FutureFuel Corp. (NYSE: FF) (“FutureFuel”),
a manufacturer of custom and performance chemicals and biofuels,
today announced financial results for the second quarter ended
June 30, 2023.
Second Quarter
2023 Financial Highlights (all
comparisons are with the second quarter of 2022)
- Revenues were $85.3 million, down 28% from
$117.8 million.
- Net loss increased to $9.9 million, or $0.23 per
diluted share(1), from a loss of $3.1 million, or
$0.07 per diluted share.
- Adjusted EBITDA(2) was ($7.3) million, down from
$0.4 million.
Six months 2023 Financial Highlights (all
comparisons are with the first half of 2022)
- Revenues were $159.5 million, comparable
to $160.1 million.
- Net income increased to $11.2 million, or $0.26 per
diluted share(1), from a loss of $15.5 million, or
$0.35 per diluted share.
- Adjusted EBITDA(2) was $8.6 million, up from
($8.2) million.
(1) Unfavorably impacted by the timing of the sale of separated
Renewable Identification Numbers ("RINs") held in inventory at
quarter close and sold in July 2023.(2) A non-GAAP financial
measure. See "Non-GAAP Financial Measures" for a description
of the measure and a reconciliation to the applicable GAAP
measure.
“For the first half of 2023, biodiesel margins have been
strong, and we have operated our biodiesel plant at full capacity.
However, our second quarter results were weaker as the result of
the timing of the sale of separated RINs. These were held
in inventory at no cost at the end of the second quarter and
were subsequently sold in July benefiting our third
quarter results by $19.5 million.
Our chemical segment continued to grow and show improved
margins in the three and six months ended June 30, 2023. This was
supported by the commercialization of new products and the
successful completion of new product trials as we continue to
implement our strategy to grow the chemical 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 second quarter of 2023. 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 (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 June 30, |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2023 |
|
|
2022* |
|
|
Change |
|
|
Change |
|
Revenue |
|
$ |
85,308 |
|
|
$ |
117,796 |
|
|
$ |
(32,488 |
) |
|
|
(28 |
%) |
Loss from operations |
|
$ |
(11,583 |
) |
|
$ |
(1,515 |
) |
|
$ |
(10,068 |
) |
|
|
(665 |
%) |
Net loss |
|
$ |
(9,859 |
) |
|
$ |
(3,104 |
) |
|
$ |
(6,755 |
) |
|
|
(217 |
%) |
Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.23 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
|
(229 |
%) |
Diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.16 |
) |
|
|
(229 |
%) |
Adjusted EBITDA* |
|
$ |
(7,329 |
) |
|
$ |
382 |
|
|
$ |
(7,711 |
) |
|
|
n/a |
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
|
2023 |
|
|
2022* |
|
|
Change |
|
|
Change |
|
Revenue |
|
$ |
159,489 |
|
|
$ |
160,057 |
|
|
$ |
(568 |
) |
|
|
0 |
% |
Income (loss) from
operations |
|
$ |
6,668 |
|
|
$ |
(11,122 |
) |
|
$ |
17,790 |
|
|
|
n/a |
|
Net income (loss) |
|
$ |
11,222 |
|
|
$ |
(15,502 |
) |
|
$ |
26,724 |
|
|
|
n/a |
|
Earnings (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
(0.35 |
) |
|
$ |
0.61 |
|
|
|
n/a |
|
Diluted |
|
$ |
0.26 |
|
|
$ |
(0.35 |
) |
|
$ |
0.61 |
|
|
|
n/a |
|
Adjusted EBITDA* |
|
$ |
8,571 |
|
|
$ |
(8,186 |
) |
|
$ |
16,757 |
|
|
|
n/a |
|
*Adjusted EBITDA restated for the three and six 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
six months ended June 30, 2023 decreased $32,488 and
$568 compared to the three and six months ended June 30, 2022.
