FutureFuel Corp. (NYSE: FF) (“FutureFuel”), a manufacturer of
custom and performance chemicals and biofuels, today announced
financial results for the third quarter ended September
30, 2023.
Third quarter
2023 Financial Highlights (all
comparisons are with the third quarter of 2022)
- Revenues were $116.8 million, compared
to $118.1 million.
- Net income decreased to $2.8 million, or
$0.06 per diluted share, from $15.8 million, or
$0.36 per diluted share.
- Adjusted EBITDA(1) was $9.7 million, down from
$18.8 million.
Nine months 2023 Financial
Highlights (all comparisons are with the first
nine months of 2022)
- Revenues were $276.2 million, compared
to $278.2 million.
- Net income increased to $14.0 million, or $0.32 per
diluted share, from $0.3 million, or $0.01 per
diluted share.
- Adjusted EBITDA(1) was $18.2 million, up from
$10.6 million.
(1) A non-GAAP financial measure. See "Non-GAAP Financial
Measures" for a description of the measure and a reconciliation to
the applicable GAAP measure.
“During the third quarter, we sold 19 million gallons of
biodiesel increasing our cashflows from operations. Our biofuel
earnings reflect the impact of heating oil futures as prices rose,
generating a loss from the change in our derivative position this
quarter as compared to a gain in the first six months of the year.
Nevertheless, we continue to capture expected (positive) margins as
we sell our biodiesel, (though down from the prior year). As
we look forward, however, a combination of high feedstock prices
and weak RIN values are depressing margins in the short term.
Our Chemical segment results were negatively impacted by the
fall in glycerin prices worldwide and high inventories in North
America. Also unfavorably impacting sales revenue and earnings in
the comparative period, was the change in the recognition of
capital recovery recorded as a contract liability reduction from an
extension of the estimated life of the contract. We continue
to make good progress in our underlying business as we develop new
customers and new products in our efforts to grow this segment,”
said Tom McKinlay, Chief Executive Officer for FutureFuel
Corp.
2023 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 2023. 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 (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 September 30, |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2023 |
|
|
2022* |
|
|
Change |
|
|
Change |
|
Revenue |
|
$ |
116,752 |
|
|
$ |
118,141 |
|
|
$ |
(1,389 |
) |
|
|
(1 |
)% |
Income from operations |
|
$ |
297 |
|
|
$ |
16,890 |
|
|
$ |
(16,593 |
) |
|
|
(98 |
)% |
Net income |
|
$ |
2,776 |
|
|
$ |
15,780 |
|
|
$ |
(13,004 |
) |
|
|
(82 |
)% |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.06 |
|
|
$ |
0.36 |
|
|
$ |
(0.30 |
) |
|
|
(82 |
)% |
Diluted |
|
$ |
0.06 |
|
|
$ |
0.36 |
|
|
$ |
(0.30 |
) |
|
|
(82 |
)% |
Adjusted EBITDA* |
|
$ |
9,659 |
|
|
$ |
18,829 |
|
|
$ |
(9,170 |
) |
|
|
(49 |
)% |
|
|
For the Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2023 |
|
|
2022* |
|
|
Change |
|
|
Change |
|
Revenue |
|
$ |
276,241 |
|
|
$ |
278,198 |
|
|
$ |
(1,957 |
) |
|
|
(1 |
)% |
Income from operations |
|
$ |
6,965 |
|
|
$ |
5,768 |
|
|
$ |
1,197 |
|
|
|
21 |
% |
Net income |
|
$ |
13,998 |
|
|
$ |
278 |
|
|
$ |
13,720 |
|
|
|
4935 |
% |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.32 |
|
|
$ |
0.01 |
|
|
$ |
0.31 |
|
|
|
4935 |
% |
Diluted |
|
$ |
0.32 |
|
|
$ |
0.01 |
|
|
$ |
0.31 |
|
|
|
4935 |
% |
Adjusted EBITDA* |
|
$ |
18,230 |
|
|
$ |
10,643 |
|
|
$ |
7,587 |
|
|
|
71 |
% |
*Adjusted EBITDA restated for the three and nine months of
2022 consistent with 2023 reporting to exclude cash (realized)
gains and losses on derivative instruments.
