Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash $ 6,833 $ 6,735
Trade receivables, net 25,737 27,112
Inventories 16,922 16,539
Prepaid expenses and other assets 4,535 4,664
Taxes receivable 182 182
Total current assets 54,209 55,232
Plant, pipeline and equipment, net 192,855 194,657
Goodwill 21,798 21,798
Intangible assets, net 18,482 18,947
Investment in AMAK 37,357 38,746
Lease right of use assets, net 16,137 0
Mineral properties in the United States 558 588
TOTAL ASSETS 341,396 329,968
Current Liabilities    
Accounts payable 11,551 19,106
Accrued liabilities 5,053 5,439
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,568 0
Current portion of other liabilities 890 752
Total current liabilities 25,256 29,491
Long-term debt, net of current portion 99,240 98,288
Lease liabilities, net of current portion 12,566 0
Other liabilities, net of current portion 1,108 1,352
Deferred income taxes 16,037 15,676
Total liabilities 154,207 144,807
EQUITY    
Common stock‑authorized 40 million shares of $0.10 par value; issued 24.7 million and 24.6 million in 2019 and 2018 and outstanding 24.7 million and 24.6 million shares in 2019 and 2018, respectively 2,469 2,463
Additional paid-in capital 58,565 58,294
Common stock in treasury, at cost (8) (8)
Retained earnings 125,874 124,123
Total Trecora Resources Stockholders' Equity 186,900 184,872
Noncontrolling Interest 289 289
Total equity 187,189 185,161
TOTAL LIABILITIES AND EQUITY $ 341,396 $ 329,968
v3.19.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
REVENUES    
REVENUES $ 65,155 $ 71,741
OPERATING COSTS AND EXPENSES    
Cost of Sales and Processing (including depreciation and amortization of $4,229 and $2,830, respectively) 55,082 61,601
GROSS PROFIT 10,073 10,140
GENERAL AND ADMINISTRATIVE EXPENSES    
General and Administrative 6,050 6,335
Depreciation 213 196
GENERAL AND ADMINISTRATIVE EXPENSES 6,263 6,531
OPERATING INCOME 3,810 3,609
OTHER INCOME (EXPENSE)    
Interest Income 5 7
Interest Expense (1,499) (878)
Equity in Earnings (Losses) of AMAK (59) 230
Miscellaneous Expense (28) (26)
OTHER INCOME (EXPENSE) (1,581) (667)
INCOME BEFORE INCOME TAXES 2,229 2,942
INCOME TAX EXPENSE 478 590
NET INCOME 1,751 2,352
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 1,751 $ 2,352
Basic Earnings per Common Share    
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.07 $ 0.10
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,653 24,343
Diluted Earnings per Common Share    
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.07 $ 0.09
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,027 25,231
Specialty Petrochemical and Product Sales    
REVENUES    
REVENUES $ 61,493 $ 66,699
Processing Fees    
REVENUES    
REVENUES $ 3,662 $ 5,042
v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net Income $ 1,751 $ 2,352
To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 3,977 2,561
Amortization of Intangible Assets 465 465
Stock-based Compensation 213 592
Deferred Income Taxes 361 428
Postretirement Obligation (5) (3)
Equity in Losses (Earnings) of AMAK 59 (230)
Bad Debt Expense 0 128
Amortization of Loan Fees 45 93
Changes in Operating Assets and Liabilities:    
Decrease (Increase) in Trade Receivables 1,375 (1,770)
Decrease (Increase) in Insurance Receivables 0 (742)
Decrease in Taxes Receivable 0 102
(Increase) Decrease in Inventories (383) 2,759
Increase in Prepaid Expenses and Other Assets (227) (803)
Decrease in Accounts Payable and Accrued Liabilities (6,773) (3,190)
Decrease in Other Liabilities (34) (7)
Net Cash Provided by Operating Activities 824 2,735
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (1,887) (11,028)
Proceeds from PEVM 30  
Proceeds from PEVM   0
Advances to AMAK, net 0 (44)
Proceeds from AMAK Share Repurchase 440 0
Net Cash Used in Investing Activities (1,417) (11,072)
FINANCING ACTIVITIES    
Net Cash Paid Related to Stock-Based Compensation (215) (40)
Addition to Long-Term Debt 2,000 10,000
Repayment of Long-Term Debt (1,094) (2,083)
Net Cash Provided by Financing Activities 691 7,877
NET INCREASE (DECREASE) IN CASH 98 (460)
CASH AT BEGINNING OF PERIOD 6,735 3,028
CASH AT END OF PERIOD 6,833 2,568
Supplemental disclosure of cash flow information:    
Cash payments for interest 1,210 1,124
Cash payments for taxes, net of refunds 0 0
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 68 210
Foreign taxes paid by AMAK 891 0
Stock exchange (Note 16) $ 0 $ 130