Financials

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current Assets    
Cash $ 44,403 $ 55,664
Trade receivables, net 31,958 25,301
Inventories 15,619 12,945
Prepaid expenses and other assets 6,643 9,198
Taxes receivable 945 2,788
Total current assets 99,568 105,896
Property, plant and equipment, net 187,567 187,104
Intangible assets, net 11,512 12,893
Lease right-of-use assets, net 8,746 10,528
Mineral properties in the United States 412 412
TOTAL ASSETS 307,805 316,833
Current Liabilities    
Accounts payable 12,686 14,447
Accrued liabilities 11,044 6,857
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,302 3,195
Current portion of CARES Act, PPP Loans 3,935 0
Current portion of other liabilities 542 891
Total current liabilities 35,703 29,584
CARES Act, PPP Loans, net of current portion 0 6,123
Long-term debt, net of current portion 38,755 41,901
Post-retirement benefit, net of current portion 312 320
Lease liabilities, net of current portion 5,444 7,333
Other liabilities, net of current portion 617 648
Deferred income taxes 26,420 26,517
Total liabilities 107,251 112,426
COMMITMENTS AND CONTINGENCIES
EQUITY    
Common stock - authorized 40 million shares of $0.10 par value; issued 25.0 million and 24.8 million and outstanding 24.4 million and 24.8 million in 2021 and 2020, respectively 2,497 2,483
Additional paid-in capital 62,710 61,311
Treasury stock, at cost (0.6 million shares) (5,000) 0
Retained earnings 140,058 140,324
Total Trecora Resources Stockholders' Equity 200,265 204,118
Non-controlling Interest 289 289
Total equity 200,554 204,407
TOTAL LIABILITIES AND EQUITY $ 307,805 $ 316,833
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUES        
REVENUES $ 74,637 $ 47,747 $ 198,071 $ 150,488
OPERATING COSTS AND EXPENSES        
Cost of sales and processing (including depreciation and amortization of $4,180, $3,887, $12,317 and $11,373, respectively) 65,663 39,290 175,731 127,786
GROSS PROFIT 8,974 8,457 22,340 22,702
GENERAL AND ADMINISTRATIVE EXPENSES        
General and administrative 8,923 5,766 23,928 18,729
Depreciation 218 209 670 637
General and Administrative Expense 9,141 5,975 24,598 19,366
OPERATING INCOME (LOSS) (167) 2,482 (2,258) 3,336
OTHER INCOME (EXPENSE)        
Interest expense (319) (508) (918) (2,159)
Gain on extinguishment of debt 2,188 0 2,188 0
Miscellaneous income, net (30) (13) 213 (7)
OTHER INCOME (EXPENSE) 1,839 (521) 1,483 (2,166)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,672 1,961 (775) 1,170
INCOME TAX (EXPENSE) BENEFIT 211 (853) 509 3,942
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,883 1,108 (266) 5,112
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0 21,324 0 26,179
NET INCOME (LOSS) $ 1,883 $ 22,432 $ (266) $ 31,291
Basic Earnings (Loss) per Common Share        
Net income (loss) from continuing operations (in dollars per share) $ 0.08 $ 0.04 $ (0.01) $ 0.21
Net income from discontinued operations, net of tax (in dollars per share) 0 0.86 0 1.06
Net income (loss) (in dollars per share) $ 0.08 $ 0.90 $ (0.01) $ 1.27
Basic weighted average number of common shares outstanding (in shares) 24,341 24,817 24,562 24,795
Diluted Earnings (Loss) per Common Share        
Net income (loss) from continuing operations (in dollars per share) $ 0.08 $ 0.04 $ (0.01) $ 0.20
Net income from discontinued operations, net of tax (in dollars per share) 0 0.84 0 1.04
Net income (loss) (in dollars per share) $ 0.08 $ 0.88 $ (0.01) $ 1.24
Diluted weighted average number of common shares outstanding (in shares) 24,952 25,394 24,562 25,179
Product sales        
REVENUES        
REVENUES $ 70,422 $ 43,570 $ 186,647 $ 137,460
Processing fees        
REVENUES        
REVENUES $ 4,215 $ 4,177 $ 11,424 $ 13,028
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net Income (Loss) $ (266) $ 31,291
Income from Discontinued Operations 0 26,179
Income (Loss) from Continuing Operations (266) 5,112
Adjustments to Reconcile Income (Loss) from Continuing Operations To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 11,604 10,629
Amortization of Intangible Assets 1,382 1,382
Stock-based Compensation 1,695 1,423
Deferred Income Taxes (96) 14,168
Postretirement Obligation (22) (1)
Bad Debt Expense 0 (1)
Amortization of Loan Fees 136 136
(Gain) Loss on Disposal of Assets (280) 9
Gain on extinguishment of debt (2,188) 0
Changes in Operating Assets and Liabilities:    
(Increase) Decrease in Trade Receivables (6,657) 3,665
Decrease in Insurance Receivables 0 1,148
(Increase) Decrease in Taxes Receivable 1,843 (16,675)
(Increase) Decrease in Inventories (2,674) 2,514
(Increase) Decrease in Prepaid Expenses and Other Assets 2,554 (1,370)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 2,426 (950)
Increase (Decrease) in Other Liabilities (141) 510
Net Cash Provided by Operating Activities - Continuing Operations 9,316 21,699
Net Cash Used in Operating Activities - Discontinued Operations 0 (4,124)
Net Cash Provided by Operating Activities 9,316 17,575
INVESTING ACTIVITIES    
Additions to Property, Plant and Equipment (12,295) (10,309)
Proceeds from Sale of Property, Plant and Equipment 281 150
Net Cash Used in Investing Activities - Continuing Operations (12,014) (10,159)
Net Cash Provided by Investing Activities - Discontinued Operations 0 68,530
Net Cash Provided by (Used in) Investing Activities (12,014) 58,371
FINANCING ACTIVITIES    
Repurchase of Common Stock (5,000) 0
Net Cash Paid Related to Stock-Based Compensation (282) (71)
Additions to CARES Act, PPP Loans 0 6,123
Additions to Long-Term Debt 0 20,000
Repayments of Long-Term Debt (3,281) (56,281)
Net Cash Used in Financing Activities - Continuing Operations (8,563) (30,229)
NET (DECREASE) INCREASE IN CASH (11,261) 45,717
CASH AT BEGINNING OF PERIOD 55,664 6,145
CASH AT END OF PERIOD 44,403 51,862
Supplemental disclosure of cash flow information:    
Cash payments for interest 744 2,023
Cash payments for taxes, net of refunds (2,140) 3,000
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 225 690
Foreign taxes paid by AMAK $ 1,054 $ 240