Financial and Business Summary
Consolidated sales revenue in the three
and nine months ended September 30, 2023 decreased
$1,389 and $1,957 compared to the three and nine months
ended September 30, 2022, respectively. In the three-and nine-month
comparison periods ended September 30, 2023, chemical segment sales
volumes declined $3,763 and $2,777, respectively, on weakened
glycerin markets and the timing of recognition of capital
recovery. Partially improving chemical sales in both the
three- and nine-month comparison periods was a favorable product
mix and revenue from new custom chemical contracts. Biofuel
segment net sales increased $2,270 and $820, respectively, in
the three- and nine-month comparison periods on higher sales
volumes mostly offset by lower average prices. D4 RIN prices
dropped significantly during the quarter as renewable diesel
volumes increased in the market.
Income from operations in the three months
ended September 30, 2023 decreased $16,593 as compared to
the same period of 2022, from: (i) the spread in biofuel
price and feedstock price narrowed (inclusive of the effect of the
D4 RIN price decline); (ii) the change in the activity in
derivative instruments with a realized loss of $7,286 in the
current three-month period as compared to a realized gain of $4,023
in the same three months of the prior year; (iii) the change in the
mark-to-market derivative position which was an unrealized loss of
$6,782 as compared to an unrealized gain of $665 in the three
months ended September 30, 2023 and 2022, respectively; (iv) the
reduction from the timing of recognition of capital
recovery; and (v) the change in the adjustment in the carrying
value of our inventory as determined utilizing the LIFO method of
inventory accounting. The adjustment in item (v)
increased gross profit $2,528 in the three months ended September
30, 2023 as compared to $6,133 in 2022. The contrasting
results in items (i) and (ii) reflect the impact of price movements
in the biodiesel market during the course of each year compared to
when we committed to our feedstock acquisition. In 2022,
prices rose sharply as a consequence of the conflict in Ukraine and
we recorded mark-to-market losses on the derivative instruments we
use to hedge our biodiesel margins. These losses were then offset
by significant gains in physical sales in the period. In
2023, biodiesel prices fell in the first half of the year and then
rose in the third quarter. This generated derivative gains
for the first half of the year and now mark-to-market losses in the
third quarter against committed sales in the fourth quarter.
Income from operations for the nine months
ended September 30, 2023 was $6,965 as compared to
$5,768 in the nine months ended September 30,
2022. This increase resulted from (i) the change in
our realized derivative gains of $2,150 in the
current nine-month period as compared to realized losses of
$24,970 in the prior nine-month period given the explanation
noted in the three-month comparative period, and (ii) the
change in the adjustment in the carrying value of our inventory as
determined utilizing the LIFO method of inventory
accounting. This adjustment increased gross profit $6,023 in
the current nine-month period as compared to $1,308 in the prior
nine-month period.
Capital Expenditures
Capital expenditures were $4,994 in
the first nine months of 2023, compared with
$3,692 in the same period in 2022.
Cash and Cash Equivalents and Marketable
Securities
Cash and cash equivalents increased
to $205,923 as of September 30, 2023. All
marketable securities were sold in the nine months ended September
30, 2023 and moved to interest bearing accounts. As of
December 31, 2022, cash and cash equivalents
were $175,640 and marketable securities
were $37,126, for a total of $212,766. Working capital was
$235,088 as of September 30, 2023, an increase of $17,410 from
December 31, 2022.
