Financials

v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets    
Cash $ 53,026 $ 55,664
Trade receivables, net 25,929 25,301
Inventories 11,739 12,945
Prepaid expenses and other assets 6,392 9,198
Taxes receivable 2,788 2,788
Total current assets 99,874 105,896
Property, plant and equipment, net 187,923 187,104
Intangible assets, net 12,433 12,893
Lease right-of-use assets, net 9,757 10,528
Mineral properties in the United States 412 412
TOTAL ASSETS 310,399 316,833
Current Liabilities    
Accounts payable 16,584 14,447
Accrued liabilities 6,002 6,857
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,219 3,195
Current portion of other liabilities 639 891
Total current liabilities 30,638 29,584
Long-term debt, net of current portion 40,852 41,901
Post-retirement benefit, net of current portion 319 320
Lease liabilities, net of current portion 6,538 7,333
Other liabilities, net of current portion 637 648
Deferred income taxes 25,593 26,517
Total liabilities 110,700 112,426
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 24.9 million and 24.8 million in 2021 and 2020, respectively 2,490 2,483
Additional paid-in capital 61,692 61,311
Treasury stock, at cost (0.1 million shares) (692) 0
Retained earnings 135,920 140,324
Total Trecora Resources Stockholders' Equity 199,410 204,118
Non-controlling Interest 289 289
Total equity 199,699 204,407
TOTAL LIABILITIES AND EQUITY 310,399 316,833
CARES Act    
Current Liabilities    
Long-term debt, net of current portion $ 6,123 $ 6,123
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
REVENUES    
REVENUES $ 54,585 $ 62,067
OPERATING COSTS AND EXPENSES    
Cost of sales and processing (including depreciation and amortization of $4,055 and $3,952, respectively) 52,240 53,989
GROSS PROFIT 2,345 8,078
GENERAL AND ADMINISTRATIVE EXPENSES    
General and administrative 7,332 6,674
Depreciation 226 216
General and Administrative Expense 7,558 6,890
OPERATING INCOME (LOSS) (5,213) 1,188
OTHER INCOME (EXPENSE)    
Interest expense (302) (916)
Miscellaneous income (expense), net 110 (62)
OTHER INCOME (EXPENSE) (192) (978)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (5,405) 210
INCOME TAX BENEFIT 1,001 5,653
INCOME (LOSS) FROM CONTINUING OPERATIONS (4,404) 5,863
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0 4,857
NET INCOME (LOSS) $ (4,404) $ 10,720
Basic Earnings (Loss) per Common Share    
Net income (loss) from continuing operations (in dollars per share) $ (0.18) $ 0.24
Net income from discontinued operations, net of tax (in dollars per share) 0 0.20
Net income (loss) (in dollars per share) $ (0.18) $ 0.44
Basic weighted average number of common shares outstanding (in shares) 24,861 24,765
Diluted Earnings (Loss) per Common Share    
Net income (loss) from continuing operations (in dollars per share) $ (0.18) $ 0.23
Net income from discontinued operations, net of tax (in dollars per share) 0 0.19
Net income (loss) (in dollars per share) $ (0.18) $ 0.42
Diluted weighted average number of common shares outstanding (in shares) 24,861 25,276
Product sales    
REVENUES    
REVENUES $ 51,565 $ 57,183
Processing fees    
REVENUES    
REVENUES $ 3,020 $ 4,884
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net Income (Loss) $ (4,404) $ 10,720
Income from Discontinued Operations 0 4,857
Income (Loss) from Continuing Operations (4,404) 5,863
Adjustments to Reconcile Income (Loss) from Continuing Operations To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 3,820 3,492
Amortization of Intangible Assets 461 461
Stock-based Compensation 571 390
Deferred Income Taxes (924) 10,385
Postretirement Obligation (6) 10
Amortization of Loan Fees 45 45
(Gain) Loss on Disposal of Assets (254) 18
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (628) (2,077)
Decrease in Insurance Receivables 0 274
Increase in Taxes Receivable 0 (16,144)
Decrease in Inventories 1,206 5,263
Decrease in Prepaid Expenses and Other Assets 2,803 185
Increase (Decrease) in Accounts Payable and Accrued Liabilities 1,282 (3,739)
Decrease in Other Liabilities (141) (72)
Net Cash Provided by Operating Activities - Continuing Operations 3,831 4,354
Net Cash Used in Operating Activities - Discontinued Operations 0 (53)
Net Cash Provided by Operating Activities 3,831 4,301
INVESTING ACTIVITIES    
Additions to Property, Plant and Equipment (4,781) (2,065)
Proceeds from Sale of Property, Plant and Equipment 281 0
Net Cash Used in Investing Activities - Continuing Operations (4,500) (2,065)
Net Cash Provided by Investing Activities - Discontinued Operations 0 10,163
Net Cash Provided by (Used in) Investing Activities (4,500) 8,098
FINANCING ACTIVITIES    
Repurchase of Common Stock (692) 0
Net Cash Paid Related to Stock-Based Compensation (183) 0
Additions to Long-Term Debt 0 20,000
Repayments of Long-Term Debt (1,094) (1,094)
Net Cash (Used in) Provided by Financing Activities - Continuing Operations (1,969) 18,906
NET (DECREASE) INCREASE IN CASH (2,638) 31,305
CASH AT BEGINNING OF PERIOD 55,664 6,145
CASH AT END OF PERIOD 53,026 37,450
Supplemental disclosure of cash flow information:    
Cash payments for interest 257 870
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 116 262
Foreign taxes paid by AMAK $ 1,054 $ 0