Financials

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 3,387 $ 3,028
Trade receivables, net 26,467 25,779
Insurance receivable 493 0
Inventories 17,003 18,450
Prepaid expenses and other assets 5,188 4,424
Taxes receivable 1,291 5,584
Total current assets 53,829 57,265
Plant, pipeline and equipment, net 192,084 181,742
Goodwill 21,798 21,798
Intangible assets, net 19,877 20,808
Investment in AMAK 45,452 45,125
Mineral properties in the United States 588 588
TOTAL ASSETS 333,628 327,326
Current Liabilities    
Accounts payable 11,927 18,347
Accrued liabilities 5,638 3,961
Current portion of post-retirement benefit 28 305
Current portion of long-term debt 8,061 8,061
Current portion of other liabilities 916 870
Total current liabilities 26,570 31,544
Long-term debt, net of current portion 97,015 91,021
Post-retirement benefit, net of current portion 365 897
Other liabilities, net of current portion 1,297 1,611
Deferred income taxes 18,315 17,242
Total liabilities 143,562 142,315
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 56,365 56,012
Common stock in treasury, at cost (61) (196)
Retained earnings 131,022 126,455
Total Trecora Resources Stockholders' Equity 189,777 184,722
Noncontrolling Interest 289 289
Total equity 190,066 185,011
TOTAL LIABILITIES AND EQUITY $ 333,628 $ 327,326
v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUES        
REVENUES $ 68,106 $ 62,115 $ 139,847 $ 117,657
OPERATING COSTS AND EXPENSES        
Cost of Sales and Processing (including depreciation and amortization of $2,837, $2,363, $5,667, and $4,746, respectively) 59,964 51,008 121,565 95,932
GROSS PROFIT 8,142 11,107 18,282 21,725
GENERAL AND ADMINISTRATIVE EXPENSES        
General and Administrative 4,554 5,740 10,889 11,961
Depreciation 191 205 387 410
GENERAL AND ADMINISTRATIVE EXPENSES 4,745 5,945 11,276 12,371
OPERATING INCOME 3,397 5,162 7,006 9,354
OTHER INCOME (EXPENSE)        
Interest Income 14 0 21 0
Interest Expense (815) (678) (1,693) (1,314)
Equity in Earnings (Losses) of AMAK 228 (3,298) 458 (4,264)
Miscellaneous Expense (13) (22) (39) (64)
OTHER INCOME (EXPENSE) (586) (3,998) (1,253) (5,642)
INCOME BEFORE INCOME TAXES 2,811 1,164 5,753 3,712
INCOME TAXES 596 332 1,186 1,393
NET INCOME 2,215 832 4,567 2,319
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 0 0 0 0
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES $ 2,215 $ 832 $ 4,567 $ 2,319
Basic Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.09 $ 0.03 $ 0.19 $ 0.10
Basic Weighted Average Number of Common Shares Outstanding (in shares) 24,370 24,256 24,354 24,248
Diluted Earnings per Common Share        
Net Income Attributable to Trecora Resources (in dollars per share) $ 0.09 $ 0.03 $ 0.18 $ 0.09
Diluted Weighted Average Number of Common Shares Outstanding (in shares) 25,014 25,034 25,119 25,044
Petrochemical and Product Sales [Member]        
REVENUES        
REVENUES $ 63,569 $ 57,016 $ 130,268 $ 107,915
Processing Fees [Member]        
REVENUES        
REVENUES $ 4,537 $ 5,099 $ 9,579 $ 9,742
v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES    
Net Income $ 4,567 $ 2,319
To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 4,941 4,226
Amortization of Intangible Assets 931 931
Unrealized Gain on Derivative Instruments 0 (38)
Stock-based Compensation 372 1,289
Deferred Income Taxes 1,073 505
Postretirement Obligation (809) (5)
Equity in (Earnings) Losses of AMAK (458) 4,264
Bad Debt Expense 128 0
Amortization of Loan Fees 161 61
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (817) (2,839)
Increase in Insurance Receivables (493) 0
Decrease in Taxes Receivable 4,293 783
Decrease in Inventories 1,448 2,752
(Increase) Decrease in Prepaid Expenses and Other Assets (901) 36
Increase (Decrease) in Accounts Payable and Accrued Liabilities (4,742) 114
Increase in Other Liabilities 104 1,129
Net Cash Provided by Operating Activities 9,798 15,527
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (15,434) (27,833)
Advances to AMAK, net (83) (55)
Cash Used in Investing Activities (15,517) (27,888)
FINANCING ACTIVITIES    
Issuance of Common Stock 0 25
Net Cash Received (Paid) Related to Stock-Based Compensation 245 (55)
Addition to Long-Term Debt 16,000 12,000
Repayment of Long-Term Debt (10,167) (6,250)
Net Cash Provided by Financing Activities 6,078 5,720
NET INCREASE (DECREASE) IN CASH 359 (6,641)
CASH AT BEGINNING OF PERIOD 3,028 8,389
CASH AT END OF PERIOD 3,387 1,748
Supplemental disclosure of cash flow information:    
Cash payments for interest 2,394 2,721
Cash payments for taxes, net of refunds 92 220
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 210 435
Stock exchange (Notes 8 & 17) $ 130 $ 0