Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current Assets    
Cash $ 2,568 $ 3,028
Trade receivables, net 27,421 25,779
Insurance receivable 742 0
Inventories 15,691 18,450
Prepaid expenses and other assets 5,131 4,424
Taxes receivable 5,481 5,584
Total current assets 57,034 57,265
Plant, pipeline and equipment, net 190,139 181,742
Goodwill 21,798 21,798
Intangible assets, net 20,343 20,808
Investment in AMAK 45,224 45,125
Mineral properties in the United States 588 588
TOTAL ASSETS 335,126 327,326
Current Liabilities    
Accounts payable 14,888 18,347
Accrued liabilities 4,229 3,961
Current portion of post-retirement benefit 302 305
Current portion of long-term debt 8,061 8,061
Current portion of other liabilities 889 870
Total current liabilities 28,369 31,544
Long-term debt, net of current portion 99,031 91,021
Post-retirement benefit, net of current portion 897 897
Other liabilities, net of current portion 1,374 1,611
Deferred income taxes 17,670 17,242
Total liabilities 147,341 142,315
EQUITY    
Common stock-authorized 40 million shares of $.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 56,422 56,012
Common stock in treasury, at cost (184) (196)
Retained earnings 128,807 126,455
Total Trecora Resources Stockholders' Equity 187,496 184,722
Noncontrolling Interest 289 289
Total equity 187,785 185,011
TOTAL LIABILITIES AND EQUITY $ 335,126 $ 327,326
v3.8.0.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
REVENUES    
Petrochemical and Product Sales $ 66,699 $ 50,899
Processing Fees 5,042 4,643
Total Revenues 71,741 55,542
OPERATING COSTS AND EXPENSES    
Cost of Sales and Processing (including depreciation and amortization of $2,830 and $2,383, respectively) 61,601 44,924
GROSS PROFIT 10,140 10,618
GENERAL AND ADMINISTRATIVE EXPENSES    
General and Administrative 6,335 6,221
Depreciation 196 205
Total General and Administrative Expenses 6,531 6,426
OPERATING INCOME 3,609 4,192
OTHER INCOME (EXPENSE)    
Interest Income 7 2
Interest Expense (878) (636)
Equity in Earnings (Losses) of AMAK 230 (966)
Miscellaneous expense (26) (44)
Total other income (expense) (667) (1,644)
INCOME BEFORE INCOME TAXES 2,942 2,548
INCOME TAXES 590 1,061
NET INCOME 2,352 1,487
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 2,352 $ 1,487
Basic Earnings per Common Share    
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.10 $ 0.06
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,343 24,240
Diluted Earnings per Common Share    
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.09 $ 0.06
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,231 25,054
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net Income $ 2,352 $ 1,487
Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 2,561 2,123
Amortization of Intangible Assets 465 465
Unrealized Gain on Derivative Instruments 0 (24)
Share-based Compensation 592 633
Deferred Income Taxes 428 1,178
Postretirement Obligation (3) (2)
Equity in (Earnings) Losses of AMAK (230) 966
Bad Debt Expense 128 0
Amortization of Loan Fees 93 68
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (1,770) (2,056)
Increase in Insurance Receivables (742) 0
(Increase) Decrease in Taxes Receivable 102 (160)
Decrease in Inventories 2,759 2,914
(Increase) Decrease in Prepaid Expenses and Other Assets (803) 79
Increase (Decrease) in Accounts Payable and Accrued Liabilities (3,190) 989
Increase (Decrease) in Other Liabilities (7) 70
Net Cash Provided by Operating Activities 2,735 8,730
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (11,028) (13,881)
Advances to AMAK, net (44) (26)
Cash Used in Investing Activities (11,072) (13,907)
FINANCING ACTIVITIES    
Payments Related to Tax Withholding for Stock-based Compensation (40) 0
Addition to Long-Term Debt 10,000 5,000
Repayment of Long-Term Debt (2,083) (4,167)
Net Cash Provided by Financing Activities 7,877 833
NET DECREASE IN CASH (460) (4,344)
CASH AT BEGINNING OF PERIOD 3,028 8,389
CASH AT END OF PERIOD 2,568 4,045
Supplemental disclosure of cash flow information:    
Cash payments for interest 1,124 936
Cash payments for taxes, net of refunds 0 0
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 210 161
Stock exchange (Notes 8 & 16) $ 130 $ 0