FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom
and performance chemicals and biofuels, today announced financial
results for the second quarter and the six months ended
June 30, 2021.
Second quarter 2021 Financial Highlights (all
comparisons are with the second quarter of 2020)
- Revenues were $74.1 million, up 56% from
$47.4 million
- Adjusted EBITDA was $4.7 million, up 76% from
$2.7 million
- Net income was $3.5 million, or $0.08 per
diluted share, down from net income of $15.2 million, or
$0.35 per diluted share.
Six month 2021 Financial Highlights (all
comparisons are with the first half of 2020)
- Revenues were $115.6 million, up 15% from
$100.5 million
- Adjusted EBITDA was ($3.2) million, down from
$12.8 million
- Net loss was $5.3 million, or ($0.12) per
diluted share, down from net income of $34.2 million, or
$0.78 per diluted share.
“This quarter we saw resilient margin
contribution from our biofuels segment, even in the face of
record-high feedstock prices. This was made possible by a strong,
consistent manufacturing performance since the disruption of Winter
Storm Uri. Our efforts are again fully focused on
recovering ground in our chemicals segment, which we are attacking
on a number of fronts.” said Tom McKinlay, Chief Operating Officer
for FutureFuel Corp.
2021 Cash Dividends
FutureFuel paid a regular quarterly cash
dividend in the amount of $0.06 per share on our common stock in
the second quarter of 2021. In addition, we also declared a special
cash dividend of $2.50 per share paid in June. The remaining
quarterly dividends of $0.06 per share are expected to be paid
in September and December.
Financial Overview and Key Operating
Metrics
Financial and operating metrics, which include
non-GAAP financial measures, include dollars in thousands, except
per share amounts:
FutureFuel Corp.Certain
Financial and Operating Metrics (Unaudited)
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
Change |
|
Revenue |
$ |
74,118 |
|
|
$ |
47,422 |
|
|
$ |
26,696 |
|
|
56 |
% |
Loss from operations |
$ |
(2,003 |
) |
|
$ |
(1,139 |
) |
|
$ |
(864 |
) |
|
(76 |
%) |
Net income |
$ |
3,481 |
|
|
$ |
15,159 |
|
|
$ |
(11,678 |
) |
|
(77 |
%) |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
0.35 |
|
|
$ |
(0.27 |
) |
|
(77 |
%) |
Diluted |
$ |
0.08 |
|
|
$ |
0.35 |
|
|
$ |
(0.27 |
) |
|
(77 |
%) |
Adjusted EBITDA |
$ |
4,668 |
|
|
$ |
2,652 |
|
|
$ |
2,016 |
|
|
76 |
% |
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
Change |
|
Revenue |
$ |
115,634 |
|
|
$ |
100,504 |
|
|
$ |
15,130 |
|
|
15 |
% |
(Loss) income from
operations |
$ |
(15,061 |
) |
|
$ |
12,840 |
|
|
$ |
(27,901 |
) |
|
n/a |
|
Net (loss) income |
$ |
(5,292 |
) |
|
$ |
34,202 |
|
|
$ |
(39,494 |
) |
|
n/a |
|
(Loss) earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.12 |
) |
|
$ |
0.78 |
|
|
$ |
(0.90 |
) |
|
n/a |
|
Diluted |
$ |
(0.12 |
) |
|
$ |
0.78 |
|
|
$ |
(0.90 |
) |
|
n/a |
|
Adjusted EBITDA |
$ |
(3,157 |
) |
|
$ |
12,829 |
|
|
$ |
(15,986 |
) |
|
n/a |
|
Financial and Business
Summary
Consolidated revenue in the three and six months
ended June 30, 2021 increased $26,696 and
$15,130, compared to the three and six months ended June 30,
2020. This increase primarily resulted from increased prices in the
biofuels segment partially offset by lower sales volumes in the
chemicals segment. Biofuels volume increased sales revenue in
the current three-month period, but reduced revenue in the
six-month period, as compared to the same periods of the prior year
due to the unfavorable impact of winter storm Uri.