These decreases resulted, in part, from the timing of
separated RINs in our biofuel segment held in inventory
at June 30, 2023 with a fair market value of $19,461 which were
sold in July. In addition, in the three months ended June 30,
2023, biofuel segment sales volume decreased 11% or $11,057 (and
inventory increased) on forward sales to the second half of 2023 on
stronger margins. In the six months ended June 30, 2023, biofuel
segment sales volumes increased 4.9% or $5,901.
As a result of the above
mentioned separated RINs held in inventory at no cost,
a loss from operations of $11,583 resulted in the
three months ended June 30, 2023 (a reduction of
$10,068 from the comparative prior year period).
Partially offsetting this decrease was the change in the
adjustment in the carrying value of our inventory as determined
utilizing the LIFO method of inventory accounting. This
adjustment decreased income from operations $288 and
$5,307 in the three months ended June 30, 2023 and 2022,
respectively. In addition, in the prior three-month
comparison period, derivative losses resulted from unprecedented
volatility in the heating oil futures market for which we modified
our derivative strategy to help mitigate reoccurrence.
Margins also improved in our chemical segment to 34% from 23% in
the prior year period on new products and product mix.
Income from operations for the six months ended
June 30, 2023 was $6,668 as compared to a loss of
$11,122 in the six months ended June 30, 2022. This
increase resulted from (i) the change in our realized derivative
gains of $9,437 in the current six-month period as compared to
realized losses of $28,992 in the prior six-month period given
unprecedented market volatility as described above, 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 income from operations $3,495 in the
current six-month period as compared to a decrease of income from
operations of $4,825 in the prior six-month period.
Income from operations did not include $19.5 million from
the sale of separated RINs in July 2023. Lastly, for the
six-month comparative period, chemical margins improved to 37% from
24% in the prior six-month period on new product trials and product
mix
Capital Expenditures
Capital expenditures were $3,875 in
the first six months of 2023, compared with $1,895 in the
same period in 2022.
Cash and Cash Equivalents and Marketable
Securities
Cash and cash
equivalents were $166,690 and $175,640 and marketable
securities were $0 and $37,126 as of June 30,
2023 and December 31, 2022, respectively. Cash was
used to increase biofuel inventories, the majority of which is
committed for sale in the third and fourth quarters of 2023.
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) |
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
166,690 |
|
|
$ |
175,640 |
|
Accounts receivable, inclusive of the blenders' tax credit of
$9,807 and $8,970 and net of allowances for bad debt of
$80 and $48, respectively |
|
|
28,574 |
|
|
|
26,204 |
|
Inventory |
|
|
67,362 |
|
|
|
26,761 |
|
Marketable securities |
|
|
- |
|
|
|
37,126 |
|
Other current assets |
|
|
11,647 |
