Financials

v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 55,664 $ 6,145
Trade receivables, net 25,301 26,320
Inventories 12,945 13,624
Investment in AMAK (held-for-sale) 0 32,872
Prepaid expenses and other assets 9,198 4,947
Taxes receivable 2,788 182
Total current assets 105,896 84,090
PLANT, PIPELINE, AND EQUIPMENT, NET 187,104 188,919
OPERATING LEASE ASSETS, NET 10,528 13,512
Intangible assets, net 12,893 14,736
MINERAL PROPERTIES 412 562
TOTAL ASSETS 316,833 301,819
CURRENT LIABILITIES    
Accounts payable 14,447 14,603
Accrued liabilities 6,857 5,742
Current portion of long-term debt 4,194 4,194
Current portion of operating lease 3,195 3,174
Current portion of other liabilities 891 922
Total current liabilities 29,584 28,635
CARES ACT, PPP Loans 6,123 0
LONG-TERM DEBT, net of current portion 41,901 79,095
POST- RETIREMENT BENEFIT, net of current portion 320 338
OPERATING LEASE LONG TERM 7,333 10,338
OTHER LIABILITIES, net of current portion 648 595
DEFERRED INCOME TAXES 26,517 11,375
Total liabilities 112,426 130,376
Commitments and Contingencies
EQUITY    
Common Stock ‑ authorized 40 million shares of $.10 par value; issued 24.8 and 24.6 million in 2020 and 2019, respectively, and outstanding 24.8 and 24.5 million in 2020 and 2019, respectively 2,483 2,475
Additional Paid-in Capital 61,311 59,530
Retained Earnings 140,324 109,149
Total Trecora Resources Stockholders' Equity 204,118 171,154
Noncontrolling interest 289 289
Total equity 204,407 171,443
TOTAL LIABILITIES AND EQUITY $ 316,833 $ 301,819
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Revenues $ 208,626 $ 258,959 $ 287,932
Operating costs and expenses      
Cost of sales and processing (including depreciation and amortization of $15,300, $15,361, and $13,618, respectively) 179,948 220,444 260,114
Gross Profit 28,678 38,515 27,818
General and Administrative Expenses      
General and administrative 24,892 24,386 22,532
Impairment of goodwill and certain intangibles 0 24,152 0
Restructuring and severance 0 0 2,347
Depreciation 848 840 740
Total General and Administrative Expenses 25,740 49,378 25,619
Operating income (loss) 2,938 (10,863) 2,199
Other expenses      
Interest expense 2,491 5,139 4,100
Loss on extinguishment of debt 0 0 315
Loss on disposal of assets 39 680 0
Miscellaneous (income) expense (595) (232) 158
Total other income (expense) 1,935 5,587 4,573
Income (loss) from continuing operations before income tax benefit 1,003 (16,450) (2,374)
Income tax benefit 3,963 3,566 646
Income (loss) from continuing operations 4,966 (12,884) (1,728)
Income (loss) from discontinued operations, net of tax 26,209 (2,090) (604)
Net income (loss) $ 31,175 $ (14,974) $ (2,332)
Basic income (loss) per common share:      
Net income (loss) from continuing operations (in dollars per share) $ 0.20 $ (0.52) $ (0.07)
Net income (loss) from discontinued operations, net of tax (in dollars per share) 1.06 (0.08) (0.02)
Net income (loss) (in dollars per share) $ 1.26 $ (0.61) $ (0.10)
Basic weighted average number of common shares outstanding (in shares) 24,802 24,698 24,438
Diluted income (loss) per common share:      
Net income (loss) from continuing operations (in dollars per share) $ 0.20 $ (0.52) $ (0.07)
Net income (loss) from discontinued operations, net of tax (in dollars per share) 1.03 (0.08) (0.02)
Net income (loss) (in dollars per share) $ 1.23 $ (0.61) $ (0.10)
Diluted weighted average number of common shares outstanding (in shares) 25,356 24,698 24,438
Product sales      
Revenues      
Revenues $ 192,375 $ 243,314 $ 269,780
Processing fees      
Revenues      
Revenues $ 16,251 $ 15,645 $ 18,152
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net Income (Loss) $ 31,175 $ (14,974) $ (2,332)
Income (Loss) from Discontinued Operations 26,209 (2,090) (604)
Income (Loss) from Continuing Operations 4,966 (12,884) (1,728)
Adjustments to reconcile Income (Loss) from Continuing Operations to Net Cash Provided by Operating Activities:      
Depreciation and Amortization 14,306 14,345 12,497
Amortization of Intangible Assets 1,842 1,856 1,861
Stock-based Compensation 1,912 1,250 1,753
Deferred Income Taxes 14,553 (2,993) (1,377)
Postretirement Obligation (7) (38) (825)
Bad Debt Expense (Recoveries) 0 (23) 152
Amortization of Loan Fees 181 181 261
Loss on Extinguishment of Debt 0 0 315
Loss on Disposal of Assets 39 680 0
Impairment of Goodwill and Certain Intangibles 0 24,152 0
Changes in Operating Assets and Liabilities:      
(Increase) Decrease in Trade Receivables 1,018 816 (1,485)
(Increase) Decrease in Taxes Receivable (2,606) 0 5,401
Decrease in Inventories 680 2,914 1,911
(Increase) Decrease in Prepaid Expenses and Other Assets (2,403) (304) (1,222)
Increase (Decrease) in Other Liabilities (5,739) 581 33
Increase (Decrease) in Accounts Payable and Accrued Liabilities 831 (4,944) 2,202
Net Cash Provided by Operating Activities - Continuing Operations 29,573 25,589 19,749
Net Cash (Used in) Provided by Operating Activities - Discontinued Operations (4,008) (468) 146
Net Cash Provided by Operating Activities 25,565 25,121 19,895
INVESTING ACTIVITIES      
Additions to Plant, Pipeline and Equipment (13,351) (10,079) (25,285)
Proceeds from PEVM 150 27 0
Net Cash Used in Investing Activities - Continuing Operations (13,201) (10,052) (25,285)
Net Cash Provided by Investing Activities - Discontinued Operations 68,530 4,021 5,414
Net Cash Provided by (Used in) Investing Activities 55,329 (6,031) (19,871)
FINANCING ACTIVITIES      
Net Cash (Paid) Received Related to Stock-Based Compensation (123) (305) 860
Additions to CARES Act, PPP Loans 6,123 0 0
Additions to Long-Term Debt 20,000 2,000 18,177
Repayment of Long-Term Debt (57,375) (21,375) (15,354)
Net Cash (Used in) Provided by Financing Activities (31,375) (19,680) 3,683
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 49,519 (590) 3,707
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 6,145 6,735 3,028
CASH AND CASH EQUIVALENTS AT END OF YEAR 55,664 6,145 6,735
Supplemental disclosure of cash flow information:      
Cash payments for interest 2,266 4,731 4,560
Cash payments (net of refunds) for taxes (11,069) 53 (4,182)
Supplemental disclosure of non-cash items:      
Capital expansion amortized to depreciation expense 821 792 787
Cash held in escrow by AMAK 1,877 0 0
Foreign taxes paid by AMAK 270 0 0
Stock exchange $ 0 $ 0 $ 131