Financials

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current Assets    
Cash $ 51,862 $ 6,145
Trade receivables, net 22,656 26,320
Inventories 11,110 13,624
Investment in AMAK (held-for-sale) 0 32,872
Prepaid expenses and other assets 7,016 4,947
Taxes receivable 16,858 182
Total current assets 109,502 84,090
Plant, pipeline and equipment, net 187,898 188,919
Intangible assets, net 13,354 14,736
Lease right-of-use assets, net 11,154 13,512
Mineral properties in the United States 412 562
TOTAL ASSETS 322,320 301,819
Current Liabilities    
Accounts payable 12,815 14,603
Accrued liabilities 13,192 5,740
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,148 3,174
Current portion of other liabilities 447 924
Total current liabilities 33,796 28,635
  Long-term debt, net of current portion 42,949 79,095
  Post-retirement benefit, net of current portion 321 338
Lease liabilities, net of current portion 8,006 10,338
  Other liabilities, net of current portion 907 595
Deferred income taxes 26,132 11,375
Total liabilities 118,234 130,376
Commitments and Contingencies
EQUITY    
Common stock - authorized 40 million shares of $0.10 par value; issued and outstanding 24.8 million and 24.8 million in 2020 and 2019, respectively 2,482 2,475
Additional paid-in capital 60,875 59,530
Retained earnings 140,440 109,149
Total Trecora Resources Stockholders' Equity 203,797 171,154
Noncontrolling Interest 289 289
Total equity 204,086 171,443
TOTAL LIABILITIES AND EQUITY 322,320 301,819
CARES Act    
Current Liabilities    
  Long-term debt, net of current portion $ 6,123 $ 0
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES        
REVENUES $ 47,747 $ 62,715 $ 150,488 $ 197,241
OPERATING COSTS AND EXPENSES        
Cost of sales and processing (including depreciation and amortization of $3,887, $3,254, $11,373 and $11,611, respectively) 39,290 53,148 127,786 167,036
    GROSS PROFIT 8,457 9,567 22,702 30,205
GENERAL AND ADMINISTRATIVE EXPENSES        
General and administrative 5,766 6,401 18,729 18,532
Depreciation 209 208 637 629
GENERAL AND ADMINISTRATIVE EXPENSES 5,975 6,609 19,366 19,161
OPERATING INCOME 2,482 2,958 3,336 11,044
OTHER INCOME (EXPENSE)        
Interest income 0 0 0 5
Interest expense (508) (1,211) (2,159) (4,111)
Miscellaneous income (expense), net (13) 74 (7) 330
OTHER INCOME (EXPENSE) (521) (1,137) (2,166) (3,776)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,961 1,821 1,170 7,268
INCOME TAX EXPENSE (BENEFIT) 853 238 (3,942) 1,412
INCOME FROM CONTINUING OPERATIONS 1,108 1,583 5,112 5,856
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 21,324 (1,002) 26,179 (1,120)
NET INCOME $ 22,432 $ 581 $ 31,291 $ 4,736
Basic Earnings per Common Share        
Net income from continuing operations (in dollars per share) $ 0.04 $ 0.06 $ 0.21 $ 0.24
Net income (loss) from discontinued operations, net of tax (in dollars per share) 0.86 (0.04) 1.06 (0.05)
Net income (in dollars per share) $ 0.90 $ 0.02 $ 1.27 $ 0.19
Basic weighted average number of common shares outstanding (in shares) 24,817 24,717 24,795 24,689
Diluted Earnings per Common Share        
Net income from continuing operations (in dollars per share) $ 0.04 $ 0.06 $ 0.20 $ 0.23
Net income (loss) from discontinued operations, net of tax (in dollars per share) 0.84 (0.04) 1.04 (0.04)
Net income (in dollars per share) $ 0.88 $ 0.02 $ 1.24 $ 0.19
Diluted weighted average number of common shares outstanding (in shares) 25,394 25,053 25,179 25,077
Product sales        
REVENUES        
REVENUES $ 43,570 $ 59,111 $ 137,460 $ 185,933
Processing fees        
REVENUES        
REVENUES $ 4,177 $ 3,604 $ 13,028 $ 11,308
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
NET INCOME $ 31,291 $ 4,736
Income (Loss) from Discontinued Operations 26,179 (1,120)
Income from Continuing Operations 5,112 5,856
Adjustments to Reconcile Income from Continuing Operations To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 10,629 10,863
Amortization of Intangible Assets 1,382 1,396
Stock-based Compensation 1,423 904
Deferred Income Taxes 14,168 1,268
Postretirement Obligation (1) (28)
Bad Debt Expense (1) (19)
Amortization of Loan Fees 136 136
Loss on Disposal of Assets 9 0
Changes in Operating Assets and Liabilities:    
Decrease in Trade Receivables 3,665 1,634
Decrease in Insurance Receivables 1,148 0
Increase in Taxes Receivable (16,675) 0
Decrease in Inventories 2,514 3,253
(Increase) Decrease in Prepaid Expenses and Other Assets (1,370) 914
Decrease in Accounts Payable and Accrued Liabilities (950) (6,031)
Decrease in Other Liabilities 510 267
Net Cash Provided by Operating Activities - Continuing Operations 21,699 20,413
Net Cash Used in Operating Activities - Discontinued Operations (4,124) (164)
Net Cash Provided by Operating Activities 17,575 20,249
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (10,309) (6,978)
Proceeds from PEVM 150 27
Net Cash Used in Investing Activities - Continuing Operations (10,159) (6,951)
Net Cash Provided by Investing Activities - Discontinued Operations 68,530 2,697
Net Cash Provided by (Used in) Investing Activities 58,371 (4,254)
FINANCING ACTIVITIES    
Net Cash Paid Related to Stock-Based Compensation (71) (292)
Additions to CARES Act, PPP Loans 6,123 0
Additions to Long-Term Debt 20,000 2,000
Repayments of Long-Term Debt (56,281) (15,281)
Net Cash Used in Financing Activities - Continuing Operations (30,229) (13,573)
NET INCREASE IN CASH 45,717 2,422
CASH AT BEGINNING OF PERIOD 6,145 6,735
CASH AT END OF PERIOD 51,862 9,157
Supplemental disclosure of cash flow information:    
Cash payments for interest 2,023 3,749
Cash payments for taxes, net of refunds 3,000 53
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 690 426
Cash held in escrow by AMAK 1,877 0
Foreign taxes paid by AMAK $ 240 $ 891