Income from operations in the three months ended
June 30, 2021 decreased $864 compared to the three
months ended June 30, 2020. This decline primarily resulted
from: i) reduced sales volumes of two custom chemicals we no
longer sell; ii) the adjustment in the carrying value of our
inventory as determined utilizing the LIFO method of inventory
accounting which decreased gross profit $3,115 in the current
three-month period as compared to an increase in gross profit of
$1,575 in the same prior year period and iii) the change in the
unrealized and realized positions in derivative instruments
with a loss of $5,404 in the current three month period as compared
to a loss of $935 in the same prior year period. Mostly
offsetting these declines was improved margins in the biofuel
segment.
Income from operations in the six months ended
June 30, 2021 decreased $27,901 compared to the six
months ended June 30, 2020. This decline primarily resulted from:
i) exorbitant natural gas prices invoiced from Winter Storm
Uri which resulted in an increase of $7,800 as compared to the
prior year quarter; ii) a reduction in production volumes
given the natural gas curtailment; iii) reduced sales volumes
of two custom chemicals we no longer sale; iv) the change in the
unrealized and realized positions in derivative instruments
with a loss of $8,029 in the six months ended June 30, 2021 as
compared to a gain of $5,922 in the six months ended June 30, 2020
and iv) the change in the adjustment in the carrying value of our
inventory as determined utilizing the LIFO method of inventory
accounting. This adjustment decreased gross profit $7,028 in
the six months ended June 30, 2021 as compared to an increase in
gross profit of $2,894 in the same prior period. Partially
offsetting these declines was improved margins in the biofuel
segment.
Capital Expenditures
Capital expenditures were $488 in the first half of
2021, compared with $2,759 in the same period in 2020.
Cash and Cash Equivalents and Marketable
Securities
Cash and cash equivalents and marketable
securities totaled $143,832 as of June 30, 2021.
A special dividend was paid on June 4, 2021 in the amount of
$109,408. Cash and cash equivalents were $262,526 as of
December 31, 2020.
About FutureFuel
FutureFuel is a leading manufacturer of
diversified chemical products, specialty chemical products, and
biofuel products. In its chemicals business, FutureFuel
manufactures specialty chemicals for specific customers (“custom
chemicals”) as well as multi-customer specialty chemicals
(“performance chemicals”). FutureFuel’s custom chemicals product
portfolio includes chlorinated polyolefin adhesion promoters and
antioxidant precursors for a major chemical company. FutureFuel’s
performance chemicals product portfolio includes polymer (nylon)
modifiers and several small-volume specialty chemicals for diverse
applications. FutureFuel’s biofuels segment primarily produces and
sells biodiesel to its customers. Please visit
www.futurefuelcorporation.com for more information.
Forward-Looking Statements
This document contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements deal with
FutureFuel’s current plans, intentions, beliefs, and expectations,
and statements of future economic performance. Statements
containing such terms as “believe,” “do not believe,” “plan,”
“expect,” “intend,” “estimate,” “anticipate,” and other phrases of
similar meaning are considered to contain uncertainty and are
forward-looking statements. In addition, from time to time
FutureFuel or its representatives have made or will make
forward-looking statements orally or in writing. Furthermore, such
forward-looking statements may be included in various filings that
the company makes with United States Securities and Exchange
Commission (the “SEC”), in press releases, or in oral statements
made by or with the approval of one of FutureFuel’s authorized
executive officers.
These forward-looking statements are subject to
certain known and unknown risks and uncertainties, including, but
not limited to the COVID-19 pandemic and the response thereto, as
well as assumptions that could cause actual results to differ
materially from those reflected in these forward-looking
statements. Factors that might cause actual results to differ
include, but are not limited to, those set forth under the headings
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in FutureFuel’s Form
10-K Annual Report for the year ended December 31, 2020 and in its
future filings made with the SEC. An investor should not place
undue reliance on any forward-looking statements contained in this
document, which reflect FutureFuel management’s opinions only as of
their respective dates. Except as required by law, the company
undertakes no obligation to revise or publicly release the results
of any revisions to forward-looking statements. The risks and
uncertainties described in this document and in current and future
filings with the SEC are not the only ones faced by FutureFuel. New
factors emerge from time to time, and it is not possible for the
company to predict which will arise. There may be additional risks
not presently known to the company or that the company currently
believes are immaterial to its business. In addition, FutureFuel
cannot assess the impact of each factor on its business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. If any such risks occur, FutureFuel’s
business, operating results, liquidity, and financial condition
could be materially affected in an adverse manner. An investor
should consult any additional disclosures FutureFuel has made or
will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K,
and any amendments thereto. All subsequent written and oral
forward-looking statements attributable to FutureFuel or persons
acting on its behalf are expressly qualified in their entirety by
the cautionary statements contained in this document.
