| Effects of the Restatement |
The effects of the restatement are as follows:
| |
|
June 30, 2016 |
|
| |
|
(unaudited) |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Balance Sheets |
|
|
|
|
|
|
Investment in AMAK |
|
$ |
54,865 |
|
|
$ |
52,047 |
|
Total Assets |
|
|
279,652 |
|
|
|
276,834 |
|
Deferred Income Taxes |
|
|
23,856 |
|
|
|
22,870 |
|
Total Liabilities |
|
|
116,673 |
|
|
|
115,687 |
|
Retained Earnings |
|
|
108,326 |
|
|
|
106,494 |
|
Total Trecora Resources Stockholders’ Equity |
|
|
162,690 |
|
|
|
160,858 |
|
Total Equity |
|
|
162,979 |
|
|
|
161,147 |
|
Total Liabilities and Equity |
|
|
279,652 |
|
|
|
276,834 |
|
| |
|
Three Months Ended June 30, 2016 |
|
|
Six Months Ended June 30, 2016 |
|
| |
|
(unaudited) |
|
| |
|
As Reported |
|
|
As Restated |
|
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings (loss) of AMAK |
|
$ |
1,801 |
|
|
$ |
(1,017 |
) |
|
$ |
7,168 |
|
|
$ |
4,350 |
|
Total other income (expense) |
|
|
12,866 |
|
|
|
10,048 |
|
|
|
17,592 |
|
|
|
14,774 |
|
Income before income taxes |
|
|
18,762 |
|
|
|
15,944 |
|
|
|
29,633 |
|
|
|
26,815 |
|
Income tax expense |
|
|
6,678 |
|
|
|
5,692 |
|
|
|
10,325 |
|
|
|
9,339 |
|
Net income attributable to Trecora Resources |
|
|
12,084 |
|
|
|
10,252 |
|
|
|
19,308 |
|
|
|
17,476 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share (dollars) |
|
$ |
0.49 |
|
|
$ |
0.42 |
|
|
$ |
0.79 |
|
|
$ |
0.72 |
|
Diluted earnings per common share (dollars) |
|
$ |
0.48 |
|
|
$ |
0.41 |
|
|
$ |
0.77 |
|
|
$ |
0.70 |
|
| |
|
June 30, 2016 |
|
| |
|
(unaudited) |
|
| |
|
As Reported |
|
|
As Restated |
|
| |
|
(thousands of dollars) |
|
Consolidated Statement of Stockholders’ Equity |
|
|
|
|
|
|
Net Income |
|
$ |
19,308 |
|
|
$ |
17,476 |
|
Retained Earnings |
|
|
108,326 |
|
|
|
106,494 |
|
Total |
|
|
162,690 |
|
|
|
160,858 |
|
Total Equity |
|
|
162,979 |
|
|
|
161,147 |
|
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
|
Net income |
|
$ |
19,308 |
|
|
$ |
17,476 |
|
Deferred income taxes |
|
|
7,462 |
|
|
|
6,476 |
|
Equity in (earnings) loss of AMAK |
|
|
(7,168 |
) |
|
|
(4,350 |
) |
|