Financials

v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash $ 29,877 $ 6,145
Trade receivables, net 20,240 26,320
Inventories 7,595 13,624
Investment in AMAK (held-for-sale) 29,175 32,872
Prepaid expenses and other assets 3,233 4,947
Taxes receivable 16,229 182
Total current assets 106,349 84,090
Plant, pipeline and equipment, net 189,237 188,919
Intangible assets, net 13,814 14,736
Lease right-of-use assets, net 11,915 13,512
Mineral properties in the United States 562 562
TOTAL ASSETS 321,877 301,819
Current Liabilities    
Accounts payable 11,027 14,603
Accrued liabilities 7,801 5,740
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,142 3,174
Current portion of other liabilities 955 924
Total current liabilities 27,119 28,635
Long-term debt, net of current portion 73,998 79,095
Post-retirement benefit, net of current portion 327 338
Lease liabilities, net of current portion 8,773 10,338
Other liabilities, net of current portion 512 595
Deferred income taxes 23,860 11,375
Total liabilities 140,712 130,376
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 2,482 2,475
Additional paid-in capital 60,386 59,530
Retained earnings 118,008 109,149
Total Trecora Resources Stockholders' Equity 180,876 171,154
Noncontrolling Interest 289 289
Total equity 181,165 171,443
TOTAL LIABILITIES AND EQUITY 321,877 301,819
CARES Act    
Current Liabilities    
Long-term debt, net of current portion $ 6,123 $ 0
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
REVENUES $ 40,674 $ 69,371 $ 102,741 $ 134,526
OPERATING COSTS AND EXPENSES        
Cost of sales and processing (including depreciation and amortization of $3,534, $4,128, $7,486 and $8,357, respectively) 34,507 58,806 88,496 113,888
GROSS PROFIT 6,167 10,565 14,245 20,638
GENERAL AND ADMINISTRATIVE EXPENSES        
General and administrative 6,289 6,042 12,963 12,076
Depreciation 212 208 428 421
GENERAL AND ADMINISTRATIVE EXPENSES 6,501 6,250 13,391 12,497
OPERATING INCOME (LOSS) (334) 4,315 854 8,141
OTHER INCOME (EXPENSE)        
Interest income 0 0 0 5
Interest expense (735) (1,401) (1,651) (2,900)
Miscellaneous income, net 68 284 6 256
OTHER INCOME (EXPENSE) (667) (1,117) (1,645) (2,639)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,001) 3,198 (791) 5,502
INCOME TAX EXPENSE (BENEFIT) 858 691 (4,795) 1,185
INCOME (LOSS) FROM CONTINUING OPERATIONS (1,859) 2,507 4,004 4,317
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX (2) (103) 4,855 (162)
NET INCOME (LOSS) $ (1,861) $ 2,404 $ 8,859 $ 4,155
Basic Earnings per Common Share        
Net income from continuing operations (in dollars per share) $ (0.07) $ 0.10 $ 0.16 $ 0.17
Net income from discontinued operations, net of tax (in dollars per share) 0 0 0.20 (0.01)
Net income (in dollars per share) $ (0.07) $ 0.10 $ 0.36 $ 0.16
Basic weighted average number of common shares outstanding (in shares) 24,802 24,696 24,784 24,675
Diluted Earnings per Common Share        
Net income from continuing operations (in dollars per share) $ (0.07) $ 0.10 $ 0.16 $ 0.17
Net income from discontinued operations, net of tax (in dollars per share) 0 0 0.19 (0.01)
Net income (in dollars per share) $ (0.07) $ 0.10 $ 0.35 $ 0.16
Diluted weighted average number of common shares outstanding (in shares) 24,802 25,091 25,360 25,089
Product sales        
REVENUES        
REVENUES $ 36,707 $ 65,329 $ 93,890 $ 126,822
Processing fees        
REVENUES        
REVENUES $ 3,967 $ 4,042 $ 8,851 $ 7,704
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
NET INCOME (LOSS) $ 8,859 $ 4,155
Income (Loss) from Discontinued Operations 4,855 (162)
Income from Continuing Operations 4,004 4,317
Adjustments to Reconcile Income from Continuing Operations To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 6,993 7,880
Amortization of Intangible Assets 921 931
Stock-based Compensation 933 558
Deferred Income Taxes 11,109 978
Postretirement Obligation 5 (18)
Amortization of Loan Fees 91 91
Loss on Disposal of Assets 18 0
Changes in Operating Assets and Liabilities:    
Decrease (Increase) in Trade Receivables 6,080 (3,393)
Decrease in Insurance Receivables 1,148 0
Increase in Taxes Receivable (15,726) 0
Decrease in Inventories 6,029 1,244
Decrease in Prepaid Expenses and Other Assets 536 16
Decrease in Accounts Payable and Accrued Liabilities (1,765) (6,767)
Decrease in Other Liabilities 456 54
Net Cash Provided by Operating Activities - Continuing Operations 20,831 5,891
Net Cash Used in Operating Activities - Discontinued Operations (276) (43)
Net Cash Provided by Operating Activities 20,555 5,848
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (7,851) (4,286)
Proceeds from PEVM 0 30
Net Cash Used in Investing Activities - Continuing Operations (7,851) (4,256)
Net Cash Provided by Investing Activities - Discontinued Operations 10,163 414
Net Cash Provided by (Used in) Investing Activities 2,312 (3,842)
FINANCING ACTIVITIES    
Net Cash Paid Related to Stock-Based Compensation (71) (228)
Additions to CARES Act, PPP Loans 6,123 0
Additions to Long-Term Debt 20,000 2,000
Repayments of Long-Term Debt (25,187) (6,188)
Net Cash Provided by (Used in) Financing Activities - Continuing Operations 865 (4,416)
NET INCREASE (DECREASE) IN CASH 23,732 (2,410)
CASH AT BEGINNING OF PERIOD 6,145 6,735
CASH AT END OF PERIOD 29,877 4,325
Supplemental disclosure of cash flow information:    
Cash payments for interest 1,560 1,355
Cash payments for taxes, net of refunds 0 80
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 521 244
Foreign taxes paid by AMAK $ 0 $ 891