Non-GAAP Financial Measures
In this press release, FutureFuel used adjusted
EBITDA as a key operating metric to measure both performance and
liquidity. Adjusted EBITDA is a non-GAAP financial measure.
Adjusted EBITDA is not a substitute for operating income, net
income, or cash flow from operating activities (each as determined
in accordance with GAAP), as a measure of performance or liquidity.
Adjusted EBITDA has limitations as an analytical tool, and should
not be considered in isolation or as a substitute for analysis of
results as reported under GAAP. FutureFuel defines adjusted EBITDA
as net income before interest, income taxes, depreciation, and
amortization expenses, excluding, when applicable, non-cash
share-based compensation expense, public offering expenses,
acquisition-related transaction costs, purchase accounting
adjustments, loss on disposal of property and equipment, gains or
losses on derivative instruments, other non-operating income or
expense. Information relating to adjusted EBITDA is provided so
that investors have the same data that management employs in
assessing the overall operation and liquidity of FutureFuel’s
business. FutureFuel’s calculation of adjusted EBITDA may be
different from similarly titled measures used by other companies;
therefore, the results of its calculation are not necessarily
comparable to the results of other companies.
Adjusted EBITDA allows FutureFuel’s chief
operating decision makers to assess the performance and liquidity
of FutureFuel’s business on a consolidated basis to assess the
ability of its operating segments to produce operating cash flow to
fund working capital needs, to fund capital expenditures, and to
pay dividends. In particular, FutureFuel management believes that
adjusted EBITDA permits a comparative assessment of FutureFuel’s
operating performance and liquidity, relative to a performance and
liquidity based on GAAP results, while isolating the effects of
depreciation and amortization, which may vary among its operating
segments without any correlation to their underlying operating
performance, and of non-cash stock-based compensation expense,
which is a non-cash expense that varies widely among similar
companies, and gains and losses on derivative instruments, whose
immediate recognition can cause net income to be volatile from
quarter to quarter due to the timing of the valuation change in the
derivative instruments relative to the sale of biofuel.
A table included in this earnings release
reconciles adjusted EBITDA with net income, the most directly
comparable GAAP performance financial measure, and a table
reconciles adjusted EBITDA with cash flows from operations, the
most directly comparable GAAP liquidity financial measure.
FutureFuel
Corp.Condensed Consolidated Balance
Sheets(Dollars in thousands)
|
(Unaudited) |
|
|
|
|
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
97,594 |
|
|
$ |
198,122 |
|
Accounts receivable, inclusive of the blenders' tax credit of
$12,160 and $8,300 and net of allowances for bad debt of
$50 and $63, respectively |
|
31,354 |
|
|
|
22,813 |
|
Inventory |
|
53,514 |
|
|
|
33,889 |
|
Marketable securities |
|
46,238 |
|
|
|
64,404 |
|
Other current assets |
|
21,163 |
|
|
|
23,377 |
|
Total current assets |
|
249,863 |
|
|
|
342,605 |
|
Property, plant and equipment, net |