|
|
|
8,045 |
|
Total current assets |
|
|
274,273 |
|
|
|
273,776 |
|
Property, plant and equipment, net |
|
|
75,689 |
|
|
|
76,941 |
|
Other assets |
|
|
4,497 |
|
|
|
5,252 |
|
Total noncurrent assets |
|
|
80,186 |
|
|
|
82,193 |
|
Total
Assets |
|
$ |
354,459 |
|
|
$ |
355,969 |
|
Liabilities and
Stockholders’Equity |
|
|
|
|
|
|
|
|
Accounts payable, inclusive of the blenders' tax credit rebates due
customers of $890 and $890, respectively |
|
$ |
30,136 |
|
|
$ |
36,345 |
|
Dividends payable |
|
|
5,252 |
|
|
|
10,503 |
|
Other current liabilities |
|
|
9,400 |
|
|
|
9,250 |
|
Total current liabilities |
|
|
44,788 |
|
|
|
56,098 |
|
Deferred revenue – long-term |
|
|
13,212 |
|
|
|
15,079 |
|
Other noncurrent liabilities |
|
|
2,236 |
|
|
|
1,792 |
|
Total noncurrent liabilities |
|
|
15,448 |
|
|
|
16,871 |
|
Total liabilities |
|
|
60,236 |
|
|
|
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 June 30,
2023 and December 31, 2022 |
|
|
4 |
|
|
|
4 |
|
Accumulated other comprehensive income (loss) |
|
|
- |
|
|
|
(1 |
) |
Additional paid in capital |
|
|
282,489 |
|
|
|
282,489 |
|
Retained earnings |
|
|
11,730 |
|
|
|
508 |
|
Total Stockholders’Equity |
|
|
294,223 |
|
|
|
283,000 |
|
Total Liabilities and
Stockholders’Equity |
|
$ |
354,459 |
|
|
$ |
355,969 |
|
FutureFuel Corp.Condensed Consolidated Statements
of Income and Comprehensive Income(Dollars in thousands,
except per share amounts)(Unaudited) |
|
|
|
|
|
Three months endedJune 30: |
|
|
Six months endedJune 30: |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
85,308 |
|
|
$ |
117,796 |
|
|
$ |
159,489 |
|
|
$ |
160,057 |
|
Cost of goods sold and
distribution |
|
|
93,900 |
|
|
|
116,819 |
|
|
|
146,458 |
|
|
|
166,235 |
|
Gross(loss) profit |
|
|
(8,592 |
) |
|
|
977 |
|
|
|
13,031 |
|
|
|
(6,178 |
) |
Selling, general, and
administrative expenses |
|
|
1,984 |
|
|
|
1,737 |
|
|
|
4,284 |
|
|
|
3,510 |
|
Research and development
expenses |
|
|
1,007 |
|
|
|
755 |
|
|
|
2,079 |
|
|
|
1,434 |
|
|
|
|
2,991 |
|
|
|
2,492 |
|
|
|
6,363 |
|
|
|
4,944 |
|
Loss income from
operations |
|
|
(11,583 |
) |
|
|
(1,515 |
) |
|
|
6,668 |
|
|
|
(11,122 |
) |
Interest and dividend
income |
|
|
1,732 |
|
|
|
747 |
|
|
|
4,068 |
|
|
|
1,411 |
|
Gain (loss) on marketable
securities |
|
|
42 |
|
|
|
(3,239 |
) |
|
|
575 |
|
|
|
(7,366 |
) |
Other expense |
|
|
(35 |
) |
|
|
(35 |
) |
|
|
(67 |
) |
|
|
(67 |
) |
Otherincome (expense) |
|
|
1,739 |
|
|
|
(2,527 |
) |
|
|
4,576 |
|
|
|
(6,022 |
) |
(Loss) income before
income taxes |
|
|
(9,844 |
) |
|
|
(4,042 |
) |
|
|
11,244 |
|
|
|
(17,144 |
) |
Income tax provision
(benefit) |
|
|
15 |
|
|
|
(938 |
) |
|
|
22 |
|
|
|
(1,642 |
) |
Net (loss) income |
|
$ |
(9,859 |
) |
|
$ |
(3,104 |
) |
|
$ |
11,222 |
|
|
$ |
(15,502 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.23 |
) |
|
$ |
(0.07 |
) |
|
$ |
0.26 |
|
|
$ |
(0.35 |
) |
Diluted |
|
$ |
(0.23 |
) |
|
$ |
(0.07 |
) |
|
$ |
0.26 |
|
|
$ |
(0.35 |
) |
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,763,243 |
|
Diluted |
|
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,764,890 |
|
|
|
