FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom
and performance chemicals and biofuels, today announced financial
results for the third quarter and the nine months ended September
30, 2021.
Third quarter 2021 Financial
Highlights (all comparisons are with the
third quarter of 2020)
- Revenues were $98.7 million, up
82% from $54.1 million
- Adjusted EBITDA was
$11.1 million, up 100% from $5.6 million
- Net income
was $9.2 million, or $0.21 per diluted share,
up from net income of $6.9 million, or $0.16 per
diluted share.
Nine month 2021 Financial
Highlights (all comparisons are with the first nine
months of 2020)
- Revenues were $214.3 million,
up 39% from $154.6 million
- Adjusted EBITDA was
$8.0 million, down from $18.4 million
- Net
income was $3.9 million, or $0.09 per diluted
share, down from net income of $41.1 million, or
$0.94 per diluted share.
“This quarter we saw revenues rise across the
board, particularly in our Biofuels segment, when compared to
the same quarter last year. These rises are being repeated
across all energy markets and when combined with tight supply
chains, are leading to a higher cost of doing business. In
this very dynamic period we are fully concentrated on managing our
costs and manufacturing margins to deliver full value to our
stockholders,” 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 third quarter of 2021. The remaining quarterly
dividend of $0.06 per share is expected to be paid
in 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 September 30, |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
Change |
|
Revenue |
|
$ |
98,682 |
|
|
$ |
54,138 |
|
|
$ |
44,544 |
|
|
|
82 |
% |
Income from operations |
|
$ |
6,142 |
|
|
$ |
3,804 |
|
|
$ |
2,338 |
|
|
|
61 |
% |
Net income |
|
$ |
9,202 |
|
|
$ |
6,890 |
|
|
$ |
2,312 |
|
|
|
34 |
% |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
0.05 |
|
|
|
31 |
% |
Diluted |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
0.05 |
|
|
|
31 |
% |
Adjusted EBITDA |
|
$ |
11,144 |
|
|
$ |
5,575 |
|
|
$ |
5,569 |
|
|
|
100 |
% |
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
Change |
|
Revenue |
|
$ |
214,316 |
|
|
$ |
154,642 |
|
|
$ |
59,674 |
|
|
|
39 |
% |
(Loss) income from
operations |
|
$ |
(8,919 |
) |
|
$ |
16,644 |
|
|
$ |
(25,563 |
) |
|
|
n/a |
|
Net income |
|
$ |
3,910 |
|
|
$ |
41,092 |
|
|
$ |
(37,182 |
) |
|
|
(90 |
%) |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.09 |
|
|
$ |
0.94 |
|
|
$ |
(0.85 |
) |
|
|
(90 |
%) |
Diluted |
|
$ |
0.09 |
|
|
$ |
0.94 |
|
|
$ |
(0.85 |
) |
|
|
(90 |
%) |
Adjusted EBITDA |
|
$ |
7,987 |
|
|
$ |
18,404 |
|
|
$ |
(10,417 |
) |
|
|
(57 |
%) |
Financial and Business
Summary
Consolidated revenue in the three and
nine months ended September 30, 2021 increased
$44,544 and $59,674, compared to the three and
nine months ended September 30, 2020. This increase
primarily resulted from increased prices in the biofuels
segment. Partially reducing sales revenue in
the comparative three and nine month periods was lower
biofuels sales volumes.
Income from operations in the three months ended
September 30, 2021 increased $2,338 compared to
the three months ended September 30, 2020. This
increase primarily resulted from: i) improved margins in
the biofuels segment and ii) the adjustment in the carrying
value of our inventory as determined utilizing the LIFO method of
inventory accounting which increased gross profit $961 in the
current three-month period as compared to a decrease in gross
profit of $628 in the same prior year period. The change in
the unrealized and realized positions in derivative
instruments mostly offset these increases with a loss of
$2,348 in the current three-month period as compared to a gain of
$867 in the same prior year period.
Income from operations in the nine months
ended September 30, 2021 decreased $25,563 compared
to the nine months ended September 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 period; ii) a
reduction in production volumes given the natural gas
curtailment; iii) reduced sales volumes of two custom
chemicals we no longer sell; iv) the change in the unrealized and
realized positions in derivative instruments with a loss
of $10,377 in the nine months ended September 30,
2021 as compared to a gain of $6,789 in the nine months
ended September 30, 2020 and v) 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 $6,067 in the nine months ended
September 30, 2021 as compared to an increase in gross profit
of $2,266 in the same prior period. Partially offsetting these
declines was improved margins in the biofuels segment.