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, non-cash
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 non-cash 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, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
205,923 |
|
|
$ |
175,640 |
|
Accounts receivable, inclusive of the blenders' tax credit of
$13,084 and $8,970 and net of allowances for bad debt of $67 and
$48, respectively |
|
|
29,493 |
|
|
|
26,204 |
|
Inventory |
|
|
26,910 |
|
|
|
26,761 |
|
Marketable securities |
|
|
- |
|
|
|
37,126 |
|
Other current assets |
|
|
4,895 |
|
|
|
8,045 |
|
Total current assets |
|
|
267,221 |
|
|
|
273,776 |
|
Property, plant and equipment, net |
|
|
74,501 |
|
|
|
76,941 |
|
Other assets |
|
|
4,114 |
|
|
|
5,252 |
|
Total noncurrent assets |
|
|
78,615 |
|
|
|
82,193 |
|
Total
Assets |
|
$ |
345,836 |
|
|
$ |
355,969 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable, inclusive of the blenders' tax credit rebates due
customers of $890 and $890, respectively |
|
$ |
20,945 |
|
|
$ |
36,345 |
|
Dividends payable |
|
|
2,626 |
|
|
|
10,503 |
|
Other current liabilities |
|
|
8,562 |
|
|
|
9,250 |
|
Total current liabilities |
|
|
32,133 |
|
|
|
56,098 |
|
Deferred revenue – long-term |
|
|
13,333 |
|
|
|
15,079 |
|
Other noncurrent liabilities |
|
|
3,371 |
|
|
|
1,792 |
|
Total noncurrent liabilities |
|
|
16,704 |
|
|
|
16,871 |
|
Total liabilities |
|
|
48,837 |
|
|
|
72,969 |
|
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 September
30, 2023 and December 31, 2022 |
|
|
4 |
|
|
|
4 |
|
Accumulated other comprehensive loss |
|
|
- |
|
|
|
(1 |
) |
Additional paid in capital |
|
|
282,489 |
|
|
|
282,489 |
|
Retained earnings |
|
|
14,506 |
|
|
|
508 |
|
Total Stockholders’ Equity |
|
|
296,999 |
|
|
|
283,000 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
345,836 |
|
|
$ |
355,969 |
|
FutureFuel
Corp.Condensed Consolidated Statements of Income
and Comprehensive Income(Dollars in thousands,
except per share amounts)(Unaudited)
|
|
Three months ended |
|
|
Nine Months Ended |
|
|
|
September: |
|
|
September: |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
116,752 |
|
|
$ |
118,141 |
|
|
$ |
276,241 |
|
|
$ |
278,198 |
|
Cost of goods sold and
distribution |
|
|
112,882 |
|
|
|
98,156 |
|
|
|
259,340 |
|
|
|
264,391 |
|
Gross profit |
|
|
3,870 |
|
|
|
19,985 |
|
|
|
16,901 |
|
|
|
13,807 |
|
Selling, general, and
administrative expenses |
|
|
2,410 |
|
|
|
2,128 |
|
|
|
6,694 |
|
|
|
5,638 |
|
Research and development
expenses |
|
|
1,163 |
|
|
|
967 |
|
|
|
3,242 |
|
|
|
2,401 |
|
|
|
|
3,573 |
|
|
|
3,095 |
|
|
|
9,936 |
|
|
|
8,039 |
|
Income from
operations |
|
|
297 |
|
|
|
16,890 |
|
|
|
6,965 |
|
|
|
5,768 |
|
Interest and dividend
income |
|
|
2,527 |
|
|
|
1,210 |
|
|
|
6,595 |
|
|
|
2,621 |
|
Gain on marketable
securities |
|
|
- |
|
|
|
(590 |
) |
|
|
575 |
|
|
|
(7,956 |
) |
Other expense |
|
|
(36 |
) |
|
|
(33 |
) |
|
|
(103 |
) |
|
|
(100 |
) |
Other income
(expense) |
|
|
2,491 |
|
|
|
587 |
|
|
|
7,067 |
|
|
|
(5,435 |
) |
Income before income
taxes |
|
|
2,788 |
|
|
|
17,477 |
|
|
|
14,032 |
|
|
|
333 |
|
Income tax provision |
|
|
12 |
|
|
|
1,697 |
|
|
|
34 |
|
|
|
55 |
|
Net income |
|
$ |
2,776 |
|
|
$ |
15,780 |
|
|
$ |
13,998 |
|
|
$ |
