Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 3,028 $ 8,389
Trade receivables, net (Note 6) 25,779 22,193
Prepaid expenses and other assets (Note 7) 4,424 3,511
Inventories (Note 8) 18,450 17,871
Taxes receivable 5,584 3,983
Total current assets 57,265 55,947
PLANT, PIPELINE, AND EQUIPMENT - AT COST 244,982 194,486
LESS ACCUMULATED DEPRECIATION (63,240) (54,477)
PLANT, PIPELINE, AND EQUIPMENT, NET (Note 9) 181,742 140,009
GOODWILL (Note 10) 21,798 21,798
OTHER INTANGIBLE ASSETS, net (Note 10) 20,808 22,669
INVESTMENT IN AMAK (Note 11) 45,125 49,386
MINERAL PROPERTIES IN THE UNITED STATES (Note 12) 588 588
OTHER ASSETS 0 87
TOTAL ASSETS 327,326 290,484
CURRENT LIABILITIES    
Accounts payable 18,347 13,306
Current portion of derivative instruments (Notes 5 and 22) 0 58
Accrued liabilities (Note 14) 3,961 2,017
Current portion of post-retirement benefit (Note 23) 305 316
Current portion of long-term debt (Note 13) 8,061 10,145
Current portion of other liabilities 870 870
Total current liabilities 31,544 26,712
LONG-TERM DEBT, net of current portion (Note 13) 91,021 73,107
POST- RETIREMENT BENEFIT, net of current portion (Note 23) 897 897
OTHER LIABILITIES, net of current portion 1,611 2,309
DEFERRED INCOME TAXES (Note 17) 17,242 23,083
Total liabilities 142,315 126,108
COMMITMENTS AND CONTINGENCIES (Note 15)
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 in 2017 and 2016, respectively 2,451 2,451
Additional Paid-in Capital 56,012 53,474
Common Stock in Treasury, at cost 0.2 million and 0.3 million shares in 2017 and 2016, respectively (196) (284)
Retained earnings 126,455 108,446
Total Trecora Resources Stockholders' Equity 184,722 164,087
Noncontrolling interest 289 289
Total equity 185,011 164,376
TOTAL LIABILITIES AND EQUITY $ 327,326 $ 290,484
v3.8.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues      
Petrochemical and product sales $ 227,334 $ 193,581 $ 227,937
Processing Fees 17,809 18,818 14,039
Total Revenues 245,143 212,399 241,976
Operating costs and expenses      
Cost of petrochemical, product sales, and processing (including depreciation and amortization of $10,089, $9,016, and $8,335, respectively) 203,582 172,497 184,967
Gross Profit 41,561 39,902 57,009
General and Administrative Expenses      
General and administrative 22,587 20,434 20,243
Depreciation 872 761 725
Total General and Administrative Expenses 23,459 21,195 20,968
Operating income 18,102 18,707 36,041
Other income (expense)      
Interest expense (2,931) (1,985) (2,217)
Bargain purchase gain from acquisition (Note 3) 0 11,549 0
Equity in losses of AMAK (Note 11) (4,261) (1,479) (5,325)
Gain from additional equity issuance by AMAK (Note 11) 0 3,168 0
Miscellaneous expense (60) (28) (137)
Total other income (expense) (7,252) 11,225 (7,679)
Income before income tax expense 10,850 29,932 28,362
Income tax benefit (expense) 7,159 (10,504) (9,764)
Net income 18,009 19,428 18,598
Net loss attributable to Noncontrolling Interest 0 0 0
Net income attributable to Trecora Resources $ 18,009 $ 19,428 $ 18,598
Net income per common share      
Basic earnings per share (in dollars per share) $ 0.74 [1] $ 0.80 [1] $ 0.76
Diluted earnings per share (in dollars per share) $ 0.72 [1] $ 0.78 [1] $ 0.74
Weighted average number of common shares outstanding      
Basic (in shares) 24,294 24,284 24,370
Diluted (in shares) 25,129 24,982 25,181
[1] Basic and diluted earnings per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income attributable to Trecora Resources $ 18,009 $ 19,428 $ 18,598
Adjustments to reconcile net income attributable to Trecora Resources to net cash provided by operating activities:      
Depreciation 9,012 7,896 7,177
Amortization of intangible assets 1,861 1,880 1,883
Amortization of catalyst 88 0 0
Unrealized gain on derivative instruments (58) (119) (381)
Share-based compensation 2,707 2,552 2,353
Deferred income taxes (5,841) 8,697 5,567
Postretirement obligation (11) 271 7
Bargain purchase gain from acquisition 0 (11,549) 0
Equity in loss of AMAK 4,261 1,479 5,325
Gain from additional equity issuance by AMAK 0 (3,168) 0
Bad debt expense 0 90 0
Amortization of loan fees 247 272 272
Changes in operating assets and liabilities:      
(Increase) decrease in trade receivables (3,586) (2,809) 8,797
(Increase) decrease in taxes receivable (1,601) 3,689 (7,238)
Increase in inventories (579) (2,067) (2,989)
(Increase) decrease in prepaid expenses and other assets (806) (1,022) 937
Increase (decrease) in other liabilities 142 (174) 2,151
Increase (decrease) in accounts payable and accrued liabilities 6,983 3,168 (2,399)
Decrease in accrued liabilities in Saudi Arabia 0 0 (495)
Net cash provided by operating activities 30,828 28,514 39,565
Investing activities      
Additions to plant, pipeline and equipment (51,584) (38,484) (31,247)
Acquisition of TC, Inc., net of cash of $107 purchased in 2014 0 0 (47)
Acquisition of B Plant 0 (2,011) 0
Advances to AMAK, net (107) (14) 0
Cash used in investing activities (51,691) (40,509) (31,294)
Financing Activities      
Issuance of common stock 25 11 46
Payments related to tax withholding for stock-based compensation (106) 0 0
Additions to long-term debt 26,000 8,000 15,000
Repayment of long-term debt (10,417) (6,250) (13,200)
Net cash provided by in financing activities 15,502 1,761 1,846
Net increase (decrease) in cash and cash equivalents (5,361) (10,234) 10,117
Cash and cash equivalents at beginning of year 8,389 18,623 8,506
Cash and cash equivalents at end of year 3,028 8,389 18,623
Supplemental disclosure of cash flow information:      
Cash payments for interest 3,540 2,545 2,103
Cash payments (net of refunds) for taxes 92 (1,630) 11,428
Supplemental disclosure of non-cash items:      
Other liabilities for capital expansion amortized to depreciation expense 840 1,047 972
Estimated earnout liability (Note 3) $ 0 $ 733 $ 0