Financials

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands, shares in Millions
Jun. 30, 2021
Dec. 31, 2020
Current Assets    
Cash $ 39,125 $ 55,664
Trade receivables, net 34,210 25,301
Inventories 15,640 12,945
Prepaid expenses and other assets 5,094 9,198
Taxes receivable 286 2,788
Total current assets 94,355 105,896
Property, plant and equipment, net 188,109 187,104
Intangible assets, net 11,972 12,893
Lease right-of-use assets, net 8,962 10,528
Mineral properties in the United States 412 412
TOTAL ASSETS 303,810 316,833
Current Liabilities    
Accounts payable 11,488 14,447
Accrued liabilities 7,388 6,857
Current portion of long-term debt 4,194 4,194
Current portion of lease liabilities 3,244 3,195
Current portion of other liabilities 569 891
Total current liabilities 33,006 29,584
Long-term debt, net of current portion 39,804 41,901
Post-retirement benefit, net of current portion 316 320
Lease liabilities, net of current portion 5,718 7,333
Other liabilities, net of current portion 626 648
Deferred income taxes 26,241 26,517
Total liabilities 105,711 112,426
COMMITMENTS AND CONTINGENCIES
EQUITY    
Common stock - authorized 40 million shares of $0.10 par value; issued 24.4 million and 24.8 million and outstanding 23.8 million and 24.8 million in 2021 and 2020, respectively 2,497 2,483
Additional paid-in capital 62,138 61,311
Treasury stock, at cost (0.6 million shares) (5,000) 0
Retained earnings 138,175 140,324
Total Trecora Resources Stockholders' Equity 197,810 204,118
Non-controlling Interest 289 289
Total equity 198,099 204,407
TOTAL LIABILITIES AND EQUITY $ 303,810 316,833
Treasury stock (in shares) 0.6  
CARES Act    
Current Liabilities    
Current portion of long-term debt $ 6,123 0
Long-term debt, net of current portion $ 0 $ 6,123
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUES        
REVENUES $ 68,849 $ 40,674 $ 123,434 $ 102,741
OPERATING COSTS AND EXPENSES        
Cost of sales and processing (including depreciation and amortization of $4,082, $3,750, $8,137 and $7,486, respectively) 57,828 34,507 110,068 88,496
GROSS PROFIT 11,021 6,167 13,366 14,245
GENERAL AND ADMINISTRATIVE EXPENSES        
General and administrative 7,673 6,289 15,005 12,963
Depreciation 226 212 452 428
General and Administrative Expense 7,899 6,501 15,457 13,391
OPERATING INCOME (LOSS) 3,122 (334) (2,091) 854
OTHER INCOME (EXPENSE)        
Interest expense (297) (735) (599) (1,651)
Miscellaneous income, net 133 68 243 6
OTHER INCOME (EXPENSE) (164) (667) (356) (1,645)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,958 (1,001) (2,447) (791)
INCOME TAX (EXPENSE) BENEFIT (703) (858) 298 4,795
INCOME (LOSS) FROM CONTINUING OPERATIONS 2,255 (1,859) (2,149) 4,004
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 0 (2) 0 4,855
NET INCOME (LOSS) $ 2,255 $ (1,861) $ (2,149) $ 8,859
Basic Earnings (Loss) per Common Share        
Net income (loss) from continuing operations (in dollars per share) $ 0.09 $ (0.07) $ (0.09) $ 0.16
Net income from discontinued operations, net of tax (in dollars per share) 0 0 0 0.20
Net income (loss) (in dollars per share) $ 0.09 $ (0.07) $ (0.09) $ 0.36
Basic weighted average number of common shares outstanding (in shares) 24,485 24,802 24,673 24,784
Diluted Earnings (Loss) per Common Share        
Net income (loss) from continuing operations (in dollars per share) $ 0.09 $ (0.07) $ (0.09) $ 0.16
Net income from discontinued operations, net of tax (in dollars per share) 0 0 0 0.19
Net income (loss) (in dollars per share) $ 0.09 $ (0.07) $ (0.09) $ 0.35
Diluted weighted average number of common shares outstanding (in shares) 25,097 24,802 24,673 25,327
Product sales        
REVENUES        
REVENUES $ 64,660 $ 36,707 $ 116,225 $ 93,890
Processing fees        
REVENUES        
REVENUES $ 4,189 $ 3,967 $ 7,209 $ 8,851
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net Income (Loss) $ (2,149) $ 8,859
Income from Discontinued Operations 0 4,855
Income (Loss) from Continuing Operations (2,149) 4,004
Adjustments to Reconcile Income (Loss) from Continuing Operations To Net Cash Provided by Operating Activities:    
Depreciation and Amortization 7,668 6,993
Amortization of Intangible Assets 921 921
Stock-based Compensation 1,123 933
Deferred Income Taxes (276) 11,109
Postretirement Obligation (13) 5
Amortization of Loan Fees 91 91
(Gain) Loss on Disposal of Assets (292) 18
Changes in Operating Assets and Liabilities:    
(Increase) Decrease in Trade Receivables (8,909) 6,080
Decrease in Insurance Receivables 0 1,148
(Increase) Decrease in Taxes Receivable 2,502 (15,726)
(Increase) Decrease in Inventories (2,695) 6,029
Decrease in Prepaid Expenses and Other Assets 4,101 536
Decrease in Accounts Payable and Accrued Liabilities (2,428) (1,765)
(Increase) Decrease in Other Liabilities (141) 456
Net Cash (Used in) Provided by Operating Activities - Continuing Operations (497) 20,831
Net Cash Used in Operating Activities - Discontinued Operations 0 (276)
Net Cash (Used in) Provided by Operating Activities (497) 20,555
INVESTING ACTIVITIES    
Additions to Property, Plant and Equipment (8,664) (7,851)
Proceeds from Sale of Property, Plant and Equipment 92 0
Net Cash Used in Investing Activities - Continuing Operations (8,572) (7,851)
Net Cash Provided by Investing Activities - Discontinued Operations 0 10,163
Net Cash Provided by (Used in) Investing Activities (8,572) 2,312
FINANCING ACTIVITIES    
Repurchase of Common Stock (5,000) 0
Net Cash Paid Related to Stock-Based Compensation (282) (71)
Additions to CARES Act, PPP Loans 0 6,123
Additions to Long-Term Debt 0 20,000
Repayments of Long-Term Debt (2,188) (25,187)
Net Cash (Used in) Provided by Financing Activities - Continuing Operations (7,470) 865
NET (DECREASE) INCREASE IN CASH (16,539) 23,732
CASH AT BEGINNING OF PERIOD 55,664 6,145
CASH AT END OF PERIOD 39,125 29,877
Supplemental disclosure of cash flow information:    
Cash payments for interest 470 1,560
Cash payments for taxes, net of refunds (2,140) 0
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 193 521
Foreign taxes paid by AMAK $ 1,054 $ 0