278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.06 |
|
|
$ |
0.36 |
|
|
$ |
0.32 |
|
|
$ |
0.01 |
|
Diluted |
|
$ |
0.06 |
|
|
$ |
0.36 |
|
|
$ |
0.32 |
|
|
$ |
0.01 |
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,763,243 |
|
Diluted |
|
|
43,765,709 |
|
|
|
43,763,243 |
|
|
|
43,765,163 |
|
|
|
43,766,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,776 |
|
|
$ |
15,780 |
|
|
$ |
13,998 |
|
|
$ |
278 |
|
Other comprehensive (loss) income from unrealized net (losses)
gains on available-for-sale securities |
|
|
- |
|
|
|
(71 |
) |
|
|
2 |
|
|
|
(219 |
) |
Income tax effect |
|
|
- |
|
|
|
15 |
|
|
|
(1 |
) |
|
|
46 |
|
Total unrealized (loss) gain, net of tax |
|
|
- |
|
|
|
(56 |
) |
|
|
1 |
|
|
|
(173 |
) |
Comprehensive
income |
|
$ |
2,776 |
|
|
$ |
15,724 |
|
|
$ |
13,999 |
|
|
$ |
105 |
|
FutureFuel
Corp.Consolidated Statements of Cash
Flows(Dollars in
thousands)(Unaudited)
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,998 |
|
|
$ |
278 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,736 |
|
|
|
7,850 |
|
Amortization of deferred financing costs |
|
|
75 |
|
|
|
72 |
|
Benefit for deferred income taxes |
|
|
- |
|
|
|
(255 |
) |
Change in fair value of equity securities |
|
|
(3,117 |
) |
|
|
7,940 |
|
Change in fair value of derivative instruments |
|
|
3,523 |
|
|
|
(3,053 |
) |
Loss on the sale of investments |
|
|
2,543 |
|
|
|
15 |
|
Stock based compensation |
|
|
- |
|
|
|
46 |
|
Loss on disposal of property and equipment |
|
|
8 |
|
|
|
60 |
|
Noncash interest expense |
|
|
26 |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(3,295 |
) |
|
|
5,597 |
|
Accounts receivable – related parties |
|
|
6 |
|
|
|
47 |
|
Inventory |
|
|
(149 |
) |
|
|
9,523 |
|
Income tax receivable |
|
|
32 |
|
|
|
7,759 |
|
Prepaid expenses |
|
|
2,700 |
|
|
|
2,711 |
|
Prepaid expenses – related party |
|
|
- |
|
|
|
(8 |
) |
Other assets |
|
|
(5,019 |
) |
|
|
296 |
|
Accounts payable |
|
|
(14,910 |
) |
|
|
9,257 |
|
Accounts payable – related parties |
|
|
(800 |
) |
|
|
338 |
|
Accrued expenses and other current liabilities |
|
|
(404 |
) |
|
|
25 |
|
Accrued expenses and other current liabilities – related
parties |
|
|
- |
|
|
|
(1 |
) |
Deferred revenue |
|
|
(2,030 |
) |
|
|
(4,128 |
) |
Other noncurrent liabilities |
|
|
1,553 |
|
|
|
(242 |
) |
Net cash provided by operating activities |
|
|
2,476 |
|
|
|
44,127 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Collateralization of derivative instruments |
|
|
2,991 |
|
|
|
865 |
|
Proceeds from the sale of marketable securities |
|
|
37,701 |
|
|
|
263 |
|
Proceeds from the sale of property and equipment |
|
|
- |
|
|
|
61 |
|
Capital expenditures |
|
|
(4,994 |
) |
|
|
(3,692 |
) |
Net cash provided by (used in) investing
activities |
|
|
35,698 |
|
|
|
(2,503 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Payment of dividends |
|
|
(7,877 |
) |
|
|
(7,877 |
) |
Deferred financing costs |
|
|
(14 |
) |
|
|
- |
|
Net cash used in financing activities |
|
|
(7,891 |
) |
|
|
(7,877 |
) |
Net change in cash and cash
equivalents |
|
|
30,283 |
|
|
|
(33,747 |
) |
Cash and cash equivalents at
beginning of period |
|
|
175,640 |
|
|
|
137,521 |
|
Cash and cash
equivalents at end of period |
|
$ |
205,923 |
|
|
$ |
171,268 |
|
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes |
