liabilities 1,131 870
Total current liabilities 28,192 26,712
Long-term debt, net of current portion 81,011 73,107
Post-retirement benefit, net of current portion 897 897
Other liabilities, net of current portion 1,681 2,309
Deferred income taxes 24,654 23,083
Total liabilities 136,435 126,108
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 55,344 53,474
Common stock in treasury, at cost (203) (284)
Retained earnings 112,483 108,446
Total Trecora Resources Stockholders' Equity 170,075 164,087
Noncontrolling Interest 289 289
Total equity 170,364 164,376
TOTAL LIABILITIES AND EQUITY $ 306,799 $ 290,484
v3.8.0.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES        
Petrochemical and Product Sales $ 58,030 $ 52,115 $ 165,945 $ 143,662
Processing Fees 3,478 5,027 13,220 14,534
Total Revenues 61,508 57,142 179,165 158,196
OPERATING COSTS AND EXPENSES        
Cost of Sales and Processing (including depreciation and amortization of $2,565, $2,373, $7,311, and $6,620, respectively) 51,638 48,237 147,570 125,946
GROSS PROFIT 9,870 8,905 31,595 32,250
GENERAL AND ADMINISTRATIVE EXPENSES        
General and Administrative 5,660 4,585 17,621 15,525
Depreciation 245 192 655 556
Total General and Administrative Expenses 5,905 4,777 18,276 16,081
OPERATING INCOME 3,965 4,128 13,319 16,169
OTHER INCOME (EXPENSE)        
Interest Expense (795) (568) (2,109) (1,803)
Bargain purchase gain from acquisition 0 0 0 11,549
Equity in Earnings (Losses) of AMAK (897) (2,089) (5,161) 2,261
Gain from Additional Equity Issuance by AMAK 0 3,168 0 3,168
Miscellaneous Income (Expense) 22 (72) (42) 38
Total other income (expense) (1,670) 439 (7,312) 15,213
INCOME BEFORE INCOME TAXES 2,295 4,567 6,007 31,382 [1]
INCOME TAXES 577 1,768 1,970 11,107
NET INCOME 1,718 2,799 4,037 20,275
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 1,718 $ 2,799 $ 4,037 $ 20,275
Basic Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.07 $ 0.12 $ 0.17 $ 0.83
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,304 24,223 24,267 24,304
Diluted Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.07 $ 0.11 $ 0.16 $ 0.81
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,157 24,921 25,082 24,964
[1] Profit (loss) before taxes for the specialty wax segment includes a bargain purchase gain of $11.5 million.
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES    
Net Income $ 4,037 $ 20,275
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:    
Depreciation 6,570 5,761
Amortization of Intangible Assets 1,396 1,415
Unrealized Gain on Derivative Instruments (51) (89)
Share-based Compensation 2,005 1,882
Deferred Income Taxes 1,571 6,851
Postretirement Obligation (8) 186
Bargain purchase gain 0 (11,549)
Equity in (earnings) losses of AMAK 5,161 (2,261)
Gain from Additional Equity Issuance by AMAK 0 (3,168)
Amortization of loan fees 154 213
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (545) (355)
Decrease in Taxes Receivable 218 4,094
(Increase) Decrease in Inventories 5,022 (2,573)
(Increase) Decrease in Prepaid Expenses and Other Assets 387 (1,494)
Increase in Accounts Payable and Accrued Liabilities 3,356 1,304
Increase (Decrease) in Other Liabilities 281 (418)
Net Cash Provided by Operating Activities 29,554 20,074
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (39,250) (25,860)
Cash paid for acquisition of BASF facility 0 (2,011)
Advances to AMAK, net (86) 0
Cash Used in Investing Activities (39,336) (27,871)
FINANCING ACTIVITIES    
Issuance of Common Stock 25 11
Payments related to tax withholding for stock-based compensation (80) 0
Addition to Long-Term Debt 14,000 3,000
Repayment of Long-Term Debt (8,333) (6,250)
Net Cash Provided by (Used in) Financing Activities 5,612 (3,239)
NET DECREASE IN CASH (4,170) (11,036)
CASH AT BEGINNING OF PERIOD 8,389 18,623
CASH AND AT END OF PERIOD 4,219 7,587
Supplemental disclosure of cash flow information:    
Cash payments for interest 3,034 1,804
Cash payments for taxes, net of refunds 227 277
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 642 829
Estimated earnout liability $ 0 $ 733