FutureFuel Corp. (NYSE: FF) (“FutureFuel”), a manufacturer of
custom and performance chemicals and biofuels, today announced
financial results for the fourth quarter and year ended December
31, 2022.
Fourth Quarter 2022 Financial
Highlights (all comparisons are with the fourth quarter of
2021)
- Revenues were $117.8 million, up 10% from
$107.1 million.
- Net income decreased to $14.9 million, or $0.34 per
diluted share, from $22.3 million, or $0.51 per diluted
share.
- Adjusted EBITDA* was $16.9 million, down 35% from
$25.9 million.
2022 Financial Highlights (all comparisons
are with the year ended December 31, 2021)
- Revenues were $396.0 million, up 23% from
$321.4 million.
- Net income decreased to $15.2 million, or $0.35 per
diluted share, from $26.3 million, or $0.60 per diluted
share.
- Adjusted EBITDA* was $52.5 million, up 55% from
$33.8 million.
[*A non-GAAP financial measure. See "Non-GAAP Financial
Measures" for a description of the measure.]
“The results for the financial year 2022 reflect positive
developments within our chemical segment which were unfortunately
offset by negative external factors impacting our biodiesel
segment.
In our Chemical segment, we experienced positive results
particularly due to strong prices for our glycerin and
growth of higher value products in our production mix.
In addition, three new products from both new and existing
customers were trialled in our plant which had a further positive
impact during the fourth quarter.
The results for the biodiesel segment were
severely impacted by low volumes in the first half of the year
and unprecedented volatility in the heating oil futures market
in Q2 which resulted in a basis risk loss of $10.5
million. In contrast, the fourth quarter showed very positive
contributions when the plant operated at full capacity and good
margins were achieved.” said Tom McKinlay, Chief
Executive Officer for FutureFuel Corp.
2023 Regular Cash Dividends
FutureFuel declared a
regular quarterly cash dividend in the amount of $0.06
per share on our common stock in the fourth quarter
of 2022.
Financial Overview and Key Operating
Metrics
Financial and operating metrics, which include
non-GAAP financial measures (see "Non-GAAP Financial Measures" for
additional information), include dollars in thousands, except per
share amounts:
FutureFuel Corp.Certain Financial and Operating
Metrics(Unaudited) |
|
|
Three months ended December 31: |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2022 |
|
|
2021 |
|
|
Change |
|
|
Change |
|
Revenues |
|
$ |
117,816 |
|
|
$ |
107,070 |
|
|
$ |
10,746 |
|
|
|
10 |
% |
Income from operations |
|
$ |
11,778 |
|
|
$ |
23,132 |
|
|
$ |
(11,354 |
) |
|
|
(49 |
%) |
Net income |
|
$ |
14,933 |
|
|
$ |
22,345 |
|
|
$ |
(7,412 |
) |
|
|
(33 |
%) |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.51 |
|
|
$ |
(0.17 |
) |
|
|
(33 |
%) |
Diluted |
|
$ |
0.34 |
|
|
$ |
0.51 |
|
|
$ |
(0.17 |
) |
|
|
(33 |
%) |
Adjusted EBITDA |
|
$ |
16,853 |
|
|
$ |
25,861 |
|
|
$ |
(9,008 |
) |
|
|
(35 |
%) |
|
|
Twelve months ended December 31: |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2022 |
|
|
2021 |
|
|
Change |
|
|
Change |
|
Revenues |
|
$ |
396,014 |
|
|
$ |
321,386 |
|
|
$ |
74,628 |
|
|
|
23 |
% |
Income from operations |
|
$ |
17,546 |
|
|
$ |
12,898 |
|
|
$ |
4,648 |
|
|
|
36 |
% |
Net income |
|
$ |
15,211 |
|
|
$ |
26,255 |
|
|
$ |
(11,044 |
) |
|
|
(42 |
%) |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.60 |
|
|
$ |
(0.25 |
) |
|
|
(42 |
%) |
Diluted |
|
$ |
0.35 |
|
|
$ |
0.60 |
|
|
$ |
(0.25 |
) |
|
|
(42 |
%) |
Adjusted EBITDA |
|
$ |
52,466 |
|
|
$ |
33,848 |
|
|
$ |
18,618 |
|
|
|
55 |
% |
Consolidated Financial Results Q4 2022 versus Q4
2021
Fourth quarter revenue increased 10%
or $10,746 primarily from higher average
selling prices of biodiesel and glycerin products in the
biofuel segment. Chemical sales revenue also rose 2% over the prior
year quarter.