|
$ |
- |
|
|
$ |
72 |
|
Noncash capital
expenditures |
|
$ |
518 |
|
|
$ |
214 |
|
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 |
|
|
Nine Months Ended |
|
|
|
September: |
|
|
September: |
|
|
|
2023 |
|
|
2022* |
|
|
2023 |
|
|
2022* |
|
Net income |
|
$ |
2,776 |
|
|
$ |
15,780 |
|
|
$ |
13,998 |
|
|
$ |
278 |
|
Depreciation |
|
|
2,581 |
|
|
|
2,574 |
|
|
|
7,736 |
|
|
|
7,850 |
|
Non-cash stock-based
compensation |
|
|
- |
|
|
|
46 |
|
|
|
- |
|
|
|
46 |
|
Interest and dividend
income |
|
|
(2,527 |
) |
|
|
(1,210 |
) |
|
|
(6,595 |
) |
|
|
(2,621 |
) |
Non-cash interest expense and
amortization of deferred financing costs |
|
|
35 |
|
|
|
7 |
|
|
|
101 |
|
|
|
72 |
|
Loss on disposal of property
and equipment |
|
|
- |
|
|
|
10 |
|
|
|
8 |
|
|
|
60 |
|
Unrealized loss (gain) on
derivative instruments |
|
|
6,782 |
|
|
|
(665 |
) |
|
|
3,523 |
|
|
|
(3,053 |
) |
Loss (gain) on marketable
securities |
|
|
- |
|
|
|
590 |
|
|
|
(575 |
) |
|
|
7,956 |
|
Income tax provision |
|
|
12 |
|
|
|
1,697 |
|
|
|
34 |
|
|
|
55 |
|
Adjusted EBITDA* |
|
$ |
9,659 |
|
|
$ |
18,829 |
|
|
$ |
18,230 |
|
|
$ |
10,643 |
|
Reconciliation of Adjusted EBITDA to Net Cash Provided
by Operating Activities
|
|
Nine Months Ended |
|
|
|
September: |
|
|
|
2023 |
|
|
2022* |
|
Net cash provided by operating
activities |
|
$ |
2,476 |
|
|
$ |
44,127 |
|
Benefit for deferred income
taxes |
|
|
- |
|
|
|
255 |
|
Interest and dividend
income |
|
|
(6,595 |
) |
|
|
(2,621 |
) |
Income tax provision |
|
|
34 |
|
|
|
55 |
|
Changes in operating assets
and liabilities, net |
|
|
22,315 |
|
|
|
(31,174 |
) |
Other |
|
|
- |
|
|
|
1 |
|
Adjusted EBITDA* |
|
$ |
18,230 |
|
|
$ |
10,643 |
|
*Adjusted EBITDA restated for the three and nine months of
2022 consistent with 2023 reporting to exclude cash (realized)
gains and losses on derivative instruments.
FutureFuel
Corp.Condensed Consolidated Segment
Income(Dollars in
thousands)(Unaudited)
|
|
Three months ended |
|
|
Nine Months Ended |
|
|
|
September: |
|
|
September: |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom chemicals |
|
$ |
14,454 |
|
|
$ |
16,047 |
|
|
$ |
46,650 |
|
|
$ |
44,028 |
|
Performance chemicals |
|
|
3,393 |
|
|
|
5,459 |
|
|
|
11,834 |
|
|
|
17,233 |
|
Chemical revenue |
|
$ |
17,847 |
|
|
$ |
21,506 |
|
|
$ |
58,484 |
|
|
$ |
61,261 |
|
Biofuel revenue |
|
|
98,905 |
|
|
|
96,635 |
|
|
|
217,757 |
|
|
|
216,937 |
|
Total Revenue |
|
$ |
116,752 |
|
|
$ |
118,141 |
|
|
$ |
276,241 |
|
|
$ |
278,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross profit
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemical |
|
$ |
6,878 |
|
|
$ |
8,362 |
|
|
$ |
21,917 |
|
|
$ |
17,976 |
|
Biofuel |
|
|
(3,008 |
) |
|
|
11,623 |
|
|
|
(5,016 |
) |
|
|
(4,169 |
) |
Total gross profit |
|
$ |
3,870 |
|
|
$ |
19,985 |
|
|
$ |
16,901 |
|
|
$ |
13,807 |
|
As of September 30, 2023, FutureFuel held
4.2 million of RINs in inventory at no cost with a fair market
value of $6,971. Comparatively, at September 30, 2022,
FutureFuel held 8.1 million of RINs in inventory at
no cost with a fair market value of $12,752.
COMPANY
CONTACT |
|
FutureFuel Corp. |
|
Tom McKinlay |
|
(314)
854-8352www.futurefuelcorporation.com |
|
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