Financials

v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 6,145 $ 6,735
Trade receivables, net (Note 4) 26,320 27,112
Inventories (Note 5) 13,624 16,539
Investment in AMAK (held-for-sale) (Note 6) 32,872 38,746
Prepaid expenses and other assets (Note 7) 4,947 4,664
Taxes receivable 182 182
Total current assets 84,090 93,978
PLANT, PIPELINE, AND EQUIPMENT, NET (Note 8) 188,919 194,657
OPERATING LEASE ASSETS, NET (Note 9) 13,512  
GOODWILL (Note 10) 0 21,798
OTHER INTANGIBLE ASSETS, NET (Note 10) 14,736 18,947
MINERAL PROPERTIES IN THE UNITED STATES (Note 11) 562 588
TOTAL ASSETS 301,819 329,968
CURRENT LIABILITIES    
Accounts payable 14,603 19,106
Accrued liabilities (Note 12) 5,740 5,439
Current portion of post-retirement benefit (Note 22) 2 19
Current portion of long-term debt (Note 13) 4,194 4,194
Current portion of operating lease (Note 9) 3,174  
Current portion of other liabilities 922 733
Total current liabilities 28,635 29,491
LONG-TERM DEBT, net of current portion (Note 13) 79,095 98,288
POST- RETIREMENT BENEFIT, net of current portion (Note 22) 338 358
OPERATING LEASE LONG TERM (Note 9) 10,338  
OTHER LIABILITIES, net of current portion 595 994
DEFERRED INCOME TAXES (Note 16) 11,375 15,676
Total liabilities 130,376 144,807
EQUITY    
Common Stock ‑ authorized 40 million shares of $.10 par value; issued 24.8 and 24.6 million in 2019 and 2018, respectively, and outstanding 24.8 and 24.5 million in 2019 and 2018, respectively 2,475 2,463
Additional Paid-in Capital 59,530 58,294
Common Stock in Treasury, at cost nil and 0.1 million shares in 2019 and 2018, respectively 0 (8)
Retained Earnings 109,149 124,123
Total Trecora Resources Stockholders' Equity 171,154 184,872
Noncontrolling interest 289 289
Total equity 171,443 185,161
TOTAL LIABILITIES AND EQUITY $ 301,819 $ 329,968
v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues      
Revenues $ 258,959 $ 287,932 $ 245,143
Operating costs and expenses      
Cost of sales and processing (including depreciation and amortization of $15,361, $13,618, and $10,089, respectively) 220,444 260,114 203,582
Gross Profit 38,515 27,818 41,561
General and Administrative Expenses      
General and administrative 24,386 22,532 22,414
Impairment of goodwill and certain intangibles (Note 10) 24,152 0 0
Restructuring and severance (Note 21) 0 2,347 0
Depreciation 840 740 872
Total General and Administrative Expenses 49,378 25,619 23,286
Operating income (loss) (10,863) 2,199 18,275
Other expenses      
Interest expense 5,139 4,100 2,931
Loss on extinguishment of debt 0 315 0
Loss on disposal of assets 680 0 0
Miscellaneous (income) expense (232) 158 60
Total other income (expense) 5,587 4,573 2,991
Income (loss) from continuing operations before income tax benefit (16,450) (2,374) 15,284
Income tax benefit 3,566 646 6,228
Income (loss) from continuing operations (12,884) (1,728) 21,512
Loss from discontinued operations, net of tax (2,090) (604) (3,503)
Net income (loss) $ (14,974) $ (2,332) $ 18,009
Basic income (loss) per common share      
Basic earnings (loss) per share, continuing operations (in dollars per share) $ (0.52) $ (0.07) $ 0.89
Basic earnings (loss) per share, discontinued operations (in dollars per share) (0.08) (0.02) (0.14)
Basic earnings (loss) per share (in dollars per share) $ (0.61) $ (0.10) $ 0.74
Weighted average shares outstanding, basic (in shares) 24,698 24,438 24,294
Diluted income (loss) per common share:      
Diluted earnings (loss) per share, continuing operations (in dollars per share) $ (0.52) $ (0.07) $ 0.86
Diluted earnings (loss) per share, discontinued operations (in dollars per share) (0.08) (0.02) (0.14)
Diluted earnings (loss) per share (in dollars per share) $ (0.61) $ (0.10) $ 0.72
Weighted average shares outstanding, diluted (in shares) 24,698 24,438 25,129
Product sales      
Revenues      
Revenues $ 243,314 $ 269,780 $ 227,334
Processing fees      
Revenues      
Revenues $ 15,645 $ 18,152 $ 17,809
v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ (14,974) $ (2,332) $ 18,009
Loss from Discontinued Operations (2,090) (604) (3,503)
Income (Loss) from Continuing Operations (12,884) (1,728) 21,512
Adjustments to reconcile net income (loss) attributable to Trecora Resources to net cash provided by operating activities:      
Depreciation and Amortization 14,345 12,497 9,100
Amortization of Intangible Assets 1,856 1,861 1,861
Unrealized Gain on Derivative Instruments 0 0 (58)
Stock-based Compensation 1,250 1,753 2,707
Deferred Income Taxes (2,993) (1,377) (4,946)
Postretirement Obligation (38) (825) (11)
Bad Debt Expense (Recoveries) (23) 152 0
Amortization of Loan Fees 181 261 247
Loss on Extinguishment of Debt 0 315 0
Loss on Disposal of Assets 680 0 0
Impairment of Goodwill and Certain Intangibles 24,152 0 0
Changes in Operating Assets and Liabilities:      
(Increase) Decrease in Trade Receivables 816 (1,485) (3,586)
Increase in Insurance Receivables (1,148) 0 0
(Increase) Decrease in Taxes Receivable 0 5,401 (1,601)
(Increase) Decrease in Inventories 2,914 1,911 (579)
(Increase) Decrease in Prepaid Expenses and Other Assets 844 (1,222) (806)
Increase in Other Liabilities 581 33 142
Increase (Decrease) in Accounts Payable and Accrued Liabilities (4,944) 2,202 6,976
Net Cash Provided by Operating Activities - Continuing Operations 25,589 19,749 30,958
Net Cash (Used in) Provided by Operating Activities - Discontinued Operations (468) 146 (130)
Net Cash Provided by Operating Activities - Continuing Operations 25,121 19,895 30,828
INVESTING ACTIVITIES      
Additions to Plant, Pipeline and Equipment (10,079) (25,285) (51,584)
Proceeds from PEVM 27 0 0
Net Cash Used in Investing Activities - Continuing Operations (10,052) (25,285) (51,584)
Net Cash Provided by (Used in) Investing Activities - Discontinued Operations 4,021 5,414 (107)
Net Cash Used in Investing Activities (6,031) (19,871) (51,691)
FINANCING ACTIVITIES      
Issuance of Common Stock 0 0 25
Net Cash (Paid) Received Related to Stock-Based Compensation (305) 860 (106)
Additions to Long-Term Debt 2,000 18,177 26,000
Repayment of Long-Term Debt (21,375) (15,354) (10,417)
Net Cash (Used in) Provided by Financing Activities (19,680) 3,683 15,502
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (590) 3,707 (5,361)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 6,735 3,028 8,389
CASH AND CASH EQUIVALENTS AT END OF YEAR 6,145 6,735 3,028
Supplemental disclosure of cash flow information:      
Cash payments for interest 4,731 4,560 3,540
Cash payments (net of refunds) for taxes 53 (4,182) 92
Supplemental disclosure of non-cash items:      
Capital expansion amortized to depreciation expense 792 787 840
Stock exchange (Notes 10 & 18) $ 0 $ 131 $ 0