Income from operations decreased
$11,354 primarily from rising feedstock prices which
compressed margins in the biofuel segment and from higher
inflationary costs in energy and labor.
Net income was $14,933 or
$0.34 per diluted share for fourth quarter 2022 as
compared with $22,345 or $0.51 per diluted share for
fourth quarter 2021 for the same reasons described above.
Consolidated Financial Results
2022 versus 2021
Consolidated sales revenue increased
$74,628 in 2022 compared to 2021. This increase primarily
resulted from higher average selling prices in the biofuel
segment and, to a lesser extent, in the chemical segment.
This increase was reduced in part by lower sales volumes primarily
in the biofuels segment and, to a lesser extent, in the chemicals
segment.
Gross profit increased $5,456. This increase
was mainly attributable to improved margins in the
chemical segment and the unfavorable impact in the
prior year from the significantly atypical natural gas
prices incurred in February 2021 from Winter Storm Uri.
Partially reducing this improvement in gross profit was the
unfavorable change in the realized and unrealized activity of
derivative instruments which resulted in a reduction of gross
profit in 2021 by $10,377, as compared to a reduction in gross
profit of $24,360 in 2022. This comparative unfavorable change was
primarily from the unprecedented volatility in the NYMEX Heating
Oil contract experienced in 2022.
FutureFuel reported net income of $15,211, or
$0.35 per diluted share for 2022, compared with net income of
$26,255, or $0.60 per diluted share for 2021.
Capital Expenditures
Capital expenditures were $4,778 in
2022, compared with $1,456 in 2021.
Cash and Cash Equivalents and Marketable
Securities
Cash and cash equivalents and marketable
securities totaled $212,766 as of December 31, 2022, compared
with $184,711 as of December 31, 2021.
About FutureFuel
FutureFuel is a leading manufacturer of
diversified chemical products and biofuels. FutureFuel’s chemicals
segment manufactures specialty chemicals for specific customers
(“custom chemicals”) as well as multi-customer specialty chemicals
(“performance chemicals”). FutureFuel’s custom manufacturing
product portfolio includes proprietary agrochemicals, adhesion
promoters, a biocide intermediate, and an antioxidant precursor.
FutureFuel’s performance chemicals products include a portfolio of
proprietary nylon and polyester polymer modifiers and several
small-volume specialty chemicals and solvents 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, 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, 2022 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) |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
175,640 |
|
|
$ |
137,521 |
|
Accounts receivable, inclusive of the blenders' tax credit of
$8,970 and $8,232 and net of allowances for bad debt of
$48 and $67, respectively |
|
|
26,204 |
|
|
|
29,374 |
|
Inventory |
|
|
26,761 |
|
|
|
26,920 |
|
Marketable securities |
|
|
37,126 |
|
|
|
47,190 |
|
Other current assets |
|
|
8,045 |
|
|
|
14,828 |
|
Total current assets |
|
|
273,776 |
|
|
|
255,833 |
|
Property, plant and equipment, net |
|
|
76,941 |
|
|
|
82,901 |
|
Other assets |
|
|
5,252 |
|
|
|
5,596 |
|
Total noncurrent assets |
|
|
82,193 |
|
|
|
88,497 |
|
Total
Assets |
|
$ |
355,969 |
|
|
$ |
344,330 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable, inclusive of the blenders' tax credit rebates due
customers of $890 and $890, respectively |