43,766,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(9,859 |
) |
|
$ |
(3,104 |
) |
|
$ |
11,222 |
|
|
$ |
(15,502 |
) |
Other comprehensive (loss) income from unrealized
net (losses) gains on available-for-sale securities |
|
|
(20 |
) |
|
|
(86 |
) |
|
|
2 |
|
|
|
(148 |
) |
Income tax effect |
|
|
4 |
|
|
|
18 |
|
|
|
(1 |
) |
|
|
31 |
|
Total unrealized (loss) gain, net of tax |
|
|
(16 |
) |
|
|
(68 |
) |
|
|
1 |
|
|
|
(117 |
) |
Comprehensive (loss) income |
|
$ |
(9,875 |
) |
|
$ |
(3,172 |
) |
|
$ |
11,223 |
|
|
$ |
(15,619 |
) |
FutureFuel Corp.Consolidated Statements of Cash
Flows(Dollars in
thousands)(Unaudited) |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
11,222 |
|
|
$ |
(15,502 |
) |
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
5,155 |
|
|
|
5,276 |
|
Amortization of deferred financing costs |
|
|
49 |
|
|
|
48 |
|
Benefit for deferred income taxes |
|
|
- |
|
|
|
(1,672 |
) |
Change in fair value of equity securities |
|
|
(3,117 |
) |
|
|
7,339 |
|
Change in fair value of derivative instruments |
|
|
(3,259 |
) |
|
|
(2,388 |
) |
Loss on the sale of investments |
|
|
2,543 |
|
|
|
27 |
|
Loss on disposal of property and equipment |
|
|
8 |
|
|
|
50 |
|
Noncash interest expense |
|
|
17 |
|
|
|
17 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,369 |
) |
|
|
(8,172 |
) |
Accounts receivable – related parties |
|
|
(1 |
) |
|
|
(20 |
) |
Inventory |
|
|
(40,601 |
) |
|
|
(4,664 |
) |
Income tax receivable |
|
|
19 |
|
|
|
(20 |
) |
Prepaid expenses |
|
|
1,706 |
|
|
|
1,773 |
|
Prepaid expenses – related party |
|
|
- |
|
|
|
(8 |
) |
Other assets |
|
|
1,806 |
|
|
|
125 |
|
Accounts payable |
|
|
(6,269 |
) |
|
|
19,171 |
|
Accounts payable – related parties |
|
|
24 |
|
|
|
326 |
|
Accrued expenses and other current liabilities |
|
|
321 |
|
|
|
(659 |
) |
Accrued expenses and other current liabilities – related
parties |
|
|
(1 |
) |
|
|
(1 |
) |
Deferred revenue |
|
|
(2,037 |
) |
|
|
(2,769 |
) |
Other noncurrent liabilities |
|
|
427 |
|
|
|
(187 |
) |
Net cash used in operating activities |
|
|
(34,357 |
) |
|
|
(1,910 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Collateralization of derivative instruments |
|
|
(3,154 |
) |
|
|
383 |
|
Proceeds from the sale of marketable securities |
|
|
37,701 |
|
|
|
250 |
|
Proceeds from the sale of property and equipment |
|
|
- |
|
|
|
56 |
|
Capital expenditures |
|
|
(3,875 |
) |
|
|
(1,895 |
) |
Net cash provided by (used in) investing
activities |
|
|
30,672 |
|
|
|
(1,206 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Payment of dividends |
|
|
(5,251 |
) |
|
|
(5,251 |
) |
Deferred financing costs |
|
|
(14 |
) |
|
|
- |
|
Net cash used in financing activities |
|
|
(5,265 |
) |
|
|
(5,251 |
) |
Net change in cash and cash
equivalents |
|
|
(8,950 |
) |
|
|
(8,367 |
) |
Cash and cash equivalents at
beginning of period |
|
|
175,640 |
|
|
|
137,521 |
|
Cash and cash
equivalents at end of period |
|
$ |
166,690 |
|
|
$ |
129,154 |
|
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes |
|
$ |
20 |
|
|
$ |
276 |
|
Noncash capital
expenditures |
|
$ |
244 |
|
|
$ |