Capital Expenditures
Capital expenditures were $665 in the first
nine months of 2021, compared with $3,717 in the same
period in 2020.
Cash and Cash Equivalents and Marketable
Securities
Cash and cash equivalents and marketable
securities totaled $161,951 as of September 30,
2021. 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) |
|
|
|
|
|
|
|
September 30,2021 |
|
|
December 31,2020 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
116,787 |
|
|
$ |
198,122 |
|
Accounts receivable, inclusive of the blenders' tax credit of
$12,679 and $8,300 and net of allowances for bad debt of
$55 and $63, respectively |
|
|
26,555 |
|
|
|
22,813 |
|
Inventory |
|
|
43,694 |
|
|
|
33,889 |
|
Marketable securities |
|
|
45,164 |
|
|
|
64,404 |
|
Other current assets |
|
|
12,355 |
|
|
|
23,377 |
|
Total current assets |
|
|
244,555 |
|
|
|
342,605 |
|
Property, plant and equipment, net |
|
|
84,343 |
|
|
|
91,544 |
|
Other assets |
|
|
5,803 |
|
|
|
7,155 |
|
Total noncurrent assets |
|
|
90,146 |
|
|
|
98,699 |
|
Total
Assets |
|
$ |
334,701 |
|
|
$ |
441,304 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable, inclusive of the blenders' tax credit rebates due
customers of $890 and $1,116, respectively |
|
$ |
34,493 |
|
|
$ |
13,437 |
|
Dividends payable |
|
|
2,622 |
|
|
|
10,498 |
|
Other current liabilities |
|
|
11,089 |
|
|
|
9,053 |
|
Total current liabilities |
|
|
48,204 |
|
|
|
32,988 |
|
Deferred revenue – long-term |
|
|
17,920 |
|
|
|
21,861 |
|
Other noncurrent liabilities |
|
|
2,014 |
|
|
|
14,572 |
|
Total noncurrent liabilities |
|
|
19,934 |
|
|
|
36,433 |
|
Total liabilities |
|
|
68,138 |
|
|
|
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 43,763,243, issued and outstanding at September 30,
2021 and December 31, 2020, respectively |
|
|
4 |
|
|
|
4 |
|
Accumulated other comprehensive income |
|
|
155 |
|
|
|
208 |
|
Additional paid in capital |
|
|
282,446 |
|
|
|
282,215 |
|
Retained (deficit) earnings |
|
|
(16,042 |
) |
|
|
89,456 |
|
Total Stockholders’ Equity |
|
|
266,563 |
|
|
|
371,883 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
334,701 |
|
|
$ |
441,304 |
|
|
FutureFuel Corp.Condensed Consolidated
Statements of Operations and Comprehensive
Income(Dollars in thousands, except per share
amounts)(Unaudited) |
|
|
|
Three Months EndedSeptember
30, |
|
|
Nine Months EndedSeptember
30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
98,682 |
|
|
$ |
54,138 |
|
|
$ |
214,316 |
|
|
$ |
154,642 |
|
Cost of goods sold and
distribution |
|
|
90,490 |
|
|
|
47,692 |
|
|
|
216.903 |
|
|
|
130,886 |
|
Gross profit (loss) |
|
|
8,192 |
|
|
|
6,446 |
|
|
|
(2,587 |
) |
|
|
23,756 |
|
Selling, general, and
administrative expenses |
|
|
1,236 |
|
|
|
1,851 |
|
|
|
3,946 |
|
|
|
4,718 |
|
Research and development
expenses |
|
|
814 |
|
|
|
791 |
|
|
|
2,386 |
|
|
|
2,394 |
|
Total operating expenses |
|
|
2,050 |
|
|
|
2,642 |
|
|
|
6,332 |
|
|
|
7,112 |
|
Income (loss) from
operations |
|
|
6,142 |
|
|
|
3,804 |
|
|
|
(8,919 |
) |
|
|
16,644 |
|
Other (expense) income,
net |
|
|
(121 |
) |
|
|
2,256 |
|
|
|
792 |
|
|
|
5,517 |
|
Income before income
taxes |
|
|
6,021 |
|
|
|
6,060 |
|
|
|
(8,127 |
) |
|
|
22,161 |
|
Income tax benefit |
|
|
(3,181 |
) |
|
|
(830 |
) |
|
|
(12,037 |
) |
|
|
(18,931 |
) |
Net income |
|
$ |
9,202 |
|
|
$ |
6.890 |
|
|
$ |
3,910 |
|
|
$ |
41,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
0.09 |
|
|
$ |
0.94 |
|