|
$ |
36,345 |
|
|
$ |
22,823 |
|
Dividends payable |
|
|
10,503 |
|
|
|
- |
|
Other current liabilities |
|
|
9,250 |
|
|
|
12,233 |
|
Total current liabilities |
|
|
56,098 |
|
|
|
35,056 |
|
Deferred revenue – long-term |
|
|
15,079 |
|
|
|
16,755 |
|
Other noncurrent liabilities |
|
|
1,792 |
|
|
|
3,591 |
|
Total noncurrent liabilities |
|
|
16,871 |
|
|
|
20,346 |
|
Total liabilities |
|
|
72,969 |
|
|
|
55,402 |
|
Commitments and
contingencies: |
|
|
|
|
|
|
|
|
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 as of December 31,
2022 and 2021 |
|
|
4 |
|
|
|
4 |
|
Accumulated other comprehensive (loss) income |
|
|
(1 |
) |
|
|
178 |
|
Additional paid in capital |
|
|
282,489 |
|
|
|
282,443 |
|
Retained earnings |
|
|
508 |
|
|
|
6,303 |
|
Total Stockholders’ Equity |
|
|
283,000 |
|
|
|
288,928 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
355,969 |
|
|
$ |
344,330 |
|
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Condensed Consolidated Statements
of Income and Comprehensive Income(Dollars in thousands,
except per share amounts)(Unaudited) |
|
|
Three months ended December 31: |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
117,816 |
|
|
$ |
107,070 |
|
Cost of goods sold and
distribution |
|
|
102,630 |
|
|
|
80,946 |
|
Gross profit |
|
|
15,186 |
|
|
|
26,124 |
|
Selling, general, and
administrative expenses |
|
|
2,394 |
|
|
|
1,894 |
|
Research and development
expenses |
|
|
1,014 |
|
|
|
1,098 |
|
|
|
|
3,408 |
|
|
|
2,992 |
|
Income from
operations |
|
|
11,778 |
|
|
|
23,132 |
|
Interest and dividend
income |
|
|
2,249 |
|
|
|
670 |
|
(Loss) gain on marketable
securities |
|
|
(590 |
) |
|
|
122 |
|
Other (expense) income |
|
|
(32 |
) |
|
|
133 |
|
Other income |
|
|
1,627 |
|
|
|
925 |
|
Income before income
taxes |
|
|
13,405 |
|
|
|
24,057 |
|
Income tax (benefit)
provision |
|
|
(1,528 |
) |
|
|
1,712 |
|
Net income |
|
$ |
14,933 |
|
|
$ |
22,345 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.51 |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
0.51 |
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
43,763,243 |
|
|
|
43,763,243 |
|
Diluted |
|
|
43,764,227 |
|
|
|
43,763,243 |
|
|
|
|
|
|
|
|
|
|
Comprehensive
income |
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,933 |
|
|
$ |
22,345 |
|
Other comprehensive (loss) income from unrealized net gains on
available-for-sale securities |
|
|
(8 |
) |
|
|
29 |
|
Income tax effect |
|
|
2 |
|
|
|
(6 |
) |
Total unrealized (losses) gains, net of tax |
|
|
(6 |
) |
|
|
23 |
|
Comprehensive income |
|
$ |
14,927 |
|
|
$ |
22,368 |
|
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Condensed Consolidated Statements
of Income and Comprehensive Income(Dollars in thousands,
except per share amounts)(Unaudited) |
|
|
Twelve months ended December 31: |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
396,014 |
|
|
$ |
321,386 |
|
Cost of goods sold and
distribution |
|
|
367,021 |
|
|
|
297,849 |
|
Gross profit |
|
|
28,993 |
|
|
|
23,537 |
|
Selling, general, and
administrative expenses |
|
|
8,032 |
|
|
|
7,155 |
|
Research and development
expenses |
|
|
3,415 |
|
|
|
3,484 |
|
|
|
|
11,447 |
|
|
|
10,639 |
|
Income from
operations |
|
|
17,546 |
|
|
|
12,898 |
|
Interest and dividend
income |
|
|
4,870 |
|
|
|
3,119 |
|
Loss on marketable
securities |
|
|
(8,546 |
) |
|
|
(70 |
) |
Other expense |
|
|
(132 |
) |
|
|
(17 |
) |
Other (expense) income |
|
|
(3,808 |
) |
|
|
3,032 |
|
Income before income
taxes |
|
|
