Financials

v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash $ 37,450 $ 6,145
Trade receivables, net 28,396 26,320
Inventories 8,362 13,624
Investment in AMAK (held-for-sale) 28,869 32,872
Prepaid expenses and other assets 4,458 4,947
Taxes receivable 16,107 182
Total current assets 123,642 84,090
Plant, pipeline and equipment, net 187,211 188,919
Intangible assets, net 14,275 14,736
Lease right-of-use assets, net 12,711 13,512
Mineral properties in the United States 562 562
TOTAL ASSETS 338,401 301,819
Current Liabilities    
Accounts payable 10,171 14,603
Accrued liabilities 6,720 5,740
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,153 3,174
Current portion of other liabilities 1,021 924
Total current liabilities 25,259 28,635
Long-term debt, net of current portion 98,046 79,095
Post-retirement benefit, net of current portion 332 338
Lease liabilities, net of current portion 9,558 10,338
Other liabilities, net of current portion 178 595
Deferred income taxes 22,512 11,375
Total liabilities 155,885 130,376
EQUITY    
Common stock‑authorized 40 million shares of $0.10 par value; issued and outstanding 24.8 million and 24.8 million in 2020 and 2019, respectively 2,478 2,475
Additional paid-in capital 59,880 59,530
Retained earnings 119,869 109,149
Total Trecora Resources Stockholders' Equity 182,227 171,154
Noncontrolling Interest 289 289
Total equity 182,516 171,443
TOTAL LIABILITIES AND EQUITY $ 338,401 $ 301,819
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
REVENUES    
REVENUES $ 62,067 $ 65,155
OPERATING COSTS AND EXPENSES    
Cost of sales and processing (including depreciation and amortization of $3,952 and $4,229, respectively) 53,989 55,082
GROSS PROFIT 8,078 10,073
GENERAL AND ADMINISTRATIVE EXPENSES    
General and administrative 6,674 6,034
Depreciation 216 213
GENERAL AND ADMINISTRATIVE EXPENSES 6,890 6,247
OPERATING INCOME 1,188 3,826
OTHER INCOME (EXPENSE)    
Interest income 0 5
Interest expense (916) (1,499)
Miscellaneous income (expense), net (62) (28)
OTHER INCOME (EXPENSE) (978) (1,522)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 210 2,304
INCOME TAX EXPENSE (BENEFIT) (5,653) 494
INCOME FROM CONTINUING OPERATIONS 5,863 1,810
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 4,857 (59)
NET INCOME $ 10,720 $ 1,751
Basic Earnings per Common Share    
Net income from continuing operations (in dollars per share) $ 0.24 $ 0.07
Net income from discontinued operations, net of tax (in dollars per share) 0.20 0.00
Net income (in dollars per share) $ 0.44 $ 0.07
Basic weighted average number of common shares outstanding (in shares) 24,765 24,653
Diluted Earnings per Common Share    
Net income from continuing operations (in dollars per share) $ 0.23 $ 0.07
Net income from discontinued operations, net of tax (in dollars per share) 0.19 0.00
Net income (in dollars per share) $ 0.42 $ 0.07
Diluted weighted average number of common shares outstanding (in shares) 25,276 25,027
Product sales    
REVENUES    
REVENUES $ 57,183 $ 61,493
Processing fees    
REVENUES    
REVENUES $ 4,884 $ 3,662
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
NET INCOME $ 10,720 $ 1,751
Income (Loss) from Discontinued Operations 4,857 (59)
Income from Continuing Operations 5,863 1,810
Adjustments to Reconcile Income from Continuing Operations To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 3,492 3,977
Amortization of Intangible Assets 461 465
Stock-based Compensation 390 213
Deferred Income Taxes 10,385 374
Postretirement Obligation 10 (5)
Amortization of Loan Fees 45 45
Loss on Disposal of Assets 18 0
Changes in Operating Assets and Liabilities:    
Decrease (Increase) in Trade Receivables (2,077) 1,375
Decrease in Insurance Receivables 274 0
Increase in Taxes Receivable (16,144) 0
Decrease (Increase) in Inventories 5,263 (383)
Decrease (Increase) in Prepaid Expenses and Other Assets 185 (227)
Decrease in Accounts Payable and Accrued Liabilities (3,739) (6,773)
Decrease in Other Liabilities (72) (34)
Net Cash Provided by Operating Activities - Continuing Operations 4,354 837
Net Cash Used in Operating Activities - Discontinued Operations (53) (13)
Net Cash Provided by Operating Activities 4,301 824
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (2,065) (1,887)
Proceeds from PEVM 0 30
Net Cash Used in Investing Activities - Continuing Operations (2,065) (1,857)
Net Cash Provided by Investing Activities - Discontinued Operations 10,163 440
Net Cash Provided by (Used in) Investing Activities 8,098 (1,417)
FINANCING ACTIVITIES    
Net Cash Paid Related to Stock-Based Compensation 0 (215)
Additions to Long-Term Debt 20,000 2,000
Repayments of Long-Term Debt (1,094) (1,094)
Net Cash Provided by Financing Activities - Continuing Operations 18,906 691
NET INCREASE IN CASH 31,305 98
CASH AT BEGINNING OF PERIOD 6,145 6,735
CASH AT END OF PERIOD 37,450 6,833
Supplemental disclosure of cash flow information:    
Cash payments for interest 870 1,210
Cash payments for taxes, net of refunds 0 0
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 262 68
Foreign taxes paid by AMAK $ 0 $ 891