95 |
|
FutureFuel Corp.Reconciliation of Non-GAAP
Financial Measure to Financial Measure(Dollars in
thousands)(Unaudited) |
|
Reconciliation of Adjusted EBITDA to Net
Income |
|
|
|
Three months endedJune 30: |
|
|
Six months endedJune 30: |
|
|
|
2023 |
|
|
2022* |
|
|
2023 |
|
|
2022* |
|
Net (loss) income |
|
$ |
(9,859 |
) |
|
$ |
(3,104 |
) |
|
$ |
11,222 |
|
|
$ |
(15,502 |
) |
Depreciation |
|
|
2,604 |
|
|
|
2,706 |
|
|
|
5,155 |
|
|
|
5,276 |
|
Interest and dividend
income |
|
|
(1,732 |
) |
|
|
(747 |
) |
|
|
(4,068 |
) |
|
|
(1,411 |
) |
Non-cash interest expense and
amortization of deferred financing costs |
|
|
34 |
|
|
|
33 |
|
|
|
66 |
|
|
|
65 |
|
Loss on disposal of property
and equipment |
|
|
8 |
|
|
|
44 |
|
|
|
8 |
|
|
|
50 |
|
Unrealized loss (gain) on
derivative instruments |
|
|
1,643 |
|
|
|
(851 |
) |
|
|
(3,259 |
) |
|
|
(2,388 |
) |
(Gain) loss on marketable
securities |
|
|
(42 |
) |
|
|
3,239 |
|
|
|
(575 |
) |
|
|
7,366 |
|
Income tax provision
(benefit) |
|
|
15 |
|
|
|
(938 |
) |
|
|
22 |
|
|
|
(1,642 |
) |
Adjusted EBITDA* |
|
$ |
(7,329 |
) |
|
$ |
382 |
|
|
$ |
8,571 |
|
|
$ |
(8,186 |
) |
Reconciliation of Adjusted EBITDA to Net Cash Provided by
Operating Activities |
|
|
|
Six months endedJune 30: |
|
|
|
2023 |
|
|
2022* |
|
Net cash provided by operating activities |
|
$ |
(34,357 |
) |
|
$ |
(1,910 |
) |
Benefit for deferred income
taxes |
|
|
- |
|
|
|
1,672 |
|
Interest and dividend
income |
|
|
(4,068 |
) |
|
|
(1,411 |
) |
Income tax provision
(benefit) |
|
|
22 |
|
|
|
(1,642 |
) |
Changes in operating assets
and liabilities, net |
|
|
46,974 |
|
|
|
(4,895 |
) |
Adjusted EBITDA* |
|
$ |
8,571 |
|
|
$ |
(8,186 |
) |
*Adjusted EBITDA restated for the three and six 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 endedJune 30: |
|
|
Six months endedJune 30: |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom chemicals |
|
$ |
15,576 |
|
|
$ |
12,266 |
|
|
$ |
32,196 |
|
|
$ |
27,981 |
|
Performance chemicals |
|
|
3,180 |
|
|
|
5,928 |
|
|
|
8,441 |
|
|
|
11,774 |
|
Chemical revenue |
|
$ |
18,756 |
|
|
$ |
18,194 |
|
|
$ |
40,637 |
|
|
$ |
39,755 |
|
Biofuel revenue |
|
|
66,552 |
|
|
|
99,602 |
|
|
|
118,852 |
|
|
|
120,302 |
|
Total Revenue |
|
$ |
85,308 |
|
|
$ |
117,796 |
|
|
$ |
159,489 |
|
|
$ |
160,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemical |
|
$ |
6,416 |
|
|
$ |
4,196 |
|
|
$ |
15,039 |
|
|
$ |
9,614 |
|
Biofuel |
|
|
(15,008 |
) |
|
|
(3,219 |
) |
|
|
(2,008 |
) |
|
|
(15,792 |
) |
Total gross profit |
|
$ |
(8,592 |
) |
|
$ |
977 |
|
|
$ |
13,031 |
|
|
$ |
(6,178 |
) |
As of June 30, 2023, FutureFuel held 11.8
million of RINs in inventory at no cost with a fair market value of
$19,461. These RINs were sold in July 2023.
Comparatively, at June 30, 2022, FutureFuel held 2.8 million of
RINs in inventory at no cost with a fair market value of
$4,943.
COMPANY
CONTACT |
FutureFuel Corp. |
Tom McKinlay |
(314) 854-8352 |
www.futurefuelcorporation.com |
FutureFuel (NYSE:FF)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
FutureFuel (NYSE:FF)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024