13,738 |
|
|
|
15,930 |
|
Income tax benefit |
|
|
(1,473 |
) |
|
|
(10,325 |
) |
Net income |
|
$ |
15,211 |
|
|
$ |
26,255 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.35 |
|
|
$ |
0.60 |
|
Diluted |
|
$ |
0.35 |
|
|
$ |
0.60 |
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
43,763,243 |
|
|
|
43,756,065 |
|
Diluted |
|
|
43,763,489 |
|
|
|
43,756,113 |
|
|
|
|
|
|
|
|
|
|
Comprehensive
income |
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,211 |
|
|
$ |
26,255 |
|
Other comprehensive loss from unrealized net losses on
available-for-sale securities |
|
|
(227 |
) |
|
|
(38 |
) |
Income tax effect |
|
|
48 |
|
|
|
8 |
|
Total unrealized losses, net of tax |
|
|
(179 |
) |
|
|
(30 |
) |
Comprehensive income |
|
$ |
15,032 |
|
|
$ |
26,225 |
|
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Consolidated Statements of Cash
FlowsFor the Years Ended December 31,
2021 and 2020(Dollars in
thousands)(Unaudited) |
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,211 |
|
|
$ |
26,255 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
10,454 |
|
|
|
10,452 |
|
Amortization of deferred financing costs |
|
|
95 |
|
|
|
95 |
|
Benefit for deferred income taxes |
|
|
(1,822 |
) |
|
|
(10,454 |
) |
Change in fair value of equity securities |
|
|
8,297 |
|
|
|
904 |
|
Change in fair value of derivative instruments |
|
|
(343 |
) |
|
|
609 |
|
Loss (gain) on the sale of investments |
|
|
248 |
|
|
|
(834 |
) |
Stock based compensation |
|
|
46 |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
64 |
|
|
|
11 |
|
Impairment of intangible asset |
|
|
- |
|
|
|
1,315 |
|
Noncash interest expense |
|
|
33 |
|
|
|
32 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
3,118 |
|
|
|
(7,929 |
) |
Accounts receivable – related parties |
|
|
52 |
|
|
|
1,368 |
|
Inventory |
|
|
162 |
|
|
|
6,969 |
|
Income tax receivable |
|
|
7,801 |
|
|
|
7,908 |
|
Prepaid expenses |
|
|
(106 |
) |
|
|
379 |
|
Prepaid expenses – related party |
|
|
(8 |
) |
|
|
(4 |
) |
Other assets |
|
|
799 |
|
|
|
732 |
|
Accounts payable |
|
|
13,790 |
|
|
|
2,095 |
|
Accounts payable – related parties |
|
|
(112 |
) |
|
|
6,927 |
|
Accrued expenses and other current liabilities |
|
|
(948 |
) |
|
|
870 |
|
Accrued expenses and other current liabilities – related
parties |
|
|
- |
|
|
|
1 |
|
Deferred revenue |
|
|
(4,055 |
) |
|
|
(2,931 |
) |
Other noncurrent liabilities |
|
|
(325 |
) |
|
|
(686 |
) |
Net cash provided by operating activities |
|
|
52,541 |
|
|
|
44,084 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Collateralization of derivative instruments |
|
|
(404 |
) |
|
|
(750 |
) |
Purchase of marketable securities |
|
|
- |
|
|
|
(23,546 |
) |
Proceeds from the sale of marketable securities |
|
|
1,292 |
|
|
|
40,652 |
|
Proceeds from the sale of property and equipment |
|
|
61 |
|
|
|
- |
|
Proceeds from the sale of intangible asset |
|
|
- |
|
|
|
93 |
|
Capital expenditures |
|
|
(4,778 |
) |
|
|
(1,456 |
) |
Net cash provided by investing activities |
|
|
(3,829 |
) |
|
|
14,993 |
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Proceeds from the issuance of stock |
|
|
- |
|
|
|
231 |
|
Minimum tax withholding on stock options exercised |
|
|
- |
|
|
|
(3 |
) |
Payment of dividends |
|
|
(10,503 |
) |
|
|
(119,906 |
) |
Net cash used in financing activities |
|
|
(10,503 |
) |
|
|
119,678 |
|
Net change in cash and cash
equivalents |
|
|
38,119 |
|
|
|
(60,601 |
) |
Cash and cash equivalents at
beginning of period |
|
|