|
86,852 |
|
|
|
91,544 |
|
Other assets |
|
5,705 |
|
|
|
7,155 |
|
Total noncurrent assets |
|
92,557 |
|
|
|
98,699 |
|
Total
Assets |
$ |
342,420 |
|
|
$ |
441,304 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Accounts payable, inclusive of the blenders' tax credit rebates due
customers of $890 and $1,116 |
$ |
44,521 |
|
|
$ |
13,437 |
|
Dividends payable |
|
5,248 |
|
|
|
10,498 |
|
Other current liabilities |
|
10,608 |
|
|
|
9,053 |
|
Total current liabilities |
|
60,377 |
|
|
|
32,988 |
|
Deferred revenue – long-term |
|
19,129 |
|
|
|
21,861 |
|
Other noncurrent liabilities |
|
5,500 |
|
|
|
14,572 |
|
Total noncurrent liabilities |
|
24,629 |
|
|
|
36,433 |
|
Total liabilities |
|
85,006 |
|
|
|
69,421 |
|
Preferred stock, $0.0001 par value, 5,000,000 shares authorized,
none issued and outstanding |
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value, 75,000,000 shares authorized,
43,763,243 and 43,743,243, issued and outstanding at June 30,
2021 and December 31, 2020, respectively |
|
4 |
|
|
|
4 |
|
Accumulated other comprehensive income |
|
208 |
|
|
|
208 |
|
Additional paid in capital |
|
282,446 |
|
|
|
282,215 |
|
Retained (deficit) earnings |
|
(25,244 |
) |
|
|
89,456 |
|
Total Stockholders’ Equity |
|
257,414 |
|
|
|
371,883 |
|
Total Liabilities and
Stockholders’ Equity |
$ |
342,420 |
|
|
$ |
441,304 |
|
FutureFuel
Corp.Condensed Consolidated Statements of
Operations and Comprehensive
Income(Dollars in thousands, except per share
amounts)(Unaudited)
|
Three Months EndedJune 30, |
|
|
Six Months EndedJune 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
$ |
74,118 |
|
|
$ |
47,422 |
|
|
$ |
115,634 |
|
|
$ |
100,504 |
|
Cost of goods sold and
distribution |
|
74,161 |
|
|
|
46,511 |
|
|
|
126.413 |
|
|
|
83,194 |
|
Gross (loss) profit |
|
(43 |
) |
|
|
911 |
|
|
|
(10,779 |
) |
|
|
17,310 |
|
Selling, general, and
administrative expenses |
|
1,162 |
|
|
|
1,282 |
|
|
|
2,710 |
|
|
|
2,867 |
|
Research and development
expenses |
|
798 |
|
|
|
768 |
|
|
|
1,572 |
|
|
|
1,603 |
|
Total operating expenses |
|
1,960 |
|
|
|
2,050 |
|
|
|
4,282 |
|
|
|
4,470 |
|
(Loss)
income from operations |
|
(2,003 |
) |
|
|
(1,139 |
) |
|
|
(15,061 |
) |
|
|
12,840 |
|
Other income, net |
|
1,015 |
|
|
|
11,409 |
|
|
|
913 |
|
|
|
3,261 |
|
(Loss) income before income
taxes |
|
(988 |
) |
|
|
10,270 |
|
|
|
(14,148 |
) |
|
|
16,101 |
|
Income tax benefit |
|
(4,469 |
) |
|
|
(4,889 |
) |
|
|
(8,856 |
) |
|
|
(18,101 |
) |
Net income (loss) |
$ |
3,481 |
|
|
$ |
15,159 |
|
|
$ |
(5,292 |
) |
|
$ |
34,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.08 |
|
|
$ |
0.35 |
|
|
$ |
(0.12 |
) |
|
$ |
0.78 |
|
Diluted |
$ |
0.08 |
|
|
$ |
0.35 |
|
|
$ |
(0.12 |
) |
|
$ |
0.78 |
|
Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
43,754,232 |
|
|
|
43,743,243 |
|
|
|
43,748,768 |
|
|
|
43,743,243 |
|
Diluted |
|
43,754,422 |
|
|
|
43,743,740 |
|
|
|
43,748,768 |
|
|
|
43,743,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,481 |
|
|
$ |
15,159 |
|
|
$ |
(5,292 |
) |
|
$ |
34,202 |
|
Other comprehensive income (loss) from unrealized net gain (loss)
on available-for-sale debt securities |
|
60 |
|
|
|
190 |
|
|
|
- |
|
|
|
(207 |
) |
Income tax effect |
|
(16 |
) |
|
|
(40 |
) |
|
|
- |
|
|
|
44 |
|
