Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 1,292 $ 3,028
Trade receivables, net 29,787 25,779
Insurance receivable 391 0
Inventories 17,828 18,450
Prepaid expenses and other assets 5,466 4,424
Taxes receivable 1,554 5,584
Total current assets 56,318 57,265
Plant, pipeline and equipment, net 192,311 181,742
Goodwill 21,798 21,798
Intangible assets, net 19,412 20,808
Investment in AMAK 44,322 45,125
Mineral properties in the United States 588 588
TOTAL ASSETS 334,749 327,326
Current Liabilities    
Accounts payable 13,311 18,347
Accrued liabilities 6,018 3,961
Current portion of post-retirement benefit 24 305
Current portion of long-term debt 4,194 8,061
Current portion of other liabilities 835 870
Total current liabilities 24,382 31,544
Long-term debt, net of current portion 101,337 91,021
Post-retirement benefit, net of current portion 361 897
Other liabilities, net of current portion 1,170 1,611
Deferred income taxes 18,218 17,242
Total liabilities 145,468 142,315
EQUITY    
Common stock‑authorized 40 million shares of $0.10 par value; issued 24.5 million in 2018 and 2017 and outstanding 24.3 million shares in 2018 and 2017 2,451 2,451
Additional paid-in capital 57,147 56,012
Common stock in treasury, at cost (19) (196)
Retained earnings 129,413 126,455
Total Trecora Resources Stockholders' Equity 188,992 184,722
Noncontrolling Interest 289 289
Total equity 189,281 185,011
TOTAL LIABILITIES AND EQUITY $ 334,749 $ 327,326
v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
REVENUES $ 73,416 $ 61,508 $ 213,263 $ 179,165
OPERATING COSTS AND EXPENSES        
Cost of Sales and Processing (including depreciation and amortization of $3,813, $2,565, $9,480, and $7,311, respectively) 66,574 51,638 188,139 147,570
GROSS PROFIT 6,842 9,870 25,124 31,595
GENERAL AND ADMINISTRATIVE EXPENSES        
General and Administrative 6,327 5,660 17,216 17,621
Depreciation 205 245 592 655
GENERAL AND ADMINISTRATIVE EXPENSES 6,532 5,905 17,808 18,276
OPERATING INCOME 310 3,965 7,316 13,319
OTHER INCOME (EXPENSE)        
Interest Income 5 0 26 0
Interest Expense (924) (795) (2,617) (2,109)
Loss on Extinguishment of Debt (315) 0 (315) 0
Equity in Losses of AMAK (1,130) (897) (672) (5,161)
Miscellaneous Income (Expense) (28) 22 (67) (42)
OTHER INCOME (EXPENSE) (2,392) (1,670) (3,645) (7,312)
INCOME (LOSS) BEFORE INCOME TAXES (2,082) 2,295 3,671 6,007
INCOME TAX EXPENSE (BENEFIT) (473) 577 713 1,970
NET INCOME (LOSS) (1,609) 1,718 2,958 4,037
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO TRECORA RESOURCES $ (1,609) $ 1,718 $ 2,958 $ 4,037
Basic Earnings (Loss) per Common Share        
Net Income (Loss) Attributable to Trecora Resources (in dollars per share) $ (0.07) $ 0.07 $ 0.12 $ 0.17
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,483 24,304 24,397 24,267
Diluted Earnings (Loss) per Common Share        
Net Income (Loss) Attributable to Trecora Resources (in dollars per share) $ (0.06) $ 0.07 $ 0.12 $ 0.16
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,175 25,157 25,138 25,082
Petrochemical and Product Sales [Member]        
REVENUES        
REVENUES $ 68,613 $ 58,030 $ 198,881 $ 165,945
Processing Fees [Member]        
REVENUES        
REVENUES $ 4,803 $ 3,478 $ 14,382 $ 13,220
v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net Income $ 2,958 $ 4,037
To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 8,614 6,570
Amortization of Intangible Assets 1,396 1,396
Unrealized Gain on Derivative Instruments 0 (51)
Stock-based Compensation 1,002 2,005
Deferred Income Taxes 975 1,571
Postretirement Obligation (817) (8)
Equity in Losses of AMAK 672 5,161
Bad Debt Expense 152 0
Amortization of Loan Fees 216 154
Loss on Extinguishment of Debt 315 0
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (4,160) (545)
Increase in Insurance Receivables (391) 0
Decrease in Taxes Receivable 4,029 218
Decrease in Inventories 622 5,022
(Increase) Decrease in Prepaid Expenses and Other Assets (1,592) 387
(Decrease) Increase in Accounts Payable and Accrued Liabilities (2,977) 3,356
(Decrease) Increase in Other Liabilities 96 281
Net Cash Provided by Operating Activities 11,110 29,554
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (19,090) (39,250)
Advances to AMAK, net (114) (86)
Cash Used in Investing Activities (19,204) (39,336)
FINANCING ACTIVITIES    
Issuance of Common Stock 0 25
Net Cash Received (Paid) Related to Stock-Based Compensation 441 (80)
Addition to Long-Term Debt 18,177 14,000
Repayment of Long-Term Debt (12,260) (8,333)
Net Cash Provided by Financing Activities 6,358 5,612
NET DECREASE IN CASH (1,736) (4,170)
CASH AT BEGINNING OF PERIOD 3,028 8,389
CASH AT END OF PERIOD 1,292 4,219
Supplemental disclosure of cash flow information:    
Cash payments for interest 2,663 3,034
Cash payments for taxes, net of refunds 209 227
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 573 642
Stock exchange (Notes 8 & 17) $ 131 $ 0