137,521 |
|
|
|
198,122 |
|
Cash and cash
equivalents at end of period |
|
$ |
175,640 |
|
|
$ |
137,521 |
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3 |
|
|
$ |
47 |
|
Cash paid for income
taxes |
|
$ |
69 |
|
|
$ |
83 |
|
Noncash investing and
financing activities: |
|
|
|
|
|
|
|
|
Noncash capital expenditures |
|
$ |
208 |
|
|
$ |
364 |
|
Noncash operating leases |
|
$ |
707 |
|
|
$ |
269 |
|
Noncash items incurred for dividends |
|
$ |
10,503 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
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 December
31: |
|
|
Twelve months ended December
31: |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
14,933 |
|
|
$ |
22,345 |
|
|
$ |
15,211 |
|
|
$ |
26,255 |
|
Depreciation |
|
|
2,604 |
|
|
|
2,565 |
|
|
|
10,454 |
|
|
|
10,452 |
|
Non-cash stock-based
compensation |
|
|
- |
|
|
|
- |
|
|
|
46 |
|
|
|
- |
|
Interest and dividend
income |
|
|
(2,249 |
) |
|
|
(670 |
) |
|
|
(4,870 |
) |
|
|
(3,119 |
) |
Non-cash interest expense and
amortization of deferred financing costs |
|
|
56 |
|
|
|
31 |
|
|
|
128 |
|
|
|
127 |
|
Loss on disposal of property
and equipment |
|
|
4 |
|
|
|
- |
|
|
|
64 |
|
|
|
11 |
|
Loss on derivative
instruments |
|
|
2,443 |
|
|
|
- |
|
|
|
24,360 |
|
|
|
10,377 |
|
Loss (gain) on marketable
securities |
|
|
590 |
|
|
|
(122 |
) |
|
|
8,546 |
|
|
|
70 |
|
Income tax (benefit)
provision |
|
|
(1,528 |
) |
|
|
1,712 |
|
|
|
(1,473 |
) |
|
|
(10,325 |
) |
Adjusted EBITDA |
|
$ |
16,853 |
|
|
$ |
25,861 |
|
|
$ |
52,466 |
|
|
$ |
33,848 |
|
Reconciliation of Adjusted EBITDA to Net Cash Provided
by Operating Activities
|
|
Twelve months ended December 31: |
|
|
|
2022 |
|
|
2021 |
|
Net cash provided by operating activities |
|
$ |
52,451 |
|
|
$ |
44,084 |
|
Benefit for deferred income
taxes |
|
|
1,822 |
|
|
|
10,454 |
|
Interest and dividend
income |
|
|
(4,870 |
) |
|
|
(3,119 |
) |
Income tax provision |
|
|
(1,473 |
) |
|
|
(10,325 |
) |
Loss on derivative
instruments |
|
|
24,360 |
|
|
|
10,377 |
|
Change in fair value of
derivative instruments |
|
|
343 |
|
|
|
(609 |
) |
Changes in operating assets
and liabilities, net |
|
|
(20,168 |
) |
|
|
(15,699 |
) |
Other non-operating
income |
|
|
1 |
|
|
|
- |
|
Impairment of intangible
asset |
|
|
- |
|
|
|
(1,315 |
) |
Adjusted EBITDA |
|
$ |
52,466 |
|
|
$ |
33,848 |
|
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Condensed Consolidated Segment
Income(Dollars in
thousands)(Unaudited) |
|
|
Three months ended December 31: |
|
|
Twelve months ended December 31: |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom chemicals |
|
$ |
14,709 |
|
|
$ |
15,020 |
|
|
$ |
58,737 |
|
|
$ |
50,675 |
|
Performance chemicals |
|
|
4,923 |
|
|
|
4,174 |
|
|
|
22,156 |
|
|
|
16,867 |
|
Chemicals revenue |
|
$ |
19,632 |
|
|
$ |
19,194 |
|
|
$ |
80,893 |
|
|
$ |
67,542 |
|
Biofuels revenue |
|
|
98,184 |
|
|
|
87,876 |
|
|
|
315,121 |
|
|
|
253,844 |
|
Total Revenue |
|
$ |
117,816 |
|
|
$ |
107,070 |
|
|
$ |
396,014 |
|
|
$ |
321,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
$ |
7,669 |
|
|
$ |
5,881 |
|
|
$ |
25,645 |
|
|
$ |
13,970 |
|
Biofuels |
|
|
7,517 |
|
|
|
20,243 |
|
|
|
3,348 |
|
|
|
9,567 |
|
Total gross profit |
|
$ |
15,186 |
|
|
$ |
26,124 |
|
|
$ |
28,993 |
|
|
$ |
23,537 |
|
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
CONTACT |
|
FutureFuel Corp. |
|
Tom McKinlay |
|
(314) 854-8352 |
|
www.futurefuelcorporation.com |
|
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