Total other comprehensive income (loss), net of tax |
|
44 |
|
|
|
150 |
|
|
|
- |
|
|
|
(163 |
) |
Comprehensive income (loss) |
$ |
3,525 |
|
|
$ |
15,309 |
|
|
$ |
(5,292 |
) |
|
$ |
34,039 |
|
FutureFuel
Corp.Consolidated Statements of Cash
Flows(Dollars in
thousands)(Unaudited)
|
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net (loss) income |
$ |
(5,292 |
) |
|
$ |
34,202 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
|
|
Depreciation |
|
5,231 |
|
|
|
5,862 |
|
Amortization of deferred financing costs |
|
47 |
|
|
|
60 |
|
(Provision) benefit for deferred income taxes |
|
(8,881 |
) |
|
|
699 |
|
Change in fair value of equity securities |
|
222 |
|
|
|
7,405 |
|
Change in fair value of derivative instruments |
|
1,136 |
|
|
|
198 |
|
(Gain) loss on the sale of investments |
|
(758 |
) |
|
|
1,080 |
|
Stock based compensation |
|
- |
|
|
|
49 |
|
Loss on disposal of property and equipment |
|
- |
|
|
|
2 |
|
Impairment of intangible asset |
|
1,315 |
|
|
|
- |
|
Noncash interest expense |
|
16 |
|
|
|
27 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(9,946 |
) |
|
|
81,029 |
|
Accounts receivable – related parties |
|
1,405 |
|
|
|
4,290 |
|
Inventory |
|
(19,625 |
) |
|
|
(4,610 |
) |
Income tax receivable |
|
801 |
|
|
|
(19,380 |
) |
Prepaid expenses |
|
1,977 |
|
|
|
782 |
|
Prepaid expenses – related parties |
|
(12 |
) |
|
|
- |
|
Other assets |
|
635 |
|
|
|
350 |
|
Accounts payable |
|
23,074 |
|
|
|
(29,702 |
) |
Accounts payable – related parties |
|
7,959 |
|
|
|
220 |
|
Accrued expenses and other current liabilities |
|
7 |
|
|
|
2,572 |
|
Accrued expenses and other current liabilities – related
parties |
|
- |
|
|
|
(64 |
) |
Deferred revenue |
|
(1,318 |
) |
|
|
(659 |
) |
Other noncurrent liabilities |
|
(342 |
) |
|
|
(211 |
) |
Net cash (used in) provided by operating
activities |
|
(2,349 |
) |
|
|
84,201 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
Collateralization of derivative instruments |
|
(2,060 |
) |
|
|
(2,877 |
) |
Purchase of marketable securities |
|
(19,170 |
) |
|
|
(2,359 |
) |
Proceeds from the sale of marketable securities |
|
37,873 |
|
|
|
5,192 |
|
Proceeds from the sale of property and equipment |
|
- |
|
|
|
50 |
|
Proceeds from the sale of intangible asset |
|
93 |
|
|
|
- |
|
Capital expenditures |
|
(488 |
) |
|
|
(2,759 |
) |
Net cash from (used in) investing activities |
|
16,248 |
|
|
|
(2,753 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
Loan proceeds |
|
- |
|
|
|
8,180 |
|
Payment on loan |
|
- |
|
|
|
(8,180 |
) |
Deferred financing costs |
|
- |
|
|
|
(477 |
) |
Proceeds from the issuance of stock |
|
231 |
|
|
|
- |
|
Payment of dividends |
|
(114,658 |
) |
|
|
(136,479 |
) |
Net cash used in financing activities |
|
(114,427 |
) |
|
|
(136,956 |
) |
Net change in cash and cash
equivalents |
|
(100,528 |
) |
|
|
(55,508 |
) |
Cash and cash equivalents at
beginning of period |
|
198,122 |
|
|
|
243,331 |
|
Cash and cash
equivalents at end of period |
$ |
97,594 |
|
|
$ |
187,823 |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
$ |
43 |
|
|
$ |
1 |
|
Cash paid for income
taxes |
$ |
79 |
|
|
$ |
639 |
|
Noncash investing and
financing activities: |
|
|
|
|
|
|
|
Noncash capital expenditures |
$ |
51 |
|
|
$ |
94 |
|
Noncash operating leases |
$ |
269 |
|
|
|
- |
|
FutureFuel