Diluted |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
$ |
0.09 |
|
|
$ |
0.94 |
|
Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,763,243 |
|
|
|
43,743,243 |
|
|
|
43,753,646 |
|
|
|
43,743,243 |
|
Diluted |
|
|
43,763,243 |
|
|
|
43,745,339 |
|
|
|
43,753,709 |
|
|
|
43,744,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,202 |
|
|
$ |
6,890 |
|
|
$ |
3,910 |
|
|
$ |
41,092 |
|
Other comprehensive income (loss) from unrealized net gain (loss)
on available-for-sale debt securities |
|
|
(67 |
) |
|
|
(8 |
) |
|
|
(67 |
) |
|
|
(215 |
) |
Income tax effect |
|
|
14 |
|
|
|
1 |
|
|
|
14 |
|
|
|
45 |
|
Total other comprehensive income (loss), net of tax |
|
|
(53 |
) |
|
|
(7 |
) |
|
|
(53 |
) |
|
|
(170 |
) |
Comprehensive income |
|
$ |
9,149 |
|
|
$ |
6,883 |
|
|
$ |
3,857 |
|
|
$ |
40,922 |
|
|
FutureFuel Corp.Consolidated Statements of
Cash Flows(Dollars in
thousands)(Unaudited) |
|
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,910 |
|
|
$ |
41,092 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,887 |
|
|
|
8,554 |
|
Amortization of deferred financing costs |
|
|
72 |
|
|
|
84 |
|
Benefit from deferred income taxes |
|
|
(12,190 |
) |
|
|
(951 |
) |
Change in fair value of equity securities |
|
|
1,027 |
|
|
|
5,445 |
|
Change in fair value of derivative instruments |
|
|
2,147 |
|
|
|
(757 |
) |
(Gain) loss on the sale of investments |
|
|
(835 |
) |
|
|
1,828 |
|
Stock based compensation |
|
|
- |
|
|
|
49 |
|
Loss (gain) on disposal of property and equipment |
|
|
11 |
|
|
|
(51 |
) |
Impairment of intangible asset |
|
|
1,315 |
|
|
|
- |
|
Noncash interest expense |
|
|
24 |
|
|
|
35 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(5,086 |
) |
|
|
73,041 |
|
Accounts receivable – related parties |
|
|
1,344 |
|
|
|
3,218 |
|
Inventory |
|
|
(9,805 |
) |
|
|
8,486 |
|
Income tax receivable |
|
|
7,895 |
|
|
|
(14,379 |
) |
Prepaid expenses |
|
|
3,129 |
|
|
|
1,349 |
|
Prepaid expenses – related parties |
|
|
(12 |
) |
|
|
- |
|
Other assets |
|
|
522 |
|
|
|
483 |
|
Accounts payable |
|
|
13,379 |
|
|
|
(51,711 |
) |
Accounts payable – related parties |
|
|
7,645 |
|
|
|
(341 |
) |
Accrued expenses and other current liabilities |
|
|
(387 |
) |
|
|
2,295 |
|
Accrued expenses and other current liabilities – related
parties |
|
|
- |
|
|
|
(64 |
) |
Deferred revenue |
|
|
(1,652 |
) |
|
|
(793 |
) |
Other noncurrent liabilities |
|
|
(513 |
) |
|
|
(336 |
) |
Net cash provided by operating
activities |
|
|
19,827 |
|
|
|
76,576 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Collateralization of derivative instruments |
|
|
(2,518 |
) |
|
|
801 |
|
Purchase of marketable securities |
|
|
(21,671 |
) |
|
|
(5,073 |
) |
Proceeds from the sale of marketable securities |
|
|
40,652 |
|
|
|
7,729 |
|
Proceeds from the sale of property and equipment |
|
|
- |
|
|
|
104 |
|
Proceeds from the sale of intangible asset |
|
|
93 |
|
|
|
- |
|
Capital expenditures |
|
|
(665 |
) |
|
|
(3,717 |
) |
Net cash from (used in) investing activities |
|
|
15,891 |
|
|
|
(156 |
) |
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 |
|
|
(117,284 |
) |
|
|
(139,103 |
) |
Net cash used in financing activities |
|
|
(117,053 |
) |
|
|
(139,580 |
) |
Net change in cash and cash
equivalents |
|
|
(81,335 |
) |
|
|
(63,160 |
) |
Cash and cash equivalents at
beginning of period |
|
|
198,122 |
|
|
|
243,331 |
|
Cash and cash
equivalents at end of period |
|
$ |
116,787 |
