Financials

v3.19.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current Assets    
Cash $ 4,325 $ 6,735
Trade receivables, net 30,518 27,112
Inventories 15,295 16,539
Prepaid expenses and other assets 3,951 4,664
Taxes receivable 182 182
Total current assets 54,271 55,232
Plant, pipeline and equipment, net 191,528 194,657
Goodwill 21,798 21,798
Intangible assets, net 18,016 18,947
Investment in AMAK 37,265 38,746
Lease right of use assets, net 15,197 0
Mineral properties in the United States 558 588
TOTAL ASSETS 338,633 329,968
Current Liabilities    
Accounts payable 11,159 19,106
Accrued liabilities 5,415 5,439
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,412 0
Current portion of other liabilities 850 752
Total current liabilities 25,030 29,491
Long-term debt, net of current portion 94,191 98,288
Lease liabilities, net of current portion 11,785 0
Other liabilities, net of current portion 1,047 1,352
Deferred income taxes 16,623 15,676
Total liabilities 148,676 144,807
EQUITY    
Common stock‑authorized 40 million shares of $0.10 par value; issued 24.7 million and 24.6 million in 2019 and 2018 and outstanding 24.7 million and 24.6 million shares in 2019 and 2018, respectively 2,472 2,463
Additional paid-in capital 58,920 58,294
Common stock in treasury, at cost (2) (8)
Retained earnings 128,278 124,123
Total Trecora Resources Stockholders' Equity 189,668 184,872
Noncontrolling Interest 289 289
Total equity 189,957 185,161
TOTAL LIABILITIES AND EQUITY $ 338,633 $ 329,968
v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES        
REVENUES $ 69,371 $ 68,106 $ 134,526 $ 139,847
OPERATING COSTS AND EXPENSES        
Cost of Sales and Processing (including depreciation and amortization of $4,229 and $2,830, respectively) 58,806 59,964 113,888 121,565
GROSS PROFIT 10,565 8,142 20,638 18,282
GENERAL AND ADMINISTRATIVE EXPENSES        
General and administrative 6,081 4,554 12,131 10,889
Depreciation 208 191 421 387
GENERAL AND ADMINISTRATIVE EXPENSES 6,289 4,745 12,552 11,276
OPERATING INCOME 4,276 3,397 8,086 7,006
OTHER INCOME (EXPENSE)        
Interest income 0 14 5 21
Interest expense (1,401) (815) (2,900) (1,693)
Equity in (losses) earnings of AMAK (91) 228 (150) 458
Miscellaneous income (expense), net 284 (13) 256 (39)
OTHER INCOME (EXPENSE) (1,208) (586) (2,789) (1,253)
INCOME BEFORE INCOME TAXES 3,068 2,811 5,297 5,753
INCOME TAX EXPENSE 664 596 1,142 1,186
NET INCOME 2,404 2,215 4,155 4,567
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 2,404 $ 2,215 $ 4,155 $ 4,567
Basic Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.10 $ 0.09 $ 0.17 $ 0.19
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,696 24,370 24,675 24,354
Diluted Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.10 $ 0.09 $ 0.17 $ 0.18
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,091 25,014 25,089 25,119
Product sales        
REVENUES        
REVENUES $ 65,329 $ 63,569 $ 126,822 $ 130,268
Processing fees        
REVENUES        
REVENUES $ 4,042 $ 4,537 $ 7,704 $ 9,579
v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net Income $ 4,155 $ 4,567
To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 7,880 4,941
Amortization of Intangible Assets 931 931
Stock-based Compensation 558 372
Deferred Income Taxes 947 1,073
Postretirement Obligation (18) (809)
Equity in Losses (Earnings) of AMAK 150 (458)
Bad Debt Expense 0 128
Amortization of Loan Fees 91 161
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (3,393) (817)
Increase in Insurance Receivables 0 (493)
Decrease in Taxes Receivable 0 4,293
Decrease in Inventories 1,244 1,448
Decrease (Increase) in Prepaid Expenses and Other Assets 16 (901)
Decrease in Accounts Payable and Accrued Liabilities (6,767) (4,742)
Decrease in Other Liabilities 54 104
Net Cash Provided by Operating Activities 5,848 9,798
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (4,286) (15,434)
Proceeds from PEVM 30 0
Advances to AMAK, net (26) (83)
Proceeds from AMAK Share Repurchase 440 0
Net Cash Used in Investing Activities (3,842) (15,517)
FINANCING ACTIVITIES    
Net Cash (Paid) Received Related to Stock-Based Compensation (228) 245
Additions to Long-Term Debt 2,000 16,000
Repayments of Long-Term Debt (6,188) (10,167)
Net Cash (Used in) Provided by Financing Activities (4,416) 6,078
NET (DECREASE) INCREASE IN CASH (2,410) 359
CASH AT BEGINNING OF PERIOD 6,735 3,028
CASH AT END OF PERIOD 4,325 3,387
Supplemental disclosure of cash flow information:    
Cash payments for interest 1,355 2,394
Cash payments for taxes, net of refunds 80 92
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 244 210
Foreign taxes paid by AMAK 891 0
Stock exchange (Note 16) $ 0 $ 130