Corp.Reconciliation of Non-GAAP Financial Measure
to Financial Measure(Dollars in
thousands)(Unaudited)
Reconciliation of Adjusted EBITDA to Net
Income
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income (loss) |
$ |
3,481 |
|
|
$ |
15,159 |
|
|
$ |
(5,292 |
) |
|
$ |
34,202 |
|
Depreciation |
|
2,623 |
|
|
|
2,858 |
|
|
|
5,231 |
|
|
|
5,862 |
|
Non-cash stock-based
compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49 |
|
Interest and dividend
income |
|
(790 |
) |
|
|
(1,519 |
) |
|
|
(1,795 |
) |
|
|
(3,486 |
) |
Non-cash interest expense and
amortization of deferred financing costs |
|
31 |
|
|
|
31 |
|
|
|
63 |
|
|
|
87 |
|
Losses on disposal of property
and equipment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
Loss (gain) on derivative
instruments |
|
5,404 |
|
|
|
935 |
|
|
|
8,029 |
|
|
|
(5,922 |
) |
(Gain) loss on marketable
securities |
|
(1,612 |
) |
|
|
(1,573 |
) |
|
|
(537 |
) |
|
|
8,486 |
|
Other income |
|
- |
|
|
|
(8,350 |
) |
|
|
- |
|
|
|
(8,350 |
) |
Income tax benefit |
|
(4,469 |
) |
|
|
(4,889 |
) |
|
|
(8,856 |
) |
|
|
(18,101 |
) |
Adjusted EBITDA |
$ |
4,668 |
|
|
$ |
2,652 |
|
|
$ |
(3,157 |
) |
|
$ |
12,829 |
|
Reconciliation of Adjusted EBITDA to Net Cash Provided
by Operating Activities
|
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
Net cash (used in) provided by operating activities |
$ |
(2,349 |
) |
|
$ |
84,201 |
|
Benefit for deferred income
taxes |
|
8,881 |
|
|
|
(699 |
) |
Interest and dividend
income |
|
(1,795 |
) |
|
|
(3,486 |
) |
Income tax benefit |
|
(8,856 |
) |
|
|
(18,101 |
) |
Loss (gain) on derivative
instruments |
|
8,029 |
|
|
|
(5,922 |
) |
Change in fair value of
derivative instruments |
|
(1,136 |
) |
|
|
(198 |
) |
Change in operating assets and
liabilities, net |
|
(4,615 |
) |
|
|
(34,617 |
) |
Other income |
|
- |
|
|
|
(8,350 |
) |
Impairment of intangible
asset |
|
(1,315 |
) |
|
|
- |
|
Other |
|
(1 |
) |
|
|
1 |
|
Adjusted EBITDA |
$ |
(3,157 |
) |
|
$ |
12,829 |
|
FutureFuel
Corp.Condensed Consolidated Segment
Income(Dollars in
thousands)(Unaudited)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom chemicals |
$ |
12,260 |
|
|
$ |
18,041 |
|
|
$ |
22,935 |
|
|
$ |
41,801 |
|
Performance chemicals |
|
3,287 |
|
|
|
4,797 |
|
|
|
8,722 |
|
|
|
8,730 |
|
Chemicals revenue |
$ |
15,547 |
|
|
$ |
22,838 |
|
|
$ |
31,657 |
|
|
$ |
50,531 |
|
Biofuels revenue |
|
58,571 |
|
|
|
24,584 |
|
|
|
83,977 |
|
|
|
49,973 |
|
Total Revenue |
$ |
74,118 |
|
|
$ |
47,422 |
|
|
$ |
115,634 |
|
|
$ |
100,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross (loss)
profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
$ |
4,285 |
|
|
$ |
7,577 |
|
|
$ |
2,984 |
|
|
$ |
15,591 |
|
Biofuels |
|
(4,328 |
) |
|
|
(6,666 |
) |
|
|
(13,763 |
) |
|
|
1,719 |
|
Total gross (loss) profit |
|
(43 |
) |
|
|
911 |
|
|
|
(10,779 |
) |
|
|
17,310 |
|
Depreciation is allocated to segment cost of
goods sold based on plant usage. The total assets and capital
expenditures of FutureFuel have not been allocated to individual
segments as large portions of these assets are shared to varying
degrees by each segment, causing such an allocation to be of little
value.
COMPANY CONTACTFutureFuel Corp.Tom
McKinlay(314)854-8352www.futurefuelcorporation.com
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