|
|
$ |
180,171 |
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
43 |
|
|
$ |
2 |
|
Cash paid for income
taxes |
|
$ |
83 |
|
|
$ |
660 |
|
Noncash investing and
financing activities: |
|
|
|
|
|
|
|
|
Noncash capital expenditures |
|
$ |
32 |
|
|
$ |
98 |
|
Noncash operating leases |
|
$ |
269 |
|
|
|
442 |
|
|
FutureFuel Corp.Reconciliation of Non-GAAP
Financial Measure to Financial Measure(Dollars in
thousands)(Unaudited) |
|
Reconciliation of Adjusted EBITDA to Net
Income |
|
|
|
Three Months EndedSeptember 30, |
|
|
Nine Months EndedSeptember 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income |
|
$ |
9,202 |
|
|
$ |
6,890 |
|
|
$ |
3,910 |
|
|
$ |
41,092 |
|
Depreciation |
|
|
2,656 |
|
|
|
2,692 |
|
|
|
7,877 |
|
|
|
8,554 |
|
Non-cash stock-based
compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49 |
|
Interest and dividend
income |
|
|
(654 |
) |
|
|
(1,076 |
) |
|
|
(2,449 |
) |
|
|
(4,652 |
) |
Non-cash interest expense and
amortization of deferred financing costs |
|
|
33 |
|
|
|
32 |
|
|
|
96 |
|
|
|
119 |
|
Loss (gain) on disposal
of property and equipment |
|
|
11 |
|
|
|
(53 |
) |
|
|
11 |
|
|
|
(51 |
) |
Loss (gain) on derivative
instruments |
|
|
2,348 |
|
|
|
(867 |
) |
|
|
10,377 |
|
|
|
(6,789 |
) |
Loss (gain) on marketable
securities |
|
|
729 |
|
|
|
(1,213 |
) |
|
|
192 |
|
|
|
7,273 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,350 |
) |
Income tax benefit |
|
|
(3,181 |
) |
|
|
(830 |
) |
|
|
(12,037 |
) |
|
|
(18,931 |
) |
Adjusted EBITDA |
|
$ |
11,144 |
|
|
$ |
5,575 |
|
|
$ |
7,987 |
|
|
$ |
18,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net Cash Provided
by Operating Activities
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
Net cash provided by operating activities |
|
$ |
19,827 |
|
|
$ |
76,576 |
|
Benefit for deferred income
taxes |
|
|
8,882 |
|
|
|
951 |
|
Interest and dividend
income |
|
|
(2,449 |
) |
|
|
(4,562 |
) |
Income tax benefit |
|
|
(12,037 |
) |
|
|
(18,931 |
) |
Loss (gain) on derivative
instruments |
|
|
10,377 |
|
|
|
(6,879 |
) |
Change in fair value of
derivative instruments |
|
|
(2,147 |
) |
|
|
757 |
|
Change in operating assets and
liabilities, net |
|
|
(16,459 |
) |
|
|
(21,248 |
) |
Other income |
|
|
- |
|
|
|
(8,350 |
) |
Impairment of intangible
asset |
|
|
(1,315 |
) |
|
|
- |
|
Adjusted EBITDA |
|
$ |
7,987 |
|
|
$ |
18,404 |
|
|
FutureFuel Corp.Condensed Consolidated
Segment Income(Dollars in
thousands)(Unaudited) |
|
|
|
Three Months EndedSeptember 30, |
|
|
Nine Months EndedSeptember 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom chemicals |
|
$ |
12,720 |
|
|
$ |
10,328 |
|
|
$ |
35,655 |
|
|
$ |
52,129 |
|
Performance chemicals |
|
|
3,971 |
|
|
|
2,409 |
|
|
|
12,693 |
|
|
|
11,139 |
|
Chemicals revenue |
|
$ |
16,691 |
|
|
$ |
12,737 |
|
|
$ |
48,348 |
|
|
$ |
63,268 |
|
Biofuels revenue |
|
|
81,991 |
|
|
|
41,401 |
|
|
|
165.968 |
|
|
|
91,374 |
|
Total Revenue |
|
$ |
98,682 |
|
|
$ |
54,138 |
|
|
$ |
214,316 |
|
|
$ |
154,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross profit
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
$ |
5,105 |
|
|
$ |
4,754 |
|
|
$ |
8,089 |
|
|
$ |
20,345 |
|
Biofuels |
|
|
3,087 |
|
|
|
1,692 |
|
|
|
(10,676 |
) |
|
|
3,411 |
|
Total gross profit (loss) |
|
|
8,192 |
|
|
|
6,446 |
|
|
|
(2,587 |
) |
|
|